Rhea Dex

Rhea Dex is outside the current firm shelf under the AMM-liquidity-provision policy class. It is the NEAR decentralized exchange descended from Ref Finance, now part of Rhea Finance; supplying its pools means holding a two-sided inventory whose value moves against the depositor as the paired assets diverge.

Review triggers: events that reopen the verdict
• Ships a product line without impermanent-loss exposure that merits its own review
• The Near verdict changes

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2027-03-22.

The research file

Mechanism and why the rule applies

Rhea Finance describes a ’multi-chain decentralized trading and lending platform’ with a DEX offering ’cross-chain trading and liquidity’ on NEAR; its SDK is still published as ref-sdk. The tracked pool is a four-stablecoin pool (USDT, USDC and their bridged variants), about $171,000 at review. The return is trading fees against automated market making, the payoff the amm-lp dossier governs.

Control and incident boundary

Rhea lists venture backers and publishes an SDK, but the site names no legal entity, terms, or US-person restriction, and DefiLlama records no audit links for the DEX. NEAR itself is rejected in this registry on upgrade and exit control, which is a second, independent bar.

Exit and current measurement

An LP removes liquidity in the pool’s current coin mix; during a depeg of a bridged stablecoin the LP token conceals the impaired leg. Exit off NEAR runs through Omni Bridge, an MPC-signed path.

Comparison and decision

The class rule decides; a Rhea product without AMM inventory exposure would need its own file, and would still meet the NEAR chain grade.

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.

• Rhea Finance — product overview · primary · accessed 2026-09-22
  Supports: multi-chain DEX and lending platform, ref-sdk, NEAR chain, no terms or entity disclosure
• DefiLlama — Rhea Dex protocol data · secondary · accessed 2026-09-22
  Supports: Dexs category, Near only, reported TVL

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.