Asher Draycott Dec
21

Pangea Swap Crypto Exchange Review: Is It Still a Viable DEX on Klaytn?

When Pangea Swap launched on the Klaytn blockchain in late 2022, it didn’t just join the crowded world of decentralized exchanges-it rewrote the rules for how liquidity worked on that network. For the first time, Klaytn users could deposit crypto into specific price ranges instead of across the entire curve. That meant less wasted capital, tighter spreads, and higher returns for liquidity providers. It sounded like a game-changer. But now, over two years later, the platform is quiet. No tracked volume. No public reserve data. And no sign of the governance token it promised. So what’s really going on with Pangea Swap?

What Makes Pangea Swap Different?

Most DEXs, like Uniswap V2 or early PancakeSwap, use a basic formula called Constant Product Market Maker (CPAMM). It’s simple: if you add $10,000 worth of ETH and USDC to a pool, that money sits spread evenly across every possible price. If ETH goes from $2,000 to $3,000, most of your liquidity is sitting useless at prices no one is trading at. That’s inefficient. You’re tying up capital that could be earning fees.

Pangea Swap changed that. It brought concentrated liquidity to Klaytn-the same innovation Uniswap V3 used on Ethereum. Instead of spreading your funds across the whole price range, you pick exactly where you want your liquidity to be active. Say you think ETH will trade between $2,100 and $2,300 next week. You put all your USDC and ETH in that range. If the price stays there, you earn 10x more fees than if you’d spread it out. If it moves outside? Your liquidity becomes inactive, but you’re not locked in. You can adjust it anytime.

This isn’t just a tweak. It’s a fundamental shift. For liquidity providers, it means higher yields with the same amount of capital. For traders, it means less slippage and better prices. That’s why Pangea Swap hit $10 million in Total Value Locked (TVL) in just two months. It became the top DEX by volume on Klaytn overnight.

Why Did the Governance Token Disappear?

Almost every major DeFi project launches with a governance token. It gives users voting rights, creates incentives, and builds community ownership. Pangea Swap didn’t. Not at launch. And not since.

The team said they delayed the STONE token on purpose. Their reasoning? Don’t sell a token before the product proves it’s valuable. That’s unusual-and risky. Most projects raise money and build hype around a token first, then try to deliver the tech. Pangea Swap flipped it: build the tech first, then reward users.

They planned to release STONE in Q1 2023. But there’s been no update. No announcement. No token sale. No airdrop. No wallet address. No contract on KlaytnScan. The token is just… gone. No one’s talking about it. No GitHub commits. No Discord updates. The silence is louder than any press release.

That’s a red flag. In DeFi, governance tokens aren’t just about voting-they’re about alignment. Without them, there’s no clear incentive for developers to keep improving the protocol. No reward for long-term users. No mechanism to fix bugs or upgrade features through community input. If the team is still working on it, they’re not telling anyone. If they’ve moved on? That’s even worse.

Is Pangea Swap Still Active?

Here’s the hard truth: Pangea Swap is effectively untracked.

CoinMarketCap lists it as an “Untracked Listing.” That means their data feed can’t verify trading volume or liquidity. The reserve data is marked as “unavailable.” That’s not normal for a platform that once led its network in volume.

Compare that to PancakeSwap on BSC or Uniswap on Ethereum. Both have live, verified TVL, volume, and fee data updated every minute. Pangea Swap’s numbers are frozen in time. No recent trades. No new liquidity additions. No wallet activity spikes.

You can still visit the website. The UI loads. You can connect your wallet. But try to swap anything. The liquidity pools are thin. The slippage is high. The price impact? Worse than on smaller, older DEXs.

This isn’t a technical glitch. It’s a sign of stagnation. When a DEX loses its liquidity, traders leave. When traders leave, liquidity providers pull out. It’s a death spiral. And Pangea Swap seems stuck in it.

An overgrown DEX hub with robotic foxes tending empty pools, a child placing a flower on a stone tablet marked 'STONE'.

Who Is This Platform For?

If you’re a Klaytn native-someone who uses KakaoTalk’s blockchain ecosystem, trades Klay tokens, or holds native Klaytn NFTs-then Pangea Swap was built for you. It was the first place on Klaytn to offer advanced DeFi tools without needing to bridge to Ethereum.

But Klaytn isn’t Ethereum. It’s not even close. The network has a fraction of the developers, users, and capital. Most serious DeFi traders don’t even look at Klaytn. They’re on Ethereum, Arbitrum, or Base. Pangea Swap’s innovation was brilliant-but it was trapped in a small pond.

If you’re a liquidity provider looking for yield, there are better options. On Ethereum, you can use Uniswap V3 and earn fees with real, verified data. On BSC, PancakeSwap offers similar concentrated liquidity with millions in TVL and active governance. Pangea Swap can’t compete on scale, visibility, or momentum.

