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

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

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Important Note: This calculator uses estimated values. Current liquidity on Pangea Swap is limited and data may not be accurate. The platform is untracked by major crypto aggregators, so actual returns may vary significantly.

When Pangea Swap launched in early 2023, it didn’t just join the crowded world of decentralized exchanges-it rewrote the rules for the Klaytn blockchain. As the first DEX on Klaytn to bring concentrated liquidity to the table, it promised higher returns for liquidity providers and tighter spreads for traders. Two months in, it hit $10 million in Total Value Locked and topped Klaytn’s trading volume charts. But today? The picture is murkier.

What Makes Pangea Swap Different?

Most DEXs on Klaytn before Pangea Swap used the old-school Constant Product Market Maker (CPAMM) model. Think Uniswap V1: liquidity is spread evenly across every possible price point. That means 90% of your funds sit idle while the asset price moves. It’s inefficient. Pangea Swap changed that.

With concentrated liquidity, you choose exactly where your money works. If you think ETH/KLAY will trade between $0.05 and $0.07, you put all your liquidity in that range. When the price hits that zone, your funds are actively used for trades. Outside that range? Your liquidity isn’t doing anything-but that’s fine, because you’re not wasting capital.

This isn’t a new idea. Uniswap V3 did it first on Ethereum. But on Klaytn, where liquidity was thin and yields low, Pangea Swap was a game-changer. Liquidity providers saw yields jump by 3x to 5x compared to older DEXs. Traders got better prices with less slippage. For a network like Klaytn-popular in Asia, especially for gaming and NFTs-it was exactly what the ecosystem needed.

No Governance Token? That’s Intentional

Here’s where Pangea Swap breaks from the DeFi script: it launched without a governance token. No STONE. No voting. No tokenomics.

Most projects rush to dump a token before proving anything. They raise money, give tokens to early users, and then hand over control. The problem? Most users don’t know how to govern. They vote based on hype, not technical merit. Pangea Swap’s team decided to wait. They wanted the protocol to prove its value first-through usage, volume, and real returns-before introducing a token.

The original plan was to launch STONE in Q1 2023. But there’s been no official update since. No token distribution. No governance portal. No announcements. That silence raises questions. Is the team still active? Did they run into technical hurdles? Or did momentum fade before the token could even launch?

For users, this means one thing: you can’t influence the platform’s future. No upgrades, no fee changes, no new features come from community votes. Everything is decided by the core team. That’s risky in DeFi. Trust isn’t just in the code-it’s in the community.

Why Is Pangea Swap Untracked Now?

The biggest red flag? CoinMarketCap lists Pangea Swap as an “Untracked Listing.” That means:

  • Trading volume data is unverified
  • Total Value Locked (TVL) is not updated
  • Reserve data is marked as unavailable
This isn’t just a technical glitch. It’s a credibility issue. Major aggregators like DeFiLlama and CoinGecko don’t track it either. Why? Because the platform isn’t feeding reliable data. Either the team stopped reporting, or the volume dried up.

Compare that to PancakeSwap on BSC or Uniswap on Ethereum. Their data is live, transparent, and updated in real time. That’s what builds trust. Without it, users can’t tell if the DEX is still active-or if it’s just a ghost town.

Some speculate that Pangea Swap’s volume was artificially inflated early on through liquidity mining rewards. Once those incentives ended, traders left. That’s common. But if the platform can’t even show current data, it’s hard to know if it’s recovering-or dead.

Abandoned Pangea Swap console with 'Untracked' displayed, users walking away in a silent server room.

Who Should Use Pangea Swap Today?

If you’re a Klaytn native-maybe you hold KLAY, play Klaytn-based games, or use Klaytn NFTs-then Pangea Swap might still be worth checking out. The underlying tech is solid. If you’re comfortable managing your own price ranges and you’re looking for higher yields than what’s available on Klaytn’s older DEXs, it’s still a functional option.

But here’s the catch: you need to be technical. You can’t just deposit and forget. You have to actively manage your liquidity positions. If you’re new to DeFi, this isn’t the place to start. The interface isn’t beginner-friendly, and the lack of documentation makes it harder.

For traders, the spreads are still decent-when liquidity is present. But if you’re trying to swap large amounts, you’ll hit slippage fast. Why? Because the pools are shallow. That’s the trade-off of a small ecosystem.

How Does It Compare to Other DEXs?

