Is Blackhole CLMM Safe?
Risk Grade: C+ (40/100)
Blackhole CLMM is rated as elevated risk — multiple novel mechanisms and notable interaction risks.
Moderate risk — standard ve(3,3) DEX mechanics on Avalanche with inherent emission-dependency risk and low governance capture cost
Blackhole CLMM is a decentralized exchange on Avalanche offering concentrated liquidity, standard AMM, and stablecoin pools. It uses a ve(3,3) governance model where BLACK token holders can lock tokens to vote on which liquidity pools receive emission rewards. Built as a fork of ThenaFi, it also features Genesis Pools for new token launches. Its C+ grade reflects governance capture risk at low FDV and emission-dependent TVL sustainability.
TVL
$35M
Mechanisms
6
Interactions
4
Value Grade
D
Key Risks for Blackhole CLMM Users
The protocol's $68M in deposits is held up mainly by BLACK token emission rewards — if the token price drops, farmers leave and deposits could collapse like many similar projects before
With only $7M total token value, it is very cheap for a wealthy player to buy up voting power and redirect rewards to themselves at everyone else's expense
The code is forked from another project (ThenaFi) — any hidden bugs in that code are inherited, and Blackhole's own modifications add new potential vulnerabilities
Top Risk Factors
- •ve(3,3) tokenomics model creates complex emission-governance flywheel where veNFT holders control emissions — potential for governance capture at low cost given $7M FDV
- •ThenaFi fork introduces inherited codebase risk — any undiscovered vulnerabilities in ThenaFi propagate to Blackhole with potential modifications adding new attack surface
- •Concentrated liquidity positions face impermanent loss amplification when asset prices move outside selected ranges, with LPs potentially losing 100% of position value in one asset
Risk Score Breakdown
Blackhole CLMM's highest risk area is Vitality Risk (6/10). Here's how each dimension contributes to the overall 40/100 score:
Read the Full Blackhole CLMM Risk Report
This protocol has 2 collapse scenarios. 2 high-severity interaction risks identified. See the full mechanism classification, interaction matrix, and deep-dive recommendations.
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