Panora

Panora is a comprehensive DeFi trading platform built natively on the Aptos blockchain. Launched in 2023 by co-founders Keshav Saraogi and Shraddha Agarwal, it positions itself as the "Super App of Aptos" — a single interface where users can swap tokens, set limit orders, automate recurring purchases, trade perpetuals, bridge cross-chain assets, and access advanced on-chain analytics without switching between separate applications.

Core Product: Meta-DEX Aggregator

At the center of Panora is its swap engine, which functions as a meta-DEX aggregator across the Aptos ecosystem. Rather than routing trades through a single liquidity source, the platform queries automated market makers (AMMs), concentrated liquidity AMMs (CLAMMs), on-chain order books (CLOBs), and liquid staking derivative venues simultaneously. A proprietary routing algorithm then selects the optimal execution path, applying two primary strategies:

• Multi-Hop Routing: Chains trades through intermediate tokens when a direct pool would produce worse pricing.
• Trade Splitting: Divides a large order across multiple liquidity sources to reduce price impact.

The result is that users receive rates that aggregate best available liquidity across the entire Aptos DEX landscape rather than being limited to whichever single venue they happen to use. As of mid-2025, the platform has processed over 8 million swaps representing more than $7.2 billion in total trading volume.

Gasless Trading

Panora integrates with Shinami's Gas Station to allow users to execute swaps without holding APT for network transaction fees. This removes one of the most common barriers for new DeFi users, who would otherwise need to acquire the native token before being able to trade anything. The platform reports more than 5 million gasless transactions completed, covering over $1 billion in gasless trading volume.

Advanced Order Types

Beyond spot swaps, Panora offers two additional automated execution modes:

Limit Orders let traders specify a target price at which their trade should execute. These orders run fully on-chain with no intermediary custodying assets between placement and fill. Users retain custody until execution.

Dollar-Cost Averaging (DCA) enables recurring purchases of a chosen token at preset intervals — daily, weekly, or at custom frequencies — to smooth out entry prices over time and reduce timing risk. DCA runs automatically without requiring the user to monitor prices.

Perpetual Futures

Panora Perps extends the platform into on-chain derivatives. Traders can open leveraged long or short positions on supported assets, with advanced order types and low-latency execution embedded directly into the Panora interface. Aptos's near-instant finality and low transaction costs provide a favorable execution environment for time-sensitive derivatives positions.

Cross-Chain Bridging: Flows

Panora Flows combines bridge aggregation with DEX routing in one step. Users can select a source asset on any of 10+ supported blockchains — including Solana, Ethereum, and Polygon — and specify a destination token on Aptos. Flows scans available bridges and liquidity sources to find the most efficient cross-chain path and executes the full move-and-swap in a single operation, delivering the target asset to the user's Aptos wallet without manual multi-step bridging.

Terminal

Panora Terminal is an analytics interface aimed at active traders. It surfaces real-time price data, trending token lists, on-chain portfolio tracking, and integrated swap execution in a single dashboard. Rather than switching between a price aggregator, a block explorer, and a DEX, users can monitor positions and act on them from one view.

Developer Infrastructure

Panora publishes a public API and SDK covering its full product suite: swap routing, limit orders, DCA, and price feeds. Developers building on Aptos can integrate Panora's liquidity routing into their own applications without building aggregation logic from scratch.

The team also maintains the Aptos Token List, an open-source token registry that classifies assets by type (native, meme, bridged) and verification status (verified, recognized, unverified, or banned). The list is used across the Aptos ecosystem as a reference for token discovery and risk classification.

Team and Backing

Panora was co-founded by Keshav Saraogi and Shraddha Agarwal, who previously co-founded SpotSpreads, a Singapore-based crypto market-making firm. Saraogi brings experience from D.E. Shaw and high-frequency trading; Agarwal has a product and engineering background from Microsoft, D.E. Shaw, and Franklin Templeton.

The project launched in 2023 under the name SwapGPT, an AI-powered DeFi aggregator with a natural-language trading interface, before rebranding to Panora in early 2024. The rebrand coincided with a sharp jump in activity: average daily swap volume rose from roughly $50,000 to $1.5 million, and monthly volume grew 260 percent in the month of the rebrand.

Panora has received investment from Frictionless Capital and Outlier Ventures, with the Aptos Foundation as an early backer. In August 2025, Frictionless Capital led a new funding round — the amount was not disclosed — with participation from Avery Ching (Aptos Labs co-founder) and Greg Nazario (Aptos founding engineer). The capital is directed toward enhanced order routing, infrastructure reliability, lower spreads and latency, expanded Terminal features, and new developer APIs.

Security and Audits

No public smart contract audit reports have been disclosed by the team as of the time of writing.

Aptos Architecture Fit

Panora is built to take advantage of Aptos-specific properties: the Move programming language's resource-oriented model for safer asset handling, sub-second finality for responsive order execution, and low per-transaction fees. The gasless trading capability via Shinami is Aptos-native, made practical by the chain's fee-delegation mechanisms. Cross-chain users entering Aptos through Flows can land directly into any Aptos token without first acquiring APT.