Alandale V3

Alandale V3 is a concentrated-liquidity exchange on Robinhood Chain. DefiLlama first showed seven pools on 2026-08-14 with roughly $0.4M of total liquidity. Its protocol record describes a ve(3,3) design in which LPs earn LUTE emissions while veLUTE voters direct weekly emissions and receive fees and bribes. None of that changes the client exposure: a concentrated-liquidity provider chooses a price range, stops earning fees outside it, and is left holding more of the asset that underperformed. The AMM class rule rejects that path-dependent loss regardless of the venue’s quality. The extreme displayed rates in the first survey, including a median above 100% and a maximum above 900%, do not show durable return. In a newly listed sub-$1M venue, they show that emissions and thin liquidity drive the screen. This is a class-rule decision, not an individual safety finding about Alandale or Robinhood Chain.

Review triggers: events that reopen the verdict
• Ships a product line without impermanent-loss exposure that merits its own review

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

The mechanism

Alandale V3 is tagged as a concentrated-liquidity market maker in DefiLlama’s protocol record. Liquidity providers supply two assets within chosen price ranges. Trades rebalance the position along the pool curve. If relative prices move far enough, the position becomes entirely the weaker asset and stops earning fees until the price returns or the provider moves the range. LUTE emissions, fee sharing, and bribes change pay and governance incentives. They do not remove the inventory loss built into market making.

The record and control surface

The venue entered the tracked yield feed on 2026-08-14 with seven pools and roughly $0.4M of total liquidity. At review time, DefiLlama listed no completed audits and gave no protocol website in its metadata. Contract ownership, upgrade authority, emergency powers, token allocation, and the operating team’s identity therefore remain unknown. Robinhood Chain itself is an Arbitrum-based Ethereum L2 with one Robinhood-operated sequencer and an eight-seat Security Council. Routine changes require six signatures plus a seven-day timelock, while emergency action requires seven signatures and skips the delay. Those chain facts govern inherited controls, but say nothing about Alandale’s own contracts.

The exit

An LP exits by removing its current inventory from the exact pool and range it funded. That can lock in impermanent loss and return a very different asset mix from the one deposited. Total protocol TVL is not the available exit depth for a given pair. The first survey’s small scale makes fee estimates, token prices, and displayed APYs especially sensitive to a few deposits or withdrawals. Assets bridged back through Robinhood Chain’s canonical Arbitrum route also face the standard seven-day L2 withdrawal challenge period.

Why the class rule decides it

Ketju does not recommend AMM liquidity provision for the mass-affluent diversification sleeve because the return requires selling the outperformer into the underperformer. The loss also becomes hardest to explain just when a client wants out. Alandale’s newness, missing audit record, thin liquidity, and emission-heavy rates support the refusal, but Ketju does not need them to reach it. Alandale can reopen the file by offering a materially different product without paired-asset or concentrated-liquidity exposure. Ordinary growth of these pools would not change the class verdict.

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.

• DefiLlama protocol record: Alandale V3, read 2026-08-14 · secondary · accessed 2026-08-16
  Supports: DefiLlama protocol record: Alandale V3, read 2026-08-14
• DefiLlama yield pools feed, read 2026-08-14 · secondary · accessed 2026-08-16
  Supports: DefiLlama yield pools feed, read 2026-08-14
• Robinhood Chain documentation: About Robinhood Chain · primary · accessed 2026-08-16
  Supports: Robinhood Chain documentation: About Robinhood Chain
• Robinhood Chain documentation: Governance · primary · accessed 2026-08-16
  Supports: Robinhood Chain documentation: Governance
• Robinhood Chain documentation: Bridging · primary · accessed 2026-08-16
  Supports: Robinhood Chain documentation: Bridging

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.