The ideas that became Panvala began to take form shortly after Panvala's founder, Niran Babalola, joined ConsenSys in 2015. After two on-chain prototypes of decentralized foundations, Niran put together a third prototype that was much simpler: a game that could be played in person with poker chips and a game master instead of ERC20 tokens and smart contracts.

After the success of that game at ConsenSys's employee retreat in early 2018, work on Panvala began in earnest, and the project was announced publicly in July 2018. The provisional Panvala Awards Committee awarded grants of PAN tokens to teams of builders and organizers in the Ethereum ecosystem starting in December. The full launch team came together by early 2019, and Panvala was launched on mainnet on August 22, 2019 during a speech at DappCon in Berlin. The launch team dissolved after launch, and Panvala has been running as a self-sustaining system ever since.