Full Sail
Full Sail is a concentrated-liquidity AMM on Sui whose prediction voting directs emissions and fee rewards; LPs still deposit token pairs into bounded price ranges. Full Sail’s own risk disclosure says range movement can leave liquidity inactive and rebalancing can realize impermanent loss. The 2026-08-16 survey measured about $384,000 on Sui. Prediction accuracy, dynamic fees and emissions change reward allocation, not the underlying paired-asset inventory, so the AMM-LP class rejection remains decisive.
- 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
Full Sail LPs choose a token pair and a custom concentrated-liquidity range. Positions earn only while in range and may choose fee-earning or emission-earning mode. veSAIL holders predict pool volume to direct rewards, but that voting layer sits above a standard two-asset CLMM position and does not replace its rebalancing mechanics.
Control and record applicability
The protocol publishes Sui package and object addresses for its CLMM, governance, voter and reward components and identifies Mysten Labs, Asymptotic and Plainshift reviews. Its governance documentation anticipates veSAIL control over fee formulas, pair management and insurance-fund use after stabilization. These controls do not change LP classification.
Exit applicability
A provider may partially or fully remove liquidity and receive the underlying tokens in the position at withdrawal. Price movement outside the selected range leaves capital inactive; adjusting the range swaps assets to rebalance and may crystallize impermanent loss. A one-token Zap packages entry but does not remove the paired-asset exposure.
Why the dossier still applies
The 2026-08-16 survey measured about $384,000 on Sui. Small size reinforces caution, but the fundamental basis is the concentrated-liquidity position itself. Reopen only for a separately reviewable product without paired-asset rebalancing; predictive voting, higher TVL, dynamic fees, insurance reserves or automated range changes would not suffice.
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.
- Full Sail Docs — Full Sail 101 · primary · accessed 2026-08-16
Supports: Sui concentrated-liquidity AMM, paired price ranges, prediction-directed rewards - Full Sail Docs — liquidity workflow · primary · accessed 2026-08-16
Supports: custom LP ranges, single-asset Zap entry, withdrawal and range rebalance flow - Full Sail Docs — risk disclosure · primary · accessed 2026-08-16
Supports: out-of-range inactivity, impermanent loss, paired-asset rebalancing - Full Sail Docs — protocol governance · primary · accessed 2026-08-16
Supports: dynamic-fee governance, liquidity-pair management, insurance-fund governance - DefiLlama — Full Sail survey record · secondary · accessed 2026-08-16
Supports: approximately $384,000 current TVL, Sui 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.
| Chain | Verdict | Control | Control constraint |
|---|---|---|---|
| Sui | Rejected | Issuer can freeze | freeze and seizure are demonstrated: standing validator deny lists began freezing the Cetus exploiter’s ~$162M within about 80 minutes, and a Foundation-organized vote later moved the frozen funds without the owner’s keys. |