Astroport

Astroport is a multichain Cosmos automated market maker offering constant-product, stableswap, and passive concentrated-liquidity pools. Yield for liquidity providers comes from pooled two-asset positions that rebalance against every price move, so a provider can exit with less than a plain hold. That impermanent loss cannot be explained to a mass-affluent client in two sentences, and it is indefensible when it shows up as a loss in a position we recommended. We reject the AMM category as a whole on that mechanism. The August 15, 2026 survey reported about $9.41M across Neutron, Terra2, Osmosis, Injective, and a residual Sei deployment.

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

Applicability to the surveyed record

Astroport documents constant-product pools where LPs deposit token X and token Y in the reserve-price ratio, stableswap pools using an amplified two-reserve invariant, and passive concentrated-liquidity pools whose automated strategy follows market price. All three require pooled inventory whose composition changes as traders swap, directly satisfying the v1 AMM-LP dossier.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Astroport as a DEX and reported approximately $9.41M across Neutron, Terra2, Osmosis, Injective and Sei, with most current value on Neutron and Terra2. Astroport publishes mainnet factory and pair deployments for several Cosmos chains, confirming this is no longer a Neutron-only record.

Control and exit applicability

LP inventory is governed by each pool invariant and trade path, not preserved as the original deposit mix. Constant-product reserves rebalance on every swap; passive concentrated pools automate the price range and explicitly leave LPs with strategy and impermanent-loss risk. Exiting returns the then-current pool assets and depends on pool contracts, chain settlement and executable asset liquidity.

Why the shared dossier decides

The shared v1 AMM-LP dossier controls regardless of scale or pool implementation because Astroport fee and incentive income requires path-dependent pooled inventory. Reopen only for an economically separate Astroport product without AMM exposure, then review its mechanism, chain and asset dependencies, contracts and governance, audits and incidents, executable liquidity, stressed exit and named non-AMM alternatives.

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.

• Astroport — pool overview · primary · accessed 2026-08-15
  Supports: AMM, constant-product pools, stableswap pools, passive concentrated liquidity
• Astroport — constant-product pools · primary · accessed 2026-08-15
  Supports: two-token deposits, reserve ratio, constant-product invariant, swap rebalancing
• Astroport — passive concentrated-liquidity pools · primary · accessed 2026-08-15
  Supports: automated price range, impermanent loss, strategy risk, LP control
• Astroport — deployed contracts · primary · accessed 2026-08-15
  Supports: Neutron deployment, Terra deployment, Injective deployment, Sei deployment, factory and pair contracts
• DefiLlama — Astroport survey record · secondary · accessed 2026-08-15
  Supports: current TVL, five-chain perimeter, DEX category

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.