Pharaoh Exchange posts record monthly volume and fees on Avalanche

Pharaoh Exchange, the leading decentralized exchange on Avalanche, just had its busiest month on record. Both monthly trading volume and monthly fees hit all-time highs. According to DefiLlama data, the protocol processed around $2.866 billion in 30-day volume and collected approximately $2.48 million in fees. The numbers behind the record Pharaoh’s cumulative DEX volume has passed $34 billion, and its lifetime fees exceed $32 million. For a historical benchmark, the exchange reported $4.90 billion in trading volume across all of Q3 2025. The latest 30-day total alone is more than half of that full quarter. Pharaoh has set multiple all-time highs, including $284K in daily fees in November 2025. Pharaoh’s total value locked sits somewhere between $47 million and $53 million. As of late September 2026, the DEX’s revenue-to-market-cap ratio stood at 792%. How Pharaoh works Pharaoh uses concentrated liquidity, a design similar to Uniswap v3. Liquidity providers choose a specific price range where their capital is active, which helps explain how a DEX with a TVL around $50 million can handle billions in monthly volume. Pharaoh directs 100% of its token emissions according to how governa...