Chainflip

Chainflip receives a B- risk grade (29/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — innovative native cross-chain swap infrastructure with growing adoption, but MPC vault security and new lending feature add meaningful complexity. Chainflip is a cross-chain DEX enabling native asset swaps (BTC, ETH, SOL) without bridges or wrapped tokens, using MPC/TSS vaults controlled by a validator set. With ~$11M TVL, $1.24B cumulative swap volume, and $80K/week in FLIP burn from fees, it has established meaningful traction. The protocol recently expanded into cross-chain lending (BTC collateral). The B- grade reflects its novel MPC vault approach and new lending feature adding complexity, balanced by comprehensive documentation and growing track record.

The key risks identified for Chainflip are: (1) MPC vault security is the critical trust assumption — validators collectively control native BTC/ETH/SOL, and compromise of sufficient key shares could drain all protocol-held assets (2) The new cross-chain lending feature (Feb 2026) significantly increases protocol complexity and attack surface on top of the existing swap infrastructure (3) Cross-chain native asset settlement is inherently complex — partial execution failures during volatile markets could leave users in unexpected states

Chainflip scores 29/100 across eight risk dimensions: Mechanism Novelty: 6/15, Interaction Severity: 6/20, Oracle Surface: 2/10, Documentation Gaps: 2/10, Track Record: 5/15, Scale Exposure: 3/10, Regulatory Risk: 2/10, Vitality Risk: 3/10. The highest risk area is Mechanism Novelty at 6/15.

Among 111 rated DEX protocols on Hindenrank, Chainflip ranks #37 by safety (lowest risk score = safest). Its 29/100 risk score and B- grade place it among the safer DEX protocols.

Chainflip scores 5/15 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.