Learn Pharaoh

Everything you need to know about Pharaoh Exchange, from tokens to voting to earning yield.

The Three Tokens

PHAR
PHAR
Base Token
1:1 Convert
(half burned)
xPHAR
xPHAR
Governance Token
Deposit
Auto-Compound
P33
P33
Liquid xPHAR
When you convert 1 PHAR → 1 xPHAR, half of the PHAR is burned, reducing total supply
PHAR

PHAR

The base token of the protocol. PHAR is emitted to liquidity providers as an incentive to deepen pools — the more liquidity, the more trading volume, the more fees generated for xPHAR holders. Think of PHAR emissions as a customer acquisition cost — the protocol pays LPs in PHAR to produce the fee revenue that flows back to token holders. This creates a self-reinforcing cycle: more xPHAR demand → more votes → more emissions to top pools → deeper liquidity → more fees → more value for xPHAR.

Swap on Pharaoh DEX
Provide liquidity to pools
Convert to xPHAR (1:1)
xPHAR

xPHAR

The governance token. Convert PHAR 1:1 to xPHAR to earn protocol revenue through voting. Think of it as a savings account that earns yield.

Vote on gauge emissions
Earn trading fees
Earn bribe rewards
P33

P33

Auto-compounding liquid xPHAR. Deposit xPHAR into P33 and your position grows automatically as rewards compound. Currently 1 P33 = ~1.29 xPHAR, and this ratio only goes up. Think of it as a high-yield CD that grows on its own.

Auto-compounds rewards
Liquid & tradeable on Pharaoh
Ratio grows over time (only up)
xPHAR ↔ P33 conversion is free (0 fees)
Locked 1hr before → 24hr after epoch flip (during TWAP)

Providing Liquidity

1

Choose a Pool

Select a trading pair to provide liquidity for. Popular pairs include PHAR/USDC, PHAR/WAVAX.

Example: PHAR/USDC
TVL$2.4M
2

Set Your Range

Think of it like setting up a lemonade stand. You pick a stretch of sidewalk (your range) where you think customers will walk by. A narrow stretch means more sales per hour but you might miss traffic. A wider stretch covers more ground but spreads you thinner.

Current Price: $0.10
Tight RangeHigher APR
$0.08$0.12
Wide RangeLess Risk
$0.04$0.16
Not sure? Start wide. You earn less per trade but you won't go out of range if the price moves. You can always tighten later as you get comfortable.
⚠️ Rebalancing costs: If you go out of range and want to reposition, you'll need to remove your LP, swap tokens to match the new ratio, and re-deposit. That swap exposes you to trading fees and slippage — an extra hidden cost on top of IL. Wider ranges = fewer rebalances = lower total costs.
3

Deposit & Earn

Your tokens go into the pool. Traders swap through it, generating fees. As an LP, you earn PHAR emissions from gauges as your reward. The trading fees themselves go to xPHAR voters who directed emissions to your pool.

LPs earn PHAR emissions
Fees → xPHAR voters
4

Claim Rewards

PHAR rewards stream per block based on your in-range liquidity — claim anytime, no need to wait. Tighter ranges earn more per block since your capital is more concentrated.

RewardsStream per block
ClaimAnytime
AVAX/USDC price
$25.00
APR135%
$14$16$18$20$22$24$26$18.00$22.007d PriceLiquidityRange
Out of Range — 100% USDC
Current Market Price
$25.00
Drag the range handles to capture this price!
$10,000 for 1 epoch (7 days)
Your Range
$259.62
135% APR
Full Range
$86.54
45% APR

Tip: Drag the red handles to adjust your range. Use the slider to see what happens when price moves. Tighter ranges = higher APR but more risk.

Understanding the Risks

Going Out of Range

When the price moves outside your range, your position stops earning. It's like your lemonade stand is on a street nobody's walking down anymore. Your tokens are still there — you just aren't making anything until the price comes back.

Example: AVAX/USDC pool
Your range:$15 – $25
Current price:$20 ✓ In range, earning
AVAX pumps to:$32 ✗ Out of range

Your position is now 100% USDC and earning nothing. You missed the upside above $25.

Impermanent Loss (IL)

When you provide liquidity, the pool automatically sells the token that's going up and buys the one going down. This means you end up with less of the winner and more of the loser compared to just holding. The "loss" is the difference between LP'ing vs just holding.

Example: You deposit $1,000 in AVAX/USDC
25 AVAX (at $20) + $500 USDC
📈 If AVAX pumps to $40:
You're left with:100% USDC
The pool sold all your AVAX as the price moved from $20 → $25. Once it passed $25, your position stopped earning entirely. You captured the move from $20 to $25 but missed $25 → $40.
If you just held:$1,441
Your LP value:$1,052
IL:$389 (27%)
📉 If AVAX dumps to $10:
You're left with:100% AVAX
The pool converted all your USDC into AVAX as price fell from $20 → $15. Once it dropped below $15, your position stopped earning. You're now holding 54 AVAX worth $10 each.
If you just held:$780
Your LP value:$543
IL:$236 (30%)

It's called "impermanent" because if the price returns to $20, the loss disappears. Your PHAR emissions from the gauge should more than cover typical IL — that's the tradeoff.

