Ferro

Ferro is a stableswap AMM on Cronos. Stableswap pools hold several like-priced assets and assume they stay near parity; when one depegs, the pool mechanically fills up with the broken asset as arbitrage drains the good ones, and providers are left holding the depeg. Ferro issues LP tokens against multi-asset pools and pays providers swap fees, directly satisfying the v1 AMM-LP dossier. The August 15, 2026 DefiLlama survey reported about $4.76M on Cronos, although Ferro’s own homepage displayed a materially smaller figure; that measurement gap and the unapproved chain are additional barriers, not the basis.

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

Ferro identifies itself as a StableSwap AMM for pegged assets. Providers supply the assets held by a pool, receive LP tokens, and earn a proportional share of swap fees. Its 2FER and 3FER descriptions confirm basket exposure rather than a single-asset claim. The LP therefore bears changing multi-asset inventory and directly meets the shared v1 amm-lp dossier.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 classified Ferro as a DEX and reported approximately $4.76M on Cronos, measured as balances in stablecoin pool contracts. Ferro’s live homepage separately displayed about $221,800 TVL when reviewed, so the exact current perimeter is not reconciled across sources. This discrepancy does not affect the AMM classification, and the site and documentation still present swaps and liquidity provision as live.

Control and exit applicability

Ferro says it periodically evaluates the stablecoins in its baskets, and LPs can hold or stake LP tokens before removing liquidity. A provider exits into the pool’s then-current asset composition; if a constituent depegs or a bridge representation fails, arbitrage can concentrate the impaired asset while usable exit depth falls. FER and xFER incentives add lock and token risks without removing the underlying pool inventory.

Why the class rule decides

Lower slippage and lower expected impermanent loss among correlated assets do not eliminate adverse inventory transfer. The shared v1 amm-lp dossier is therefore decisive before Ferro-specific security or Cronos chain review. Reopen only for a distinct named Ferro product whose return requires neither multi-asset LP ownership nor synthetic market-making exposure, with contracts, cash flows and proposed-size exit independently verified on an approved chain.

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.

• Ferro — protocol and StableSwap overview · primary · accessed 2026-08-15
  Supports: StableSwap AMM, pegged assets, liquidity pools, LP tokens, transaction fees
• Ferro — pool, fee and withdrawal FAQ · primary · accessed 2026-08-15
  Supports: 2FER and 3FER baskets, LP fee share, LP token staking, remove liquidity, xFER lock
• Ferro — live product homepage · primary · accessed 2026-08-15
  Supports: live lifecycle, Cronos, stable swaps, liquidity provision, homepage TVL
• DefiLlama — Ferro survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Cronos perimeter, DEX category, pool-balance methodology

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.