Pharaoh Exchange processed approximately $2.866 billion in 30-day trading volume and collected around $2.48 million in fees on Avalanche, according to DefiLlama data, marking the protocol's highest monthly readings on record.

The figures place the concentrated-liquidity DEX ahead of its prior peak and overshadow its earlier quarters. For context, Pharaoh reported $4.90 billion in trading volume across all of Q3 2025 — meaning the latest 30-day window accounts for more than half of that entire quarter's turnover.

How concentrated liquidity powers the throughput

Pharaoh uses a concentrated-liquidity design akin to Uniswap v3, in which liquidity providers assign capital to specific price bands. That mechanism lets a pool with roughly $50 million in TVL clear billions of dollars in monthly volume.

The protocol's TVL currently sits between $47 million and $53 million, DefiLlama data shows. Cumulative DEX volume has crossed $34 billion, and lifetime fees now exceed $32 million. Daily fees touched an all-time high of $284,000 in November 2025.

What the numbers mean for xPHAR holders

Pharaoh routes 100% of protocol emissions based on governance votes and passes revenue directly to holders of xPHAR, its governance token. The approximate $2.48 million in 30-day fees therefore becomes the raw pool for those payouts. The model contrasts with DEXs that retain a share for a treasury or core team.

A separate valuation marker has drawn attention:

• 30-day revenue: ~$2.48 million
• 30-day volume: ~$2.866 billion
• Cumulative volume: $34 billion+
• Lifetime fees: $32 million+
• TVL: $47–$53 million
• Revenue-to-market-cap ratio: 792% (late September 2026)

A revenue-to-market-cap reading of 792% indicates the token trades at a low valuation relative to the cash the protocol generates, on a trailing basis.

What is the status of the V2 migration?

Pharaoh V3 is already live, and the migration away from V2 is in its final phase. The transition is scheduled to close on October 31, 2026. A clean wind-down would consolidate residual liquidity onto V3 and remove any operational drag from running two parallel pools.

The V2 close is the next operational deadline for the protocol, and liquidity providers running positions on V2 must migrate positions before that date or face stranded capital.

What it means for Avalanche DeFi

For the broader Avalanche ecosystem, the record print underscores the network's ability to host a venue whose capital efficiency rivals larger Ethereum-based competitors. The chain effect is operational rather than directional: more fees on Pharaoh mean more competitive LP returns on Avalanche, which can pull marginal TVL away from other L1 venues.

Market structure on Avalanche remains fragmented across automated-market-maker and order-book venues, and a single record month does not by itself reset that balance. The next data point to watch is the October 31 V2 close and whether fee revenue sustains after the migration completes.