Blackhole CLMM

Blackhole CLMM receives a C+ risk grade (40/100) from Hindenrank, where lower scores indicate lower risk. 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.

The key risks identified for Blackhole CLMM are: (1) 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 (2) 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 (3) 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

Blackhole CLMM scores 40/100 across eight risk dimensions: Mechanism Novelty: 5/15, Interaction Severity: 10/20, Oracle Surface: 3/10, Documentation Gaps: 3/10, Track Record: 6/15, Scale Exposure: 3/10, Regulatory Risk: 4/10, Vitality Risk: 6/10. The highest risk area is Vitality Risk at 6/10.

Among 111 rated DEX protocols on Hindenrank, Blackhole CLMM ranks #80 by safety (lowest risk score = safest). Its 40/100 risk score and C+ grade place it among the riskier DEX protocols.

Blackhole CLMM scores 6/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.