Pharaoh Exchange, a leading decentralized exchange on Avalanche, recorded its busiest month on record, with approximately $2.866 billion in 30-day trading volume and $2.48 million in fees, according to DefiLlama data. Its cumulative decentralized-exchange volume has surpassed $34 billion, while lifetime fees exceed $32 million. The latest 30-day volume was more than half of the $4.90 billion Pharaoh reported for the whole of the third quarter of 2025. The exchange also reached multiple records, including $284,000 in daily fees in November 2025. Total value locked (TVL), the value of assets deposited in the protocol, was between $47 million and $53 million. As of late September 2026, Pharaoh’s revenue-to-market-cap ratio stood at 792%, indicating that the protocol’s fee generation was large relative to the market value of its token. Pharaoh uses concentrated liquidity, a system in which liquidity providers allocate capital within selected price ranges, similar to Uniswap v3. This structure helps explain how a protocol with TVL of about $50 million can process billions of dollars in monthly trading. The exchange directs 100% of its token emissions according to governance votes, while protocol revenue goes directly to xPHAR holders, its governance token. Pharaoh V3 is live, and the migration from V2 is in its final phase, with the transition scheduled to close on October 31, 2026. For xPHAR holders, the record fees create a larger revenue pool for distribution to voters. A completed V2 wind-down would consolidate liquidity on V3, while Pharaoh’s policy of directing all revenue to voting token holders contrasts with decentralized exchanges that retain a share for a treasury or team.