Ramses CL V2

Ramses CL V2 is a concentrated-liquidity exchange, deployed on Hyperliquid L1 in this survey. Concentrated liquidity makes the AMM problem sharper, not softer: a provider commits both assets inside a chosen price band, and when the price leaves the band the position converts entirely into the losing asset and stops earning fees. The client sees a loss they were never told to expect in a position we recommended, so the rule rejects the category regardless of execution quality. TVL was about $4.1M across nine pools at the 2026-08-14 survey.

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

Applicability to the surveyed record

Ramses documents an orderbook-style concentrated-liquidity AMM in which an LP assigns both pool assets to a chosen tick range. Liquidity earns only while price is inside the range, and Ramses explicitly states that tighter ranges create more impermanent loss. This is direct membership in the shared v1 AMM-LP class.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Ramses CL V2 as Dexs and showed approximately $5.72M TVL across Hyperliquid L1, Robinhood Chain, Polygon, and Arbitrum. Current Ramses contract documentation publishes V3 concentrated-liquidity factories, pools, position managers, routers, access-control contracts, multisig, and timelock across its multichain deployment; the registry perimeter is updated from the prior Hyperliquid-only snapshot.

Control and exit applicability

The LP chooses range and fee tier, while protocol factories, position managers, gauges, access-control contracts, multisig, and timelock govern pool and incentive infrastructure. When price leaves the range, liquidity becomes inactive and the position can become entirely one token; Ramses warns tighter concentration increases impermanent loss, and a range-order exit can fail if price crosses and reverses before withdrawal.

Why the class rule decides

The shared v1 AMM-LP dossier controls because active range management changes capital efficiency but not paired-inventory divergence. Reopen only if Ramses ships a materially separate investable product without LP-token, paired-asset, concentrated-range, or impermanent-loss exposure; then review that product’s contracts, control, liquidity, incidents, exit path, and named alternatives independently.

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.

• Ramses — concentrated-liquidity mechanics · primary · accessed 2026-08-15
  Supports: concentrated range, two-asset LP, out-of-range state, impermanent loss, range-order exit
• Ramses — current contract addresses · primary · accessed 2026-08-15
  Supports: current chains, V3 factory, position manager, multisig, timelock, access control
• Ramses — farming guide · primary · accessed 2026-08-15
  Supports: LP position, liquidity range, deposit, withdrawal, incentives
• DefiLlama — Ramses CL V2 survey record · secondary · accessed 2026-08-15
  Supports: current TVL, current chain perimeter, Dexs category, survey observation

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.