# Overview Blackhole is a next-generation decentralized exchange (DEX) built on the Avalanche blockchain. It serves as a specialized liquidity hub designed to support emerging blockchain projects and empower community participation in the growth of Web3 ecosystems. Through the implementation of Genesis Pools, Blackhole introduces an innovative mechanism for pre-TGE liquidity creation, enabling community users and projects to collaboratively fund liquidity pools. This collaborative liquidity provision model gives projects the opportunity to provide project tokens while simultaneously driving immediate engagement for community supporters that provide the other side of the liquidity pair. Blackhole’s improved vote-escrow tokenomics model further supports on-going liquidity, aligning incentives among all stakeholders through a decaying emissions schedule that ensures token stability over time. This approach is complemented by perma-locked and burned governance token allocations for the team and collaborating projects, removing sell pressure and ensuring alignment with the protocol’s long-term growth objectives. In addition to serving as a liquidity hub, by offering a tailored experience for gaming and AI projects, Blackhole provides a unique opportunity for participants to earn rewards, engage in ecosystem governance, and contribute to the growth of the platform by supporting emerging projects proactively. ## Improved ve3,3 tokenomics Blackhole introduces key improvements to the vote-escrow ve(3,3) model by introducing two distinct types of veNFTs: Singularity veNFTs and Supermassive veNFTs. The latter is a special veNFT that can only be minted by removing $BLACK tokens from supply permanently. In addition, by participating in our open marketplace for incentives with weekly deposits, partners can incentivize veNFT voters to vote for liquidity incentives to be directed to their liquidity pools, aligning them with their unique strategic objectives. ## AMM Offering We offer a comprehensive suite of Automated Market Maker (AMM) models, including Concentrated Liquidity AMM, Classic UniV2-style AMM, and Stablecoin AMM, catering to a wide range of liquidity provisioning strategies. ## AMM Modularity Leveraging the integration of Algebra Integral, our AMMs support fine-grained customization through the implementation of diverse plugins, enabling partners to optimize market-making functionalities to their specific requirements. ## **How It Works** The protocol facilitates token swaps and collects fees from traders to incentivize liquidity. Each epoch, liquidity providers (LPs) receive rewards in the form of $BLACK token emissions based on the votes their pools gather. Only staked liquidity in the protocol gauges earns emissions. Participants can lock their $BLACK to vote on the upcoming epoch's emission distribution, becoming veBLACK Voters. These veBLACK Voters are rewarded in proportion to their locked amounts with all protocol trading fees from the previous epoch and any additional voter incentives from the current epoch. ## **Epochs** An epoch is a 7-day period that starts every Thursday at 00:00 UTC and ends Wednesday at 23:59 UTC. Votes, emissions, fees, and incentives are all calculated on a per-epoch basis. # Tokenomics ## $BLACK Protocol Token $BLACK tokens are emitted as farming rewards to LP providers to incentivize deep and continuous liquidity. ## $veBLACK - vote-escrow NFT veBLACK is the vote-escrowed version of $BLACK. By locking up $BLACK tokens ranging from a week till up to 4 years, a so called Singularity veNFT can be minted. The voting power is higher when the lock period selected is longer. veNFT holders can vote for gauges each week and receive revenue from two sources: 1. A share of the trading fees generated by the Liquidity Pool they voted for. 2. 100% of the voting incentives contributed by partners to that specific pool. ### BLACK Airdrop Team and foundation tokens have been burned to mint Supermassive veNFTs, meaning they're permanently removed from circulation. The team and Foundation only hold Supermassive veNFT's TGE and has no vested BLACK tokens. Note that this is unique to the Blackhole protocol as in contrast the traditional ve3,3 implementations have a different vested-escrow model that does not include a burn-mechanism for the tokens being locked. At the Token Generation Event (TGE), 100% of the circulating supply goes directly to the community: * **Community-Owned Launch:** Every token available at TGE is owned by the community. * **Decentralized Governance:** Token recipients get Supermassive veNFTs, which give them voting rights and a share of protocol revenue. Users can also stake their $BLACK airdrops to get Singularity veNFTs or boost their Supermassive veNFTs. * **Ecosystem Integration:** Leading DeFi and NFT project communities are included, promoting collaboration and collective growth.
