GammaSwap Yield Tokens

GammaSwap Yield Tokens wraps concentrated-liquidity positions and GammaSwap hedges into synthetic spot claims on Base. DefiLlama measured $80,817 on 2026-08-16, only 0.08% of the size floor. GammaSwap Yield Tokens is below that floor, so the individual review is not open and will not open until it clears it. Only then could a review of managed ranges, hedges, rebalance losses, NAV, and queued-redemption risks support advised use.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

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

The current DefiLlama adapter lists contracts labelled as vaults and finds the Uniswap v3 positions they own. GammaSwap’s legacy protocol provides long-volatility and liquidity-borrowing contracts that may sit beside those positions, but the official yield-token guides have been retired. The client claim we can observe therefore remains a managed concentrated-liquidity vault. Without a live product specification, we do not treat the former exact hedge mix as current.

Control and loss applicability

GammaSwap publishes legacy core, implementation and periphery code. Its current risk page describes smart-contract, market, liquidity, oracle and liquidation risks for the broader protocol. Those repositories show that the product depends on protocol controls. They do not identify the exact current vault manager, range rules or hedge ratio for each yield token. Depositors therefore face an unknown manager and strategy boundary, as well as concentrated-liquidity inventory risk.

Exit applicability

The retired product pages no longer prove the previously stated 24-hour processing window or manual-claim sequence, so the review does not rely on those claims. Evidence must instead come from the exact vault: current holdings, manager permissions, any GammaSwap debt or hedge, withdrawal functions, NAV and available liquidity. The adapter’s token balance does not prove that a proposed-size redemption is open or will complete at par.

Why the dossier still applies

DefiLlama measured $80,817 on Base on 2026-08-16, 0.08% of the size floor. GammaSwap Yield Tokens is below that floor, and the individual review will not open until TVL stays above it for 30 days. The review must then match every AMM and hedge leg, permissioned controls, range and rebalance rules, NAV and fees, audit and incident history, and proposed-size 24-hour mint/burn completion under volatility.

Research status

This is a capacity-unproven record for GammaSwap Yield Tokens, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• GammaSwap Docs — legacy v1 mechanism · primary · accessed 2026-08-16
  Supports: legacy GammaSwap scope, liquidity borrowing, long-volatility mechanism, product lifecycle
• GammaSwap — v1 core contracts · primary · accessed 2026-08-16
  Supports: core contract boundary, pool accounting, loan and collateral logic, legacy lifecycle
• GammaSwap — v1 implementation contracts · primary · accessed 2026-08-16
  Supports: strategy implementations, pool integration, contract control boundary, legacy code
• GammaSwap Docs — protocol overview · primary · accessed 2026-08-16
  Supports: perpetual-options dependency, AMM liquidity borrowing, live chain perimeter
• DefiLlama adapter — GammaSwap Yield Tokens · secondary · accessed 2026-08-16
  Supports: vault enumeration, Uniswap V3 position accounting, Base adapter scope
• DefiLlama — GammaSwap Yield Tokens survey record · secondary · accessed 2026-08-16
  Supports: $80,817 TVL, Base perimeter, yield 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.