Panora

Panora is the DeFi super app of the Aptos blockchain, built around a Meta-DEX aggregator that routes trades across every major source of liquidity on the network. Launched in 2023 under the original name SwapGPT, the platform rebranded to Panora as it expanded well beyond simple swap aggregation into a vertically integrated trading hub covering perpetual futures, limit orders, dollar-cost averaging, cross-chain bridging, and advanced analytics.

The Problem Panora Addresses

Before aggregators existed on Aptos, traders had to manually compare prices across individual DEXs, manage separate interfaces for different order types, and navigate fragmented liquidity that increased slippage on larger trades. Panora consolidates all Aptos liquidity — AMMs, concentrated-liquidity AMMs (CLAMMs), on-chain order books (CLOBs), liquid staking derivatives, and other aggregators — into a single routing layer. The result is best-price execution without requiring users to monitor or interact with individual protocols.

Core Mechanism: Meta-DEX Aggregation

Panora's swap engine functions as a meta-aggregator, meaning it sits above individual DEXs and aggregators rather than competing with them directly. When a user initiates a swap, Panora's proprietary routing algorithm evaluates all available liquidity sources simultaneously, then splits the order across multiple venues and routes it through multiple hops if that produces a better net price than any single-path trade. The platform operates with zero platform fees on swaps, and Aptos's architecture provides near-instant finality, which allows complex multi-hop routes to execute without the confirmation delays that would make them impractical on slower chains.

A gasless swap feature, powered by Shinami Gas Station, lets users trade Aptos tokens without holding APT for gas, lowering the barrier to entry for users who enter via cross-chain bridges.

Product Suite

Swap is the flagship product and the foundation for the platform's execution layer. It routes through every DEX integrated in the Panora system — including Hyperion, Thala, Tapp Exchange, Moar Markets, Kofi Finance, Amnis Finance, and PancakeSwap on Aptos — and any new protocol added in subsequent integrations.

Perpetual Futures (Panora Perps) brings on-chain perpetual markets into the same interface, allowing long and short positions with advanced order types and the liquidity routing that makes the rest of the platform competitive.

Limit Orders are non-custodial and execute on-chain when an asset reaches a specified price. The order routing uses Panora's aggregator, so limit order fills benefit from the same best-price routing as spot swaps.

DCA (Dollar-Cost Averaging) automates recurring token purchases on a user-defined schedule and interval. Each execution routes through the aggregator, spreading the accumulated recurring purchases across available liquidity for optimal fill quality.

Flows is Panora's cross-chain bridge and external aggregation layer, enabling asset movement from ten or more external blockchains — including Ethereum, Solana, Polygon, and others — directly into Aptos, with the swap component handled in the same interface. Rather than requiring users to bridge and then swap as two separate steps, Flows combines both into a single transaction flow.

Terminal is a dedicated analytics and trading command center displaying real-time price charts, trending tokens, on-chain portfolio tracking, and integrated swap execution. It targets traders who want a richer analytical layer on top of the core aggregator.

Developer Toolkit exposes APIs, SDKs, and embeddable widgets for projects that want to build on top of Panora's routing and execution infrastructure. Panora also maintains the Aptos Token List, an open registry that classifies tokens as verified, recognized, unverified, or banned — a public-good infrastructure piece for the broader Aptos ecosystem.

Team and History

Panora was co-founded by Keshav Saraogi (CEO) and Shraddha Agarwal (CTO). Saraogi previously held an executive role at CoinDCX, one of India's largest crypto exchanges, and both founders co-founded SpotSpreads, a Singapore-based market-making firm. The technical and market-making background informs the platform's focus on execution quality and liquidity depth.

The project originally launched as SwapGPT in 2023 with nine protocol integrations and seed backing from Outlier Ventures and the Aptos Foundation. After rebranding to Panora, daily average volume grew approximately 30x. In August 2025, Panora closed a fresh funding round led by Frictionless Capital, with direct participation from Avery Ching (CEO and co-founder of Aptos Labs) and Greg Nazario (Aptos founding engineer), signaling strong alignment between Panora and the Aptos core team.

Metrics

By mid-2025, the platform had processed over eight million swaps with a total transaction volume exceeding $7.2 billion. Gasless swaps via Shinami accounted for more than five million of those transactions and over $1 billion in volume — an indication that the gasless onboarding path is a meaningful driver of new user activity.

Ecosystem Integration

Panora has over fifty active partners in the Aptos ecosystem, including wallet integrations with Petra Wallet, stablecoin infrastructure from Circle (CCTP), and protocol integrations spanning AMMs, lending markets, and liquid staking platforms. Recent additions include Caliber, described as the first prop AMM on Aptos, integrated in June 2026 to add a new routing and liquidity source.

Security

Panora's code is deployed on Aptos and written in the Move programming language, which has formal verification properties that differ from EVM-based smart contracts. No specific third-party audit reports have been published in public-facing documentation. The Aptos Foundation's Security Audit Credits program maintains a list of approved auditors — including OtterSec, Zellic, and MoveBit — for ecosystem projects; whether Panora has engaged any of them is not confirmed in available public materials.

Ecosystem Fit

Panora occupies the aggregation and execution layer of Aptos DeFi in a role analogous to what DEX aggregators and super-app platforms have sought to play on Ethereum and Solana. Its Flows product creates a direct bridge from Solana and other chains into Aptos, positioning Panora as an entry point for multi-chain users moving liquidity into the Aptos ecosystem.