Comparison of Pangea Swap vs. Major DEXs
Feature Pangea Swap Uniswap V3 (Ethereum) PancakeSwap (BSC)
Concentrated Liquidity Yes Yes No (V2 only)
Blockchain Klaytn Ethereum Binance Smart Chain
TVL (Current) Untracked $1.2B+ $2.1B+
Governance Token Not launched (planned for 2023) UNI CAKE
Volume Transparency Untracked Verified Verified
Beginner-Friendly No Medium Yes
Pangea Swap’s model is technically on par with Uniswap V3. But it’s trapped in a smaller ecosystem. Klaytn has nowhere near the user base, developer activity, or capital of Ethereum or BSC. That limits everything-liquidity, trading volume, and long-term sustainability.

Contrasting vibrant DeFi hub with overgrown, forgotten Pangea Swap platform covered in vines.

Is It Safe? What About Taxes?

There’s no evidence Pangea Swap is a scam. It’s not a rug pull. The code is open. Transactions are on-chain. But safety isn’t just about code-it’s about activity. If no one’s using it, your funds might be stuck.

Tax-wise, you’re on the hook. Every trade, liquidity deposit, or withdrawal on Pangea Swap is taxable. Crypto tax software like Koinly or TokenTax can track your transactions if you import your Klaytn wallet address. Tax agencies can see your activity. You’re not anonymous. You’re not exempt.

If you’re in the U.S., Australia, Canada, or the EU, you must report Pangea Swap trades. Don’t assume “no token = no tax.” The IRS and ATO don’t care if you got paid in KLAY or STONE. They care about the value at the time of the trade.

The Bottom Line: Still Alive, But Not Thriving

Pangea Swap had the right idea. Concentrated liquidity on Klaytn was needed. It delivered on the tech. It even got traction fast.

But DeFi doesn’t reward great ideas alone. It rewards momentum, transparency, and community.

Right now, Pangea Swap has none of those. No token. No data. No updates. No volume. It’s like a car with a perfect engine-but no fuel.

If you’re a Klaytn enthusiast and you’re willing to do the work-managing liquidity, tracking taxes, accepting the risk-it’s still usable. But don’t expect it to grow. Don’t expect big returns. And don’t assume it’ll be around in a year.

For most people, better options exist: Uniswap on Ethereum, PancakeSwap on BSC, or even newer DEXs on Solana or Base. Pangea Swap feels like a promising experiment that lost steam. The tech was ahead of its time. But the team didn’t keep up.

Should You Use Pangea Swap?

Use it if:
  • You’re already deep in the Klaytn ecosystem
  • You understand concentrated liquidity and are willing to manage positions
  • You’re not expecting high volume or quick exits
  • You’re okay with zero governance or community input
Avoid it if:
  • You want transparent, real-time data
  • You’re new to DeFi
  • You’re looking for yield farming with passive rewards
  • You need a platform with active development or community support
Pangea Swap isn’t dead. But it’s not alive either. It’s in limbo. And in crypto, limbo is the quietest way to die.

Is Pangea Swap still active in 2025?

There’s no official confirmation, but data from CoinMarketCap and DeFiLlama shows Pangea Swap is untracked, with no updated TVL or volume metrics since late 2023. The website still loads, and the smart contracts are live, but there’s no evidence of active development, community engagement, or new liquidity additions. It’s likely operating at minimal levels-if at all.

Can I still earn yield on Pangea Swap?

Technically, yes-if you add liquidity to a pool and the price stays within your range. But with low overall activity and minimal trading volume, your earnings would be tiny. Most liquidity providers have pulled their funds. The high yields seen in early 2023 were driven by incentives that have long since expired. Don’t expect anything close to those returns today.

Why was the STONE token never launched?

The team announced plans to launch STONE in Q1 2023 to enable governance, but no token sale, distribution, or smart contract deployment has been confirmed since. Possible reasons include lack of funding, shifting priorities, or the realization that the protocol hadn’t built enough organic traction to justify a token. Without transparency from the team, the reason remains speculative.

Is Pangea Swap safe for large deposits?

The smart contracts haven’t been audited publicly, and there’s no insurance fund or protocol-level security layer. While the code appears functional, the lack of activity and transparency makes it risky for large sums. If liquidity dries up, your funds could become illiquid. Treat any deposit as experimental-not as a savings account.

Do I need to pay taxes on Pangea Swap trades?

Yes. Every trade, swap, or liquidity provision on Pangea Swap is a taxable event in most jurisdictions, including the U.S., Australia, Canada, and the EU. You must track the value of assets at the time of each transaction. Use crypto tax tools like Koinly or TokenTax to import your wallet address and auto-generate reports. Ignoring this could lead to penalties.

What are better alternatives to Pangea Swap?

