# Pharaoh Exchange Accounts for 74.9% of Avalanche DEX Volume

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/33796
Published: 2026-10-17T06:36:49.000Z
Updated: 2026-10-17T06:36:49.000Z
Section: Investing

> Two linked wallet clusters generated 65% of Avalanche DEX dollars from Sept. 27 through Oct. 4.

Pharaoh Exchange accounted for 74.9% of Avalanche decentralized-exchange volume in a rolling 30-day snapshot displayed Oct. 17, while two linked wallet clusters generated 65% of DEX dollars over eight days.

The snapshot showed $3.135 billion in Pharaoh volume out of $4.184 billion across Avalanche DEXs. Pharaoh is a concentrated-liquidity exchange built on Avalanche C-Chain. The rolling 30-day snapshot, September tally and eight-day wallet analysis cover different periods, so their percentages use separate windows.

Pharaoh handled 81% of Avalanche DEX volume in September, up from 27% in April. Two pools pairing Wrapped AVAX (WAVAX) with USD Coin (USDC) accounted for 62% of the chain’s DEX volume that month.

Wallet activity was concentrated over the eight days from Sept. 27 through Oct. 4. Two linked clusters accounted for 36% and 29% of DEX dollars, respectively. Their activity often moved in step with Avalanche (AVAX) price changes on Binance, a pattern consistent with arbitrage. On-chain records traced the groups through funding addresses but did not reveal who controlled them, how many traders they represented or any corresponding centralized-exchange trades.

Trading counts and dollar volume moved in opposite directions across two measured periods. From Sept. 13-25 to Sept. 27-Oct. 4, average daily swaps dropped from 295,648 to 126,398. Average daily DEX volume rose from $117.7 million to $156.2 million, and the average swap grew from $413 to $1,253.

Wallets below the activity thresholds used to classify bot-like accounts made up 8% of DEX dollars in the later period, or about $12 million per day. Other bot-classified wallets accounted for 27%. The categories rely on transaction patterns and do not establish whether an address represents a person, a trading program or multiple users. The least restrictive bot screen began at 50 transactions on a typical active day or 1,000 on any day.

Avalanche’s transaction-fee floor reached 5 gwei at 3 a.m. ET (0700 UTC) on Sept. 27, the first day of the later trading period. Daily DEX dollars and average swap size rose during that period even as swap counts fell, but the figures do not establish that the fee-floor change caused the shift.