Maverick V2

Maverick V2 is a bin-based AMM whose static and automatically moving liquidity modes let providers choose where inventory trades. The design can improve capital efficiency, but official documentation expressly identifies impermanent or permanent loss and the risk of being converted into the underperforming asset. The 2026-08-16 survey measured about $0.99M across six chains. We reject the underlying market-making inventory under the version-1 AMM-LP dossier; routing and position engineering do not change the exposure.

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 2026-11-16.

The research file

Mechanism applicability

Liquidity providers supply token inventory into price bins and receive swap fees when their bins are active. Mode Static leaves chosen bins fixed; Modes Left, Right and Both move liquidity under contract rules as price changes. Maverick states that Mode Both can buy high and sell low and that directional modes can leave an LP entirely in the underperforming asset.

Control and exit applicability

The LP chooses the pair, fee tier, bin width, mode and distribution, while pool contracts execute swaps and movement. The factory can set and collect protocol fees, but the pool has no owner. Exit requires the position-NFT holder to remove selected bins; merged bins may first require migration up the merge stack, and the assets returned are the bin inventory then held rather than a guaranteed principal mix.

Current observation and perimeter

The DefiLlama API read on 2026-08-16 classified Maverick V2 as a DEX and reported approximately $0.99M: $0.41M Ethereum, $0.30M Base, $0.14M Arbitrum, $0.12M zkSync Era, $0.01M Binance and $0.01M Scroll. This corrects the stale Ethereum-only perimeter and covers measured V2 pool liquidity rather than MAV staking or governance.

Why the class rule decides

Client value remains token inventory sold against traders and exposed to relative-price movement, so the version-1 AMM-LP rejection controls before scale. Reopen only for a separately measured Maverick product whose return does not require AMM inventory or adverse-asset conversion, then review its own authority, loss and exit mechanics.

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.

• Maverick Docs — understanding liquidity provision · primary · accessed 2026-08-16
  Supports: two-token pools, swap fees, bins, permanent loss, redemption
• Maverick Docs — understanding modes · primary · accessed 2026-08-16
  Supports: static mode, movement modes, impermanent loss, underperforming asset
• Maverick Docs — managing liquidity · primary · accessed 2026-08-16
  Supports: position NFT, bin selection, remove liquidity, wallet control
• Maverick Docs — V2 pool contract · primary · accessed 2026-08-16
  Supports: pool ownership, factory fees, merged bins, removal conditions
• DefiLlama — Maverick V2 survey record · secondary · accessed 2026-08-16
  Supports: current TVL, DEX category, chain perimeter

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.