Digging into Avalanche: Day 5

What is the effect of AVAX unlocks and PNG airdrops?

How did last month's #AVAX unlock and #PNG airdrop affect asset prices and value flows on Avalanche’s largest DEX? This visual shows the net value flows of ETH into the WAVAX pair on Pangolin DEX. The peak value of ETH coincides with an AVAX unlock on March 9.

The shaded area is the period that Pangolin was airdropping PNG tokens to SUSHI and UNI holders. Looks like the airdrop and AVAX unlock created a spike in ETH/WAVAX swaps and a decent price differential!

For reference, here is the ETH price denominated in WAVAX for the period. There was a 24% run-up in price and then a sharp drop-off back to the average at the AVAX unlock. The next AVAX unlock is June 7th, 2021...