### TGE Distribution
### Total Supply A key distinguishing feature of Blackhole lies in its uniquely improved vested-escrow mechanics. Unlike traditional ve(3,3) protocols, where all ve-locked tokens continue to be counted in the Total Supply, Blackhole introduces key enhancements that set it apart. Most notably, it is the first protocol to implement a dual veNFT system combined with an integrated burn mechanism: * Singularity veNFT: similar to existing protocols with locks from 1 week up to 4 years * Supermassive veNFT: permanent locking through burning the BLACK token. This gives the holder 3 perks: non-decaying vote power, 10% rebase rate bonus and 10% voting power boost. Whenever a Supermassive is minted, the underlying amount of BLACK tokens is permanently removed from circulation by sending them to a burn address. This built-in deflationary mechanism steadily reduces the total supply of BLACK over time, increasing its scarcity and driving long-term value for holders. By reinforcing deflation through utility, Blackhole establishes a uniquely sustainable and value-accretive tokenomic design. # Emissions ## Emissions Schedule The distribution schedule will comprise four distinct phases: * **Phase 0 - Singularity (epoch 0):** This is the initial phase and will begin with a distribution of 10 million protocol tokens. * **Phase 1 - Event Horizon (epoch 1-14)** Token distributions will increase by 3% with each new epoch to incentivize early adoption and participation in the protocol. * **Phase 2 - Accretion Disk (epoch 15-66):** Token distributions will gradually decrease by 1% per epoch to manage inflation and support long-term sustainability. * **Phase 3 - Hawking Radiation (epoch 67 => ):** The rate of token distribution will be adjusted dynamically. The number of distributions, with respect to the previous epoch, may increase by 1%, decrease by 1%, or remain the same each epoch, based on votes from Supermassive veNFT holders. This governance model empowers stakeholders to influence the token's economic policy and respond effectively to changing market conditions. The flexibility provided by these adjustments ensures that the protocol can respond effectively to future challenges and opportunities, maintaining a balance between incentivization and stability. ## Rebase All veNFT holders receive a rebase proportional to protocol token emissions and to the ratio of locked to circulating supply, reducing vote power dilution The weekly rebase amount is calculated with the following formula: $$\text{rebase} = \text{weeklyEmissions} \times \left(1 - \frac{\text{veNFT.totalSupply}}{\text{totalsupply}}\right)^2 \times 0.5$$ This rebase formula will reward veNFT holders most when locking rates decrease, incentivizing new lockers to step in. ### Emission Rewards Each epoch, $BLACK emissions are distributed to liquidity pools proportionally to the votes that the pools receive. veNFT voters receive bribes to allocate their votes to different liquidity pools. Liquidity providers (LPs) can stake their LP positions to receive a share of the emission reward tokens distributed to each pool proportionally to the size of positions and time staked. These rewards are distributed during the whole epoch and available for claiming as these accrue. ### Foundation Emissions To ensure the sustainability and continued development of the protocol, a portion of the emissions, specifically 5%, will be directed to the protocol foundation address. This allocation will serve to cover the operational costs incurred by the protocol on an ongoing basis, as well as to provide funding for future development initiatives and enhancements. By dedicating a percentage of the emissions to the foundation, the protocol aims to establish a self-sustaining model that can support its growth and evolution over the long term. # Protocol Design
### **ve(3,3) Tokenomics Model** The ve(3,3) tokenomics model enhances governance by locking tokens to provide voting power and rewards. The name is derived from "vote-escrowed" and cooperative game theory principles (3,3), which incentivize participation and aligns stakeholders incentives with the long-term success of the protocol. ### **How It Works** Blackhole is pioneering an improved ve(3,3) model that consists of a dual veNFT mechanism. #### Singularity veNFT Users can choose to lock $BLACK governance tokens for a period ranging from 1 week up to 4 years to mint veNFTs. These veNFTs grant voting power, allowing holders to direct emissions to specific liquidity pools by voting for associated gauges weekly. Projects can bribe veNFT holders to vote for their gauges, with limits set as a percentage of their LP's value. This increases the appeal of certain gauges and ensures efficient emissions allocation. veNFT holders can earn revenue in the form of swap fees of the pools voted on and liquidity incentives from the pools voted on. #### Supermassive veNFT The Supermassive veNFT stands out as a unique veNFT, that can only be minted if users choose to permanently lock $BLACK tokens. These in fact are removed from circulation by sending them to a burn address. This significant commitment is rewarded with exclusive benefits for Supermassive veNFT holders: * non-decaying voting power * 10% additional voting power boost * 10% boost on the rebase rate While community members are free to select which type of veNFT to mint, the team has decided to burn all team tokens to mint Supermassive veNFTs. As a result, there will never be any sell pressure from future team token unlocks, since the team holds no team tokens. This approach demonstrates the team’s full commitment to the protocol’s long-term success. Unlike other ve(3,3) projects where the community must trust that the team will continually re-lock their tokens every four years, Blackhole distinguishes itself with a transparent, on-chain approach guided by the credo: “don’t trust but verify on-chain.” ### **Rewards** LP providers receive emissions each epoch. veNFT holders receive protocol revenue and bribes from the previous epoch, proportional to their LP stakes. ### **Benefits** This model creates a sustainable ecosystem for gaming projects and investors by aligning incentives and fostering collaboration. Benefits include: * Multiple reward streams for veNFT holders (protocol fees and bribes) * Efficient allocation of emission rewards to the most valuable liquidity pools * Reduced circulating supply of governance tokens # Liquidity Pools The core functionality of liquidity pools is to allow users to exchange tokens securely, with low fees and minimal slippage. **Slippage** refers to the difference between the current market price of a token and the price at which the exchange/swap is executed. This difference could result in receiving a smaller amount (due to a higher price paid) or a larger amount (due to a lower price paid) of the desired tokens than expected. To provide access to the best rates on the market, a distinction is made between two primary token types: * **Correlated tokens**, such as stablecoins ($USDC, $DAI, etc.) * **Uncorrelated tokens**, such as $BLACK and $BTC The protocol's router evaluates both pool types to determine the most efficient price quote and trade execution route.