The bottom line: Wider ranges = less IL risk but lower emissions. Tighter ranges = more emissions but higher IL risk. If you're new, start wide or use an AutoVault for your xPHAR instead — no range management needed.

Voting & The Flywheel

STEP 1

xPHAR holders vote on gauges, directing PHAR emissions to their preferred pools

STEP 2

At epoch flip, PHAR is distributed to gauges based on total vote weight — pools with more votes get more emissions, attracting LPs

STEP 3

More LPs = deeper liquidity = better prices for traders = more volume

↑
↓
STEP 5

Higher fee revenue builds demand for xPHAR, boosting PHAR buys — which increases LP yield and the flywheel accelerates

STEP 4

More volume generates more trading fees, which flow to xPHAR voters who directed the emissions

The flywheel continues back to Step 1
Every Thursday at 00:00 UTC, a new epoch begins. Votes are tallied, and PHAR emissions are distributed based on the votes.

AutoVaults

What are AutoVaults?

AutoVaults let you stake your xPHAR and completely automate the voting process. The vault handles everything — it optimizes your votes across gauges week over week to maximize your rewards, then swaps those rewards into your chosen token (USDC, AVAX, etc.).

All you have to do is deposit xPHAR and claim. No research needed, no manual voting, no weekly maintenance.

How It Works

1
Deposit your xPHAR into the AutoVault
2
Choose your reward token (USDC, AVAX, etc.)
3
Vault auto-votes on gauges each epoch to optimize yield
4
Rewards are swapped into your chosen token automatically
5
Claim your rewards whenever you want

Manual Voting

Advanced
✓
Full control over which gauges you vote on
✓
Can chase highest bribes manually
✗
Must vote every week before epoch flip
✗
Must claim and swap rewards yourself

AutoVault

Recommended
✓
Deposit xPHAR and forget — fully automated
✓
Optimizes votes across gauges automatically
✓
Rewards auto-swapped to your chosen token
✓
Just claim — perfect for beginners

Understanding the Dashboard

The Pharaoh Money dashboard tracks key metrics that show the health and sustainability of the protocol. Here's what each metric means:

Supply Growth

What it measures
Net change in PHAR supply over time
Why it matters
Shows if the protocol is inflationary (growing supply) or deflationary (shrinking supply)
✓ Good
Negative = deflationary (supply decreasing)
✗ Bad
High positive = inflationary (too much emission)
View on dashboard →

Burn Rate

What it measures
PHAR burned when users convert PHAR → xPHAR
Why it matters
Half of every PHAR converted to xPHAR is burned, reducing total supply
✓ Good
Higher burn = more people locking PHAR
✗ Bad
Low burn = low xPHAR demand
View on dashboard →

Issuance

What it measures
New PHAR emitted to LPs as rewards
Why it matters
Incentivizes liquidity provision and drives TVL growth
✓ Good
Balanced with revenue (see Revenue/Emissions)
✗ Bad
Too high = unsustainable inflation
View on dashboard →

Revenue

What it measures
Total trading fees generated by the protocol
Why it matters
Revenue goes to xPHAR voters. Higher revenue = more rewards
✓ Good
Growing revenue = protocol usage growing
✗ Bad
Declining revenue = less trading activity
View on dashboard →

P/E Ratio

What it measures
Market Cap ÷ Annual Revenue
Why it matters
Shows if the token is overvalued or undervalued vs revenue
✓ Good
Lower P/E = undervalued (good entry)
✗ Bad
Very high P/E = speculative, revenue not supporting valuation
View on dashboard →

Revenue/Emissions

What it measures
Revenue ÷ Emissions (in USD)
Why it matters
Shows if protocol earns more than it gives away
✓ Good
>1.0x = earning more than emitting (sustainable)
✗ Bad
<1.0x = giving away more than earning (growth mode)
View on dashboard →

Burned vs Emitted

What it measures
PHAR burned vs PHAR emitted
Why it matters
Net supply change driver
✓ Good
Burned > Emitted = deflationary
✗ Bad
Emitted >> Burned = highly inflationary
View on dashboard →

Real FDV

What it measures
(PHAR supply + xPHAR/2) × PHAR price
Why it matters
Accounts for xPHAR as half-burned PHAR, giving true protocol valuation
✓ Good
Growing with revenue = healthy growth
✗ Bad
Growing without revenue = unsustainable hype
View on dashboard →

Emit %/yr

What it measures
Annual emissions as % of Real FDV
Why it matters
Shows inflation rate. Lower = less dilution
✓ Good
1-20% = perfect; 20-50% = healthy
✗ Bad
70%+ = high risk, too much dilution
View on dashboard →

Ready to get started?

Head back to the dashboard to explore real-time metrics and start earning.

Back to Dashboard