Pharaoh Exchange β Statistical Analysis
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Pharaoh Exchange shows high utilization with $63.2M 24h volume on $32.1M TVL (~2.0x/day turnover), but maturity signals lag with 0 audits, N/A trust score, and 100% TVL concentrated on Avalanche.
Updated: Β· Data Window: 24h / 7d / 30d (varies by metric availability)
1. Market Overview
- TVL: $32.1M (24h: +1.59%); CoinGecko TVL: $43.5M (vs protocol TVL implies a +$11.4M / +35.5% gap).
- Volume: $63.2M (24h), $353.8M (7d), $1.58B (30d); 24h volume is ~1.25x the 7d daily average ($50.5M/day).
- Market breadth: 21 coins across 31 pairs (moderate listing depth for current TVL scale).
2. Capital Efficiency
- Turnover (Volume/TVL): 1.97x/day ($63.2M / $32.1M), 11.0x/week ($353.8M / $32.1M), 49.2x/30d ($1.58B / $32.1M).
- 1d volume acceleration: +233.93% β prior-day volume implied at ~$18.9M (current $63.2M / 3.3393).
- Fee monetization: $29.7K fees on $63.2M volume β 4.7 bps (0.047%); fees/TVL β 0.092% per day (~33.8% annualized if sustained).
3. Liquidity & Pair Spread
- Pair density: 31 pairs / 21 coins = 1.48 pairs per coin β suggests liquidity is likely concentrated rather than evenly distributed.
- GeckoTerminal visibility: GT pool reserves $5.8M vs TVL $32.1M β ~18.1% of TVL reflected in GT pools; GT 24h volume $98.6K is only 0.16% of protocol 24h volume ($63.2M), indicating either fragmented routing/venues or incomplete GT coverage.
- Microstructure (GT): 1,554 tx/day and 541 active users β 2.87 tx per user; average trade size β $63 ($98.6K / 1,554), consistent with retail-dominant flow in visible pools.
- Top pair fee tiers cluster at 0.005%β0.025% (stablecoin-heavy listings like EUROP/EUROC, EUROC/USDC, USDt/USDC), typically signaling tighter spreads but also lower fee capture per unit volume.
4. Chain Dominance
- TVL deployment: Avalanche $32.1M = 100% of TVL β maximum chain concentration.
- Implication: chain-native liquidity and demand can drive strong local turnover (consistent with ~2.0x/day), but protocol risk is tightly coupled to Avalanche ecosystem liquidity cycles and bridge/infra dependencies.
- Oldest pool date: 2024-01-22 β ~2+ years of pool history by early 2026, but still single-chain footprint.
5. Analyst Verdict
- Revenue & fees: $29.2K revenue vs $29.7K fees (24h) implies near 98% fee-to-revenue pass-through; $790.3K revenue (30d) vs $805.5K fees (30d) is similarly tight.
- Token valuation vs on-chain capital: FDV $12.0M with FDV/TVL = 0.28 (TVL exceeds FDV by ~2.7x), which can indicate undervaluation or elevated non-token risks.
- Price context: $0.0257 is ~49% below ATH ($0.050815) and ~92% above ATL ($0.01339); +56.38% (30d) with -2.00% (7d) suggests recent repricing with short-term cooling.
- Risk controls: 0 audits and N/A trust score are material maturity negatives despite strong turnover and fee yield signals.