The greater the liquidity of a given pool (higher value locked), the lower the slippage. ### **Variable AMM (vAMM) Pools** The vAMM pools are designed for trading pairs of volatile, uncorrelated assets, e.g. USDC/BTC.b. The following constant product formula is applied to determine the price which allows the pool to accommodate wide price swings but with higher slippage for large trades.: *x × y ≥ k* Standard trading fees are higher to compensate for increased volatility and risk. ### **Stable AMM (sAMM) Pools** Stable pools are designed for efficient trading of correlated assets with minimal price volatility relative to eachother, e.g. USDt/USDC. The pricing formula for these pools allows for low slippage even with large trading volumes. These Stable pools use the following price determination formula: *x³y + y³x ≥ k* ### **Concentrated Pools** Concentrated Pools enable Liquidity Providers (LPs) to define custom price ranges for their positions, offering precise control over capital deployment and strategy. **Price Range Selection:**\ LPs can choose the specific price range in which their liquidity will be active. This means they only provide liquidity for trades that occur within their selected range, making their capital work more efficiently.\ Each liquidity position is unique, allowing LPs to set different strategies for the same trading pair. For example, one position might cover a wide price range, while another covers a narrow range. **Higher Capital Efficiency:**\ By focusing liquidity around the current market price, LPs can earn more fees with less capital compared to traditional AMMs, where liquidity is spread thinly across all possible prices **Benefits:** * Increased fee earnings due to higher capital efficiency. * Customizable risk and reward strategies by selecting different price ranges and fee tiers **Risks:** * Impermanent loss can be magnified if the price moves sharply outside the chosen range. * Requires more active management compared to traditional AMMs These pools are designed for market makers—whether individuals or institutions—who want to build on top of BLACKHOLE. **Calculating APRs** The APR is calculated using the total staked liquidity. #### **Automated Liquidity** Our concentrated liquidity pools integrate seamlessly with leading Automated Liquidity Managers (ALMs) to simplify position management. These ALMs automatically adjust position ranges to maintain optimal coverage, maximize emissions, and reduce impermanent loss risk, enabling passive, hands-off yield generation. Native ALM Integrations: * [Gamma](https://app.gamma.xyz/vaults/blackhole/avalanche) * [Steer Finance](https://app.steer.finance/) ### Zap Liquidity Providers are able to enter any pool with any token. This process is completed in a single transaction, which includes swapping the required amounts into the assets (managing the correct ratios and price ranges) and providing the liquidity. ![](/files/alPWfXMgninqtN1pDsD4) The "Provisioning steps" section on the right-hand side provides details on the swap amounts and the resulting price impact. Be aware that tokens with low liquidity may experience a significant price impact; therefore, it is crucial to assess this risk before making any decisions. ![](/files/0R7Jt4omORbZIMdRvvmO) \ Zap functionality will support both basic and concentrated liquidity pools. # Zap Liquidity Providers can now enter any pool with any token, all in a single transaction. The process automatically swaps your tokens into the required assets, balances the correct ratios and price ranges, and provides liquidity seamlessly. ### Enabling Zap On the Deposit Liquidity page, you can activate the Zap feature by toggling the ZAP switch on:
The "Provisioning Steps" section in the right-hand menu provides detailed information on swap amounts and the resulting price impact. Tokens with low liquidity may incur substantial price impact, so it’s important to evaluate this risk carefully before proceeding.