The only people still using it today are likely those who deposited early and haven’t withdrawn. Or developers testing it in isolation. Not active traders. Not yield farmers. Not institutions.

What Happened to the Team?

The original team behind Pangea Swap was small but credible. They had experience in blockchain infrastructure and DeFi engineering. They didn’t do a flashy launch. No celebrity endorsements. No meme coins. Just clean code and a clear technical vision.

But since early 2023, their public footprint vanished. No Twitter updates. No Medium posts. No interviews. No GitHub commits beyond the initial codebase. Their website hasn’t been updated in over two years. The domain registration is still active, but the content is static.

In crypto, silence is rarely neutral. It usually means one of three things: the team got acquired, they ran out of funding, or they moved on. There’s no public record of any acquisition. No news about funding rounds ending. And no new projects from the core members.

That’s not just disappointing. It’s dangerous for users. If you’re holding LP tokens on Pangea Swap, you’re trusting a team that hasn’t communicated in over 24 months. No one’s auditing the smart contracts. No one’s responding to issues. No one’s adding new features. You’re essentially frozen in time.

A wooden boat on a still lake reflecting blockchain stars, an engineer closing a ledger as a fading token hovers above the water.

Should You Use Pangea Swap Today?

Short answer? No.

If you’re looking to trade on Klaytn, there are alternatives. KlaySwap and KlaySwap V2 still have active liquidity and verified data. They’re not as advanced as Pangea Swap once was, but they’re alive. They respond to users. They update their UI. They have Discord channels.

If you’re a liquidity provider, you’re better off on Uniswap V3 or SushiSwap. Even on smaller chains like Polygon or Avalanche, you’ll find more volume, better fee distribution, and real-time data.

And if you’re thinking of investing in STONE? Don’t. There’s no token. No contract. No timeline. No transparency. It’s a ghost.

Pangea Swap was a promising idea. It solved a real problem. But in crypto, execution beats innovation every time. And Pangea Swap stopped executing.

What’s the Bigger Lesson?

Pangea Swap’s story isn’t just about one failed DEX. It’s a warning.

Too many crypto projects launch with a brilliant technical idea and then assume the market will follow. They forget: technology alone doesn’t build ecosystems. Community does. Communication does. Consistency does.

The best DeFi protocols aren’t the ones with the most complex code. They’re the ones that keep showing up. They answer questions. They fix bugs. They reward users. They update their websites.

Pangea Swap had the code. It didn’t have the commitment.

If you’re evaluating any DeFi project today, ask yourself: When was the last time they posted something public? Do they have live support? Are their metrics visible and verified? If the answer is “I don’t know,” walk away.

Crypto moves fast. Projects that go quiet don’t come back. They just fade.

Is Pangea Swap still operational?

Technically, yes-the website and smart contracts are still live. But practically, no. Trading volume is untracked, liquidity pools are thin, and there’s been no meaningful activity or updates since early 2023. The platform is effectively inactive.

Does Pangea Swap have a governance token?

No. The STONE token was planned for release in Q1 2023 but was never launched. There is no contract address, no distribution, and no official announcement about its cancellation. The token does not exist.

Can I still earn fees on Pangea Swap?

It’s unlikely. Most liquidity pools have extremely low trading volume, meaning minimal fee generation. Even if you deposited liquidity early, the fees you’re earning now are negligible compared to what you could make on active DEXs like Uniswap or PancakeSwap.

Is Pangea Swap safe to use?

The smart contracts were audited at launch and appear secure. But safety isn’t just about code-it’s about ongoing maintenance. With no team activity, no updates, and no support, any issue you encounter (like a failed swap or stuck transaction) will likely go unresolved.

Why is Pangea Swap untracked on CoinMarketCap?

CoinMarketCap only tracks exchanges with verified, transparent data feeds. Pangea Swap’s volume and liquidity data are no longer being reported reliably, so it’s labeled as untracked. This usually indicates low activity, lack of market making, or abandoned infrastructure.

Are Pangea Swap transactions taxable?

Yes. Any trades, swaps, or liquidity provision on Pangea Swap are subject to standard cryptocurrency tax rules in most jurisdictions. Even though the platform is inactive, your past transactions are still on-chain and can be tracked by tax authorities.

What are better alternatives to Pangea Swap?

For concentrated liquidity on Ethereum: Uniswap V3. On BSC: PancakeSwap V3. On Klaytn: KlaySwap or KlaySwap V2. All have active liquidity, verified data, and ongoing development. Avoid Pangea Swap unless you’re holding old LP positions and plan to withdraw.

Asher Draycott

I'm a blockchain analyst and markets researcher who bridges crypto and equities. I advise startups and funds on token economics, exchange listings, and portfolio strategy, and I publish deep dives on coins, exchanges, and airdrop strategies. My goal is to translate complex on-chain signals into actionable insights for traders and long-term investors.