Alandale V2

Alandale V2 is outside the current firm shelf under the version-1 AMM-liquidity-provision policy. The live yield feed showed one WETH-LUTE pool with roughly $24,000 and a reward-driven APY above 300%. Alandale V2 is a ve(3,3) AMM in which LPs supply paired inventory while LUTE emissions and voter-directed incentives supplement trading fees. This applies a published class rule to one protocol; it does not claim that every contract or operator behind Alandale V2 is defective.

Review triggers: events that reopen the verdict
• Alandale V2 ships a single-asset product with no AMM inventory exposure
• A client mandate explicitly authorizes market making with token, loss, and exit limits

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-19.

The research file

Mechanism and why the rule applies

Alandale V2 is a ve(3,3) AMM in which LPs supply paired inventory while LUTE emissions and voter-directed incentives supplement trading fees. On its own facts the deployment matches the mechanism the dossier describes. The live yield feed showed one WETH-LUTE pool with roughly $24,000 and a reward-driven APY above 300%. This record keeps enough protocol evidence to show the rule applies and leaves the shared economic argument in the pinned dossier; it is not a separate flagship review.

Control and incident boundary

DefiLlama supplied no site, completed audit, or operator-control record; Robinhood Chain adds a single sequencer and Security Council beneath the venue. Those controls and the available incident record may change operational risk, but they do not remove the property the rule turns on. No clean-record claim is used as proof of safety: a young deployment can have little adversarial history, and an established deployment can execute its intended economics without an exploit while still remaining unsuitable for the advised sleeve.

Exit and current measurement

The LP exits into the pool ratio available at withdrawal, while the small denominator and emission-heavy rate make both valuation and proposed-size execution unusually fragile. Aggregate TVL is an accounting measure rather than a promise that the exact client position can be unwound at the displayed value. The rule holds until a stated reopen condition is observed and a new review measures the exit at the proposed size instead of inferring it from a dashboard total.

Comparison and decision

The already reviewed Alandale V3 reaches the same AMM conclusion; version labels change contracts and range mechanics but not the paired-inventory exposure. The comparison is made at the exposure level, not by brand or headline rate. The published dossier is preferable to repeating the same class judgment with slightly different wording for every venue; the protocol-specific sources retained here make the classification reproducible and the reopen criteria observable.

Class rule

The amm lp class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Robinhood Chain Documentation — governance · primary · accessed 2026-08-19
  Supports: Security Council, upgrade delay, validator set
• DefiLlama — Alandale V2 protocol data · secondary · accessed 2026-08-19
  Supports: protocol category, chain perimeter, current TVL

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.