SwapXMicro-cap

SwapX receives a B risk grade (25/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — solid DEX on Sonic, but the ve(3,3) model has a perfect failure record in previous iterations and MEV extraction hurts retail LPs A decentralized exchange on Sonic using concentrated liquidity pools and a ve(3,3) reward system where token holders vote on which pools get emissions. It holds $43M in deposits. Its C+ grade reflects the same death-spiral risk that killed every previous ve(3,3) implementation, plus MEV extraction that hurts regular liquidity providers.

The key risks identified for SwapX are: (1) Sophisticated traders can front-run your swaps by adding temporary liquidity right before a big trade, capturing the fees, then removing it immediately. Regular liquidity providers lose money to these tactics (2) The auto-rebalancing vaults (ICHI) can get stuck repositioning into price ranges that are being actively exploited. The automation that is supposed to help you ends up amplifying your losses (3) Large token holders can vote to direct rewards to pools they control, extracting value from everyone else. The bribe market encourages this self-dealing behavior

SwapX scores 25/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 6/20, Oracle Surface: 0/10, Documentation Gaps: 3/10, Track Record: 4/15, Scale Exposure: 0/10, Regulatory Risk: 1/10, Vitality Risk: 8/10. The highest risk area is Vitality Risk at 8/10.

Among 111 rated DEX protocols on Hindenrank, SwapX ranks #17 by safety (lowest risk score = safest). Its 25/100 risk score and B grade place it among the safer DEX protocols.

SwapX scores 4/15 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.