Pharaoh Exchange

Pharaoh has introduced **Auto Vaults**, a new feature that simplifies xPHAR staking for users who prefer not to manually vote. **How it works:** - Stake xPHAR tokens - Select your preferred receive asset - The vault automatically votes on your behalf - Vote rewards are converted directly into your chosen asset This "set and forget" system offers an alternative to manual voting while still capturing protocol rewards. Users can access the feature at [phar.gg/autovault](http://phar.gg/autovault). The launch builds on Pharaoh's V3 ecosystem, which already offers xPHAR for manual voting control and P33 for auto-compounding yield.

Messari Crypto has published its quarterly analysis examining Avalanche's performance and developments throughout Q4 2025. The comprehensive report provides insights into the network's key metrics, ecosystem growth, and notable changes during the final quarter of last year. [Read the full report](https://messari.io/report/state-of-avalanche-q4-2025)

**Pharaoh Exchange** emerged as the only major DeFi protocol to achieve positive growth across both quarterly and yearly metrics in Q4. **Key Performance Metrics:** - Quarter-over-quarter growth: 2.3% - Year-over-year growth: 66.9% - All-time high daily fees: $284,210 (November 21, 2025) While other major DeFi protocols struggled, Pharaoh's ve(3,3) model demonstrated resilience in a challenging market environment. The protocol's concentrated liquidity approach appears to be generating sustainable fee revenue for participants.

**Pharaoh introduces xPHAR**, a new staking token that gives holders voting power over liquidity pair emissions. **Key benefits for stakers:** - Earn 100% of protocol fees - Receive all vote incentives - Collect penalties from early exits - Direct emissions to preferred LP pairs **Flexible exit options:** - Instant redemption at 1:0.5 ratio (with penalty) - Sell P33 liquid staked version - Convert PHAR to xPHAR at 1:1 ratio **Deflationary mechanism:** Half of PHAR is burned when minting xPHAR, creating scarcity. Unlike traditional ve-models, xPHAR offers governance participation without forced locks while rewarding active voters.

**Pharaoh continues its dominance** in the Avalanche ecosystem, maintaining its position as the leading protocol for real yield generation. - LHBcrypto highlights Pharaoh's **Top 5 Blue-Chip Pools** for the current epoch - The protocol has consistently outperformed competitors on AVAX - Focus remains on **concentrated liquidity** strategies for maximum capital efficiency This marks another successful epoch for Pharaoh's innovative approach to yield farming, combining strategic pool selection with advanced liquidity management.

Pharaoh Protocol begins its V3 migration on **October 1st**, introducing significant upgrades while maintaining core functionality. **What's staying the same:** - 100% platform fees to voters - LP experience unchanged - PHAR token name preserved - Same team and mission **Major upgrades include:** - **$1M+ in audits** from ConsenSys, Spearbit, and Code4rena - Immutable core contracts with no upgrade functions - Gas-optimized Solidity contracts - Enhanced third-party integration capabilities **Key changes:** - **vePHAR becomes xPHAR** - one-time migration with no re-locking required - **Deflationary mechanism** - 50% supply burns on exit - **PHAR33 introduction** - auto-compounding, liquid yield token - **5000:1 token split** for easier entry The new **xPHAR** eliminates governance complexity while maintaining fee capture. **PHAR33** offers buy-and-hold simplicity with automatic voting and compounding, plus DeFi collateral utility. Existing holders can migrate seamlessly when the process begins.