KaspaCom Dex
KaspaCom Dex is outside the current firm shelf because its structure falls in the amm-lp policy class. This firm policy decision is not a negative quality rating or a client trade instruction. The sections below keep the facts about how it works, who controls it, how losses occur, and how clients exit.
- 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 2026-11-16.
The research file
Mechanism applicability
KaspaCom documents a Uniswap V2-style AMM. Swaps run against pooled token reserves, and pool liquidity determines price impact and slippage. LPs supply the holdings counted by the survey. The client claim therefore bears the standard constant-product change in asset mix covered by the AMM-LP dossier.
Control and exit applicability
The permissionless deployment and pool interfaces allow new ERC-20 assets and liquidity positions on Kaspa Layer-2 venues. An LP’s result depends on paired token quality, pool contracts, routers, bridges and L2 settlement. Removing liquidity returns the provider’s share of the current reserves. It locks in the post-trade mix instead of guaranteeing the deposit ratio.
Current observation and perimeter
On 2026-08-16, DefiLlama classified KaspaCom as a DEX and reported approximately $74K: about $56K on Kasplex and $18K on Igra. The registry corrects its stale Kasplex-only chain list to show both live survey deployments. Neither L2 currently has chain approval.
Why the class rule decides
KaspaCom LP yield requires constant-product market-making inventory, so the AMM-LP dossier addresses this product more directly than the separate chain and size barriers. Reopen only for a separately measured non-LP product on an approved chain. A new deployment or higher TVL alone would not fix the LP classification.
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.
- KaspaCom docs — AMM swap mechanism · primary · accessed 2026-08-16
Supports: Uniswap V2, AMM, pool liquidity, slippage - KaspaCom — current DEX application · primary · accessed 2026-08-16
Supports: Kasplex, swap, pools, current lifecycle - KaspaCom docs — token and liquidity deployment · primary · accessed 2026-08-16
Supports: ERC-20 deployment, Kaspa Layer-2, add liquidity, permissionless assets - KaspaCom docs — documentation root · primary · accessed 2026-08-16
Supports: DEX, KaspaCom, product perimeter, current documentation - DefiLlama — KaspaCom DEX survey record · secondary · accessed 2026-08-16
Supports: current TVL, Igra, Kasplex, 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 |
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