SUNSwap V3

SUNSwap V3 is outside the current firm shelf under the version-1 AMM-liquidity-provision policy. The Phase 2 survey measured approximately $225.3M on Tron. SUNSwap V3 uses concentrated-liquidity positions: an LP chooses a price interval, earns fees only while active, and can finish entirely in one asset after a large relative-price move. This applies a published class rule to one protocol; it does not claim that every contract or operator behind SUNSwap V3 is defective.

Review triggers: events that reopen the verdict
• SUNSwap ships a single-asset product with no impermanent-loss exposure
• A client mandate explicitly authorizes concentrated-liquidity market making with defined range and loss controls

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-19.

The research file

Mechanism and why the rule applies

SUNSwap V3 uses concentrated-liquidity positions: an LP chooses a price interval, earns fees only while active, and can finish entirely in one asset after a large relative-price move. On its own facts the deployment matches the mechanism the dossier describes. The Phase 2 survey measured approximately $225.3M on Tron. This record keeps enough protocol evidence to show the rule applies and leaves the shared economic argument in the pinned dossier; it is not a separate flagship review.

Control and incident boundary

SUN governance, contract administration, token issuers, and the separately rejected Tron settlement layer add controls beyond the AMM mechanism; none converts the LP claim into single-asset lending. Those controls and the available incident record may change operational risk, but they do not remove the property the rule turns on. No clean-record claim is used as proof of safety: a young deployment can have little adversarial history, and an established deployment can execute its intended economics without an exploit while still remaining unsuitable for the advised sleeve.

Exit and current measurement

Withdrawal removes the position at its current range inventory and can return a materially different asset mix from the deposit; out-of-range positions stop earning trading fees. Aggregate TVL is an accounting measure rather than a promise that the exact client position can be unwound at the displayed value. The rule holds until a stated reopen condition is observed and a new review measures the exit at the proposed size instead of inferring it from a dashboard total.

Comparison and decision

A reviewed single-asset yield claim avoids both the LP inventory transfer and the inherited Tron control concentration. The comparison is made at the exposure level, not by brand or headline rate. The published dossier is preferable to repeating the same class judgment with slightly different wording for every venue; the protocol-specific sources retained here make the classification reproducible and the reopen criteria observable.

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.

• SUN.io Documentation — SUNSwap V3 overview · primary · accessed 2026-08-19
  Supports: concentrated liquidity, price ranges, fee mechanism
• DefiLlama — SUNSwap V3 protocol data · secondary · accessed 2026-08-19
  Supports: protocol category, chain perimeter, current 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.