Coffer

Coffer is a Solana exchange whose pools hold up to ten weighted tokens with liquidity concentrated into configurable ranges. The depositor claim is a multi-asset liquidity position, which the version-1 amm-lp dossier decides on an approved chain.

Review triggers: events that reopen the verdict
• The firm shelf policy for pooled two-sided liquidity changes
• Coffer publishes an audited single-asset claim whose redemption does not depend on pool composition at withdrawal

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-12-15.

The research file

Mechanism applicability

Coffer pools hold as many as ten tokens at configurable weights and use virtual balances so providers can concentrate liquidity inside a price range. A provider therefore owns a basket whose composition rebalances against traders across that range, and whose redeemable value depends on where price sits when they withdraw. That is the amm-lp economic claim with more assets and a narrower range, not a different claim.

Current observation and perimeter

The DefiLlama protocol API read on 2026-09-15 classified Coffer as Dexs and reported approximately $115k on a Solana-only perimeter, listed on 2026-05-15 with no recorded audit. The yield survey the same day placed every observed Coffer pool under the amm-lp rule. Solana is approved with limits, so the settlement layer is not the binding reason.

Control and exit applicability

Concentrated range liquidity converts into the weaker side of the pair as price leaves the chosen range, and a ten-asset weighted pool multiplies the number of ways that happens. Swap fee and protocol fee share are configurable per pool, so the return a provider sees depends on parameters the pool creator sets. No audit is recorded, which limits the contract evidence available for any deeper review.

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 — Coffer record · secondary · accessed 2026-09-15
  Supports: protocol identity, current TVL, Solana perimeter, Dexs category, weighted multi-token pools, configurable fees, no recorded audit

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.