Blackhole CLMMMicro-cap

Blackhole CLMM receives a C+ risk grade (41/100) from Hindenrank, where lower scores indicate lower risk. Elevated risk — ve(3,3) emission death spiral has materially played out, reducing this to a ghost protocol at $2M TVL with near-zero token value and no visible recovery catalyst 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 and audited by Code4rena, it also features Genesis Pools for new token launches. Its C+ grade reflects a ThenaFi-based codebase with partially unmitigated audit findings, trivially cheap governance capture at sub-$1M FDV, and a protocol that has shed 97% of TVL as its ve(3,3) emission death spiral materialized.

The key risks identified for Blackhole CLMM are: (1) The ve(3,3) emission death spiral has already played out — TVL collapsed from $68M to $2M as BLACK token fell 99%+ from its all-time high, and the remaining deposits have no meaningful yield incentive to stay (2) With under $1M in total token value, it is trivially cheap for any actor to buy up voting power and redirect rewards to themselves at everyone else's expense (3) The code is forked from ThenaFi with two unmitigated medium vulnerabilities from the Code4rena audit still in production — one can block deposit operations via griefing attack

Blackhole CLMM scores 41/100 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: 0/10, Regulatory Risk: 4/10, Vitality Risk: 10/10. The highest risk area is Vitality Risk at 10/10.

Among 116 rated DEX protocols on Hindenrank, Blackhole CLMM ranks #87 by safety (lowest risk score = safest). Its 41/100 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.