Blackhole exchange profile

Blackhole is an Avalanche exchange whose spot markets combine three pool models with scheduled and limit orders. Its liquidity programmes connect traders, liquidity providers and holders of governance locks: each performs a different role and receives different assets or rewards. Genesis campaigns add a project-launch mechanism in which participants supply one side of a new trading pool.[1]

On 20 October 2026, DefiLlama displayed approximately US$206.4 million in rolling 30-day spot-token turnover across Blackhole’s AMM and concentrated-liquidity products, including US$3.96 million over 24 hours. These figures measure executed swaps. They are not the trading volume of the BLACK token itself, assets under custody, or a count of individual customers.[2]

The ordinary swap screen shows the exchange rate, minimum received amount, slippage setting and estimated price impact. Token approval is one transaction; the actual swap is a subsequent instruction after approval completes. The completion notice links to the block explorer. A wallet approval therefore should not be recorded as a completed purchase, and a displayed quote should not be recorded as the final receipt.[4]

A hypothetical 6,000 USDC schedule divided into six equal trades allocates 1,000 USDC to each slice. It does not fix the quantity of the purchased asset: each successful slice has its own execution price and costs. Increasing the number of slices also increases the number of transactions requiring gas.[6]

The technical reference gives 0.2% as a configurable basic-pool example, not a universal tariff. Actual costs depend on the selected deployment’s fee settings, routed pools, token behaviour, price impact and gas.[7]

The pool guide calculates displayed APR using total staked liquidity. That denominator differs from the capital of an individual position and from all assets merely deposited in a pool. A displayed annualised rate therefore needs the pool, stake status, reward token and measurement basis; it is not a promised net account return.[3]

The service’s funding paths use wallet tokens and authorised contract interactions. The terms identify Bungee and LayerZero as third-party bridge integrations. A bridge follows its own chain, asset, quote and recovery conditions; the presence of a bridge integration does not create a bank deposit account or establish a uniform cash withdrawal timetable.[21]

At contract level, decreasing concentrated liquidity leaves tokens in the position until collection. Reward accounting has a similar distinction: collecting rewards accrues them, while claiming transfers them. Legacy V1 and JIT-protected V2 pools use different position-manager and farming contracts, selected by the pool’s deployer. The correct pool version matters during any exit.[7]

Under the linear Singularity rule, a hypothetical 800 BLACK with two of the maximum four years remaining represents 400 veBLACK before other mechanisms. Voting weight is not a cash balance.[11]

Supermassive has non-decaying weight and published 10% voting/rebase boosts. Those benefits accompany a permanent commitment; they do not make the burned principal redeemable.[12]

Code4rena’s July 2025 report records two high and 22 medium findings in the reviewed code. Its mitigation table confirms both high findings were addressed but retains two unresolved denial-of-service findings concerning Genesis approval and permit-related operations. The report also describes privileged roles controlling fees, roles and reward handling. These are findings about the reviewed version, not a finding that every issue remains in today’s deployment.[16]

Blackhole’s security directory links PeckShield and Code4rena material, a separate C4 addendum, and names Hexagate monitoring. The linked addendum could not be retrieved in this review, so its effect on the older unresolved findings was not verified. Technical review and monitoring do not establish a customer insurance payout or a compensation limit.[15]

The published bounty offers qualifying researchers up to US$100,000 equivalent for critical findings and US$25,000 for high findings, payable in BLACK at the specified disbursement-day valuation. Blackhole Foundation handles payment. Those amounts are researcher rewards under the bounty’s conditions, not cover available to traders who lose funds.[17]

The website terms require legal capacity and impose citizenship/residence exclusions, including China, Turkey, Ukraine, Russia and numerous other listed territories, alongside sanctions restrictions. These are contractual exclusions; the list should not be described as a list of countries all subject to identical sanctions. Wallet ownership does not override them.[21]

Pool access and pool creation are different permissions. The technical guide says creation requires approval and directs prospective creators to Discord. A market maker can therefore provide supported liquidity without acquiring an unrestricted right to create every desired market.[7]

The ordinary swap tutorial supplies a block-explorer route from a completed transaction. For records, retain the network, wallet address, token contracts and transaction hash, and distinguish approvals from swaps, staking, reward claims and withdrawals. A portfolio display alone can omit those economically different events. No downloadable tax certificate was established in the inspected material.[4]

Blackhole told SQD and Algebra in July 2026 that its interface combines indexed historical/aggregate data with direct RPC reads for current and user-specific information. It identified synchronization delays and third-party outages as operational dependencies. Consequently, a delayed chart or portfolio refresh is not sufficient evidence that the underlying transaction failed; the confirmed chain record is the relevant next check.[20]

Open limit orders have a dedicated cancellation action. Closing the browser or removing a website connection is not the documented cancellation process. No telephone dealing route, response-time commitment or support-led override of an accepted blockchain trade was verified.[5]

Rewards unclaimed for more than 30 epochs can cause a lock to lose synchronization and pause operation; the guide prescribes merging with an active lock. This maintenance issue is distinct from a cash-account inactivity fee.[11]

Blackhole Foundation is the named website counterparty, but the inspected terms do not state its incorporation jurisdiction. No entity-specific financial authorisation was established. The agreement specifies individual JAMS arbitration, subject to its stated exceptions.[21]

Blackhole credits its code lineage to THENA V2 and Solidly, and its concentrated-liquidity engine to Algebra Integral. Shared open-source ancestry does not establish a common operator or turn Blackhole’s Avalanche pools into a THENA account. The modular design permits additional pool functionality through plugins, whose scope must be assessed for the actual pool.[15]

The tokenomics page describes the launch allocation and the conversion of team/foundation allocations into permanent Supermassive positions. That historical distribution is not a current joining offer. Token emissions, a governance NFT and a claimable reward are distinct holdings; a statement about burned allocations alone does not establish the amount of spendable BLACK held by every associated person.[18]

Operator

Blackhole Foundation

Exchange model

Decentralised

Service scope

Avalanche swaps, liquidity pools, governance locks and project liquidity campaigns.

Client types

Retail clients; Institutional clients

Pricing publication

Public and quoted pricing

Other names

Blackhole DEX; BLACK; veBLACK; Singularity; Supermassive

Pricing scope

Pool-specific swap charges; published ALM reward deductions.

Funding scope

Avalanche wallet assets and route-specific third-party bridges.

Custody and asset handling

Wallet signing; approved contracts hold pool, vault and locked assets.

Client eligibility

Website restrictions cover residence, citizenship and sanctions.

Support

Documentation and Discord; no verified emergency dealing service.

Authorisation and registration scope

No entity-specific financial permission established.

Exchange metadata checked 20 Oct 2026Source 1Source 21Source 3Source 7

The Supercharged programme adds partner-tracked incentives to specified liquidity positions. Its page includes reUSD/USDC and WETH.e/weETH examples, but also labels parts of the schedule as forthcoming or subject to retroactive credit. Partner points should not be represented as a currently withdrawable cash amount or a guaranteed future token distribution.[19]

The developer reference publishes a production Graph API for indexed data and separate contract functions for quotes, swaps and position management. Reading indexed information does not authorise spending; execution needs the relevant wallet transaction and contract permission. A quote call and a signed settlement have different effects.[7]

In the July interview, Blackhole described AI agents as an application-layer integration for analysis, simulation and transaction execution. This expresses the intended integration model, not a verified first-party discretionary trading account with specified spending limits or key recovery. Any external agent’s ability to move assets depends on the actual wallet authority it receives.[20]