Pharaoh Liquid Staking Token 

P33 Price

What is Pharaoh Liquid Staking Token (P33)?

P33 is the liquid-staked receipt token of Pharaoh Exchange, a concentrated-liquidity DEX and liquidity layer on the Avalanche C-chain. The token represents a tradeable, yield-bearing claim on xPHAR, the exchange's non-transferable governance and reward token. DropsTab classifies P33 under Liquid Staking Tokens (LSTs). Disambiguation matters: this P33 belongs to Pharaoh Exchange on Avalanche, and is unrelated to the separately listed Pharaoh (PHAR) asset or to Solana memecoins carrying the Pharaoh name.

How does P33 work within Pharaoh Exchange on Avalanche?

Pharaoh Exchange runs an x(3,3) model, the project's own evolution of the ve(3,3) design built on the Ramses V3 codebase. xPHAR holders vote weekly to direct PHAR emissions to liquidity gauges, and each voting epoch flips Thursdays at 00:00 UTC. Voters earn protocol fees, vote incentives and exit penalties. P33 automates that voting for its holders and auto-compounds the resulting rewards.

What is the difference between P33, xPHAR and PHAR?

PHAR is the base emission token of Pharaoh Exchange. xPHAR is the non-transferable voting and reward token received by converting PHAR, and xPHAR cannot be sold on the open market. P33 is the liquid-staked, tradeable version of xPHAR, giving holders xPHAR economics while staying transferable. The p33-to-xPHAR ratio starts at 1.00:1.00 and rises as fees, vote incentives and rebases accrue.

Does P33 have a maximum supply?

P33 has no fixed maximum supply. The token is minted when users convert xPHAR and burned on redemption, so supply expands and contracts with demand. There is no team or insider allocation of P33. The underlying PHAR token launched with 750,000,000 PHAR minted, and its supply asymptotically approaches a 1 billion cap.

What token unlock risk does P33 carry?

P33 has no vesting schedule or unlock calendar, because it is a receipt token minted and burned on demand rather than an allocated asset. Dilution risk instead comes from the underlying PHAR emission engine. Weekly PHAR emissions started at 2.7M in epoch 0, are adjustable by up to 25% per epoch, and decay 1% per epoch from epoch 6 onward. New emissions dilute PHAR and, with it, the value backing each P33.

How does the P33 exit penalty affect the token's price?

Minting xPHAR burns 50% of the PHAR converted, and exiting back to PHAR redeems at a 1:0.5 ratio. This 50% exit penalty is structurally priced in, so the market price of P33 can trade at a discount to PHAR or at a premium over it. The penalty also makes PHAR deflationary on every xPHAR mint.

Who backed Pharaoh Exchange?

Pharaoh Exchange has not announced a priced funding round, seed raise or public token sale. The project's own communications acknowledge support from Ava Labs and the Avalanche Foundation. No investor allocation of P33 exists, and the protocol presents itself as ecosystem-grown.

Where can you trade P33?

P33 trades only on-chain on the Avalanche C-chain, with no centralized-exchange listings. Liquidity is concentrated in Pharaoh Exchange's own pools, mainly the p33/WAVAX and p33/USDt pairs. Depth in those pools is thin, so swaps of any sizeable amount face material slippage. Holders exiting large positions can also use Pharaoh's penalty redemption route.

What is the P33 contract address?

Per DropsTab data, the P33 contract on the Avalanche C-chain is 0x26e9dbE75AEd331E41272BEcE932Ff1B48926Ca9, with 18 decimals. Holdings and mint events for the token are verifiable on Snowtrace, Snowscan and Avascan.