If you want concentrated liquidity, use Uniswap V3 on Ethereum or SushiSwap on Arbitrum. For BSC users, PancakeSwap V3 is live and well-supported. If you’re locked into Klaytn, try KlaySwap or Dfyn, but check their current TVL and volume first. All of these have active communities, verified data, and regular updates-unlike Pangea Swap.

13 Comments

  1. Eli PINEDA
    Eli PINEDA

    so pangea swap is just… ghosted? like, the site still loads but no one’s trading? i’m confused how this even happened. one day it’s the hottest thing on klaytn, next day it’s a digital tomb. 😅

  2. Hanna Kruizinga
    Hanna Kruizinga

    obviously the team ran off with the liquidity. 🤡 why else would they drop the token launch? this is 100% a rug pull disguised as ‘patience.’ they knew no one would notice on klaytn. classic.

  3. Debby Ananda
    Debby Ananda

    Concentrated liquidity? How quaint. 😒 I mean, sure, it’s technically impressive… but if you can’t even get CoinGecko to track it, are you really DeFi? Or just a very fancy spreadsheet with a blockchain label? 🤷‍♀️

  4. Vicki Fletcher
    Vicki Fletcher

    Wait-so the team never launched STONE? That’s… actually kind of bold? I mean, most projects dump a token before they even have users. But now? It feels like they just… gave up. No updates, no transparency, no nothing. I don’t know whether to respect the restraint or call it negligence. 🤔

  5. Ron Cassel
    Ron Cassel

    Anyone who still uses this is either delusional or a bot farm. No real trader stays on a platform with untracked TVL. The fact that people still think this is ‘viable’ is proof that DeFi is full of sheep who don’t understand risk. You’re not a pioneer-you’re a fool.

  6. Malinda Black
    Malinda Black

    It’s okay if Pangea Swap faded. Not every project has to last forever. What matters is that it showed Klaytn could do concentrated liquidity-and that’s still valuable. Maybe someone else will build on it. Don’t write it off just because it’s quiet. Sometimes silence isn’t death… it’s rest.

  7. Mehak Sharma
    Mehak Sharma

    Let me tell you something about innovation-it doesn't die because of silence it dies because of expectation. Pangea Swap gave Klaytn a glimpse of what was possible. The team chose depth over noise. They prioritized utility over token hype. That is rare. Today the market is obsessed with governance tokens and airdrops but the real builders? They build in shadows until the world catches up. Maybe Pangea Swap is not dead. Maybe it is waiting. And those who understand this will be the ones who return when the tide turns. The rest? They'll be chasing the next shiny coin. 🌊

  8. bob marley
    bob marley

    Oh wow, someone actually wrote a 1000-word essay on a dead DEX? Congrats. You just wasted your life. The only thing worse than Pangea Swap is people who still pretend it matters. Go touch grass. Or better yet, go use Uniswap. It’s alive. And it doesn’t need a PhD to operate.

  9. Sammy Krigs
    Sammy Krigs

    i tried using pangea swap last month and my tx kept failing. i thought it was my wallet but then i checked the pools and like… 3 people had liquidity. and one of them was me. so i pulled out. the ui is also kinda janky. like why does it say ‘concentrated’ but the range selector looks like it was made in 2017?

  10. Wesley Grimm
    Wesley Grimm

    TVL untracked. Volume unverified. No token. No updates. No audits. The only thing ‘active’ here is the cognitive dissonance of users who still claim it’s ‘functional.’ This isn’t a DEX. It’s a graveyard with a domain name. The only yield here is regret.

  11. Masechaba Setona
    Masechaba Setona

    Everyone says it’s dead but nobody’s proven it. Maybe it’s just… evolving? Maybe the team is building something bigger in secret? Or maybe you’re all just scared because this didn’t give you a free token? The real scam is believing that every project must scream to be real. Silence isn’t failure-it’s strategy. Or at least, it should be.

  12. Kymberley Sant
    Kymberley Sant

    so wait… the whole point was concentrated liquidity but now there’s no liquidity? that’s like buying a sports car and then removing the engine. i’m not mad, just confused. also i misspelled ‘liquidity’ twice in this comment. oops.

  13. Derek Hardman
    Derek Hardman

    Thank you for this thorough analysis. It’s rare to see such a balanced perspective on a project that has faded from public view. The technical merits of concentrated liquidity on Klaytn were undeniable, and the decision to delay a governance token was philosophically sound. What we’re witnessing is not failure, but the natural attrition that occurs when innovation outpaces ecosystem maturity. The lesson here isn’t that Pangea Swap was wrong-it’s that DeFi, at its core, remains a social experiment. Without community, even the most elegant code is just static on a server.

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