Blackhole CLMM

Blackhole is a DEX on Avalanche, and this deployment is its concentrated-liquidity AMM. LPs select a price range, supply paired inventory and may stake the position in a gauge for BLACK emissions. Blackhole warns that impermanent loss can be magnified when price moves outside the chosen range. That is the precise market-making exposure rejected by the version-1 amm-lp dossier. The 2026-08-15 survey showed approximately $2.09M on Avalanche, which confirms the live perimeter but does not decide the class.

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

Mechanism applicability

Blackhole CLMM uses Algebra Integral concentrated-liquidity contracts on Avalanche. Each position selects a price range and fee tier, supplies inventory for swaps only while in range and can earn gauge emissions when staked. The official risk disclosure says sharp moves outside the range can magnify impermanent loss, directly satisfying the amm-lp dossier rather than a generic DEX label.

Current observation and perimeter

Observed 2026-08-15: the official Blackhole documentation remained current and described CLMM alongside separate classic and stable AMMs. DefiLlama reported approximately $2.09M in Blackhole CLMM TVL, entirely on Avalanche. This application covers that concentrated pool perimeter only; Blackhole AMM and governance positions are separate survey records or exposures.

Control, loss and exit applicability

The LP controls its chosen range and withdrawal timing, but traders and arbitrage decide the token mix accumulated before exit. Native Gamma and Steer integrations can automate range changes without removing divergence loss. For concentrated positions, unstaked fees flow to gauges and staked positions earn BLACK emissions, so reward governance and weekly gauge votes add dependencies rather than restore sold inventory.

Why the class rule decides

Capital efficiency, audits, threat monitoring and emissions affect implementation and compensation, not the economic claim: LP capital remains active market-making inventory inside a bounded range. The shared version-1 amm-lp dossier therefore controls before pool-level underwriting. Reopen only for a distinct Blackhole product whose client return does not require paired or synthetic AMM exposure.

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.

• Blackhole — protocol and AMM overview · primary · accessed 2026-08-15
  Supports: Avalanche, CLMM, AMM product separation, fees, emissions, current lifecycle
• Blackhole — concentrated-liquidity mechanics and risks · primary · accessed 2026-08-15
  Supports: custom price ranges, fee tiers, impermanent loss, out-of-range risk, Gamma, Steer
• Blackhole — concentrated-position rewards and gauges · primary · accessed 2026-08-15
  Supports: staked CLMM positions, gauge fees, BLACK emissions, weekly voting, incentives
• Blackhole — audits and CLMM implementation · primary · accessed 2026-08-15
  Supports: Algebra Integral, upgradeable hooks, audits, security monitoring
• DefiLlama — Blackhole CLMM survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Avalanche perimeter, Dexs category, survey observation

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.