Zap functionality will support both basic and concentrated liquidity pools. # Rebalancer LP providers can use 1-click Rebalance and Unstake & Withdraw to facilitate LP operations. To enable this, go to your Portfolio page and approve rebalance and approve unstake & withdraw:
After approvals the buttons "REBALANCE" and "UNSTAKE & WITHDRAW" appear:
When your LP position moves out of range and you need to rebalance quickly, simply click the Rebalance button. Be sure to adjust the slippage settings if necessary. Review the Rebalance pop-up to confirm the swap settings and the new range:
Click on Confirm to execute the rebalance. In addition to the simplified rebalancing feature, you can also easily unstake and withdraw with one click:
A popup window will confirm the amount of any BLACK rewards that will be claimed in addition to the unstake and withdraw amounts:
Click on Confirm to execute. # How to Swap From the main Swap menu, there are three options you can choose: * Swap * TWAP * Limit 1. For regular swaps, click on the swap icon:
2. Select the token you want to swap and the token you want to receive.:
3. Enter the swap amount manually or use the buttons to automatically select 25%, 50%, 75% or Max amount you have available in your wallet:
4. On the right hand side you see the swap details, showing the exchange rate found, the slippage applied, minimum amount to be received and the price impact. You can adjust the slippage according to the expected price impact:
5. Before you can proceed you need to give approval the Blackhole protocol to access your token before the swap can be executed. Click on Allow and sign the transaction:
6. After the approval transaction has been committed, the SWAP button appears so you can initiate the swap transaction:
7. After successful completion of the swap transaction a toast message will appear showing that the swap executed succesfully. You can click on the icon to show the transaction details on the block explorer.
# Limit Orders ## Introduction to Limit Orders Limit orders allow you set a predetermined price at which you want to buy or sell a token. The order will only be executed once the market reaches your chosen price, giving you greater control over your trades. It’s especially useful for targeting specific price points without the need to watch the market ### How to set up a Limit Order on Blackhole 1. Go the swap page and select the "Limit" option.
2. Select the tokens you want to swap and to receive.
3. Select this switch to toggle between buy and sell for this limit order:
4. Enter your desired limit price
5. Set the Expiration time:
You can set this in minutes, hours or days. {% hint style="warning" %} Limit orders may not execute when the token's price is equal or close to the limit price, due to gas and standard swap fees. {% endhint %} 6. Before you can execute this limit order, you need to give approval to Blackhole for the token you would like to swap in this limit order:
7. After the approval transaction has completed successfully, the button appears to place the limit order:
8. After succesfull placement of the limit order, this will show up in the Open Orders:
9. click on it to get more details about this limit order:
10. If you no longer want to keep this limit order open, you can cancel this from the limit order details window:
# TWAP Orders ## Introduction to TWAP Orders TWAP (Time-weighted Average Price) is a common order type that breaks a large order into smaller trades executed at regular intervals, aiming to minimize the order’s impact on the market price. It’s especially useful for users applying a dollar-cost averaging (DCA) strategy, allowing consistent token purchases over time. TWAP is most effective when the order size is large relative to market liquidity or during periods of high price volatility without a clear upward or downward trend. When taking profit on Voting and Liquidity Rewards, TWAP orders are particularly useful as they offer several key benefits that optimize your potential returns: * Reduced Market Impact: TWAP slices a big sell order into smaller, evenly spaced trades over time, preventing sudden, large sell-offs that can push the token’s price down sharply. This helps avoid unfavorable price slippage. * Average Price Execution: Instead of selling all tokens at once, which might trigger price dips, TWAP aims to achieve an average execution price close to the time-weighted market price over the specified period, leading to more optimal outcomes. * Lower Signaling Risk: By breaking orders into smaller chunks, TWAP reduces the chance that other market participants detect a large sell intention and react negatively, which can otherwise move prices against the seller. {% hint style="success" %} Pro Tip: To maximize your returns and minimize market price impact, it’s strongly advised to use TWAP orders when selling Voting and Liquidity Rewards. This approach benefits all parties involved: the seller achieves more optimal returns, the project’s token experiences less price volatility, and it supports the long-term sustainability of the Blackhole protocol. {% endhint %} ### How to set up a TWAP Order 1. On the main swap page, select the TWAP option:
2. Choose the tokens you want to swap and receive for this trade.
In this example we chose to sell 50,000 BLACK as the "Swap" token and USDC as the "For" token, meaning we want to sell 50,000 BLACK for USDC.\ \ 3\. TWAP-market or TWAP-limit order You can select between a TWAP-market orders, which executes all trades at the current market price, and TWAP-limit orders, which only executes trades if they are within your specified price limit. To enable TWAP-limit orders, simply toggle on the Limit Price option:
4. TWAP settings * **Limit Price**: if you have selected the limit price option, you can enter the limit price manually:
In addition you can also set the buy/sell toggle depending on your scenario:
* Total Trades Here, you can set the number of individual trades your order will be divided into. Increasing the number of trades reduces the price impact, helping you achieve better execution prices. However, more trades also mean higher total gas fees:
Based on your entry, the token amount per trade is calculated automatically. * Trade Interval Sets the time gap between each individual trade. The minimum trade interval is 5 minutes to cater for allowance of two minutes for bidder auction and block settlement, which cannot be predicted exactly, actual time may vary.
The estimated time is calculated based on your entries for Total Trades and Trade Interval. 5. Provide Allowance Before you can submit your TWAP order, you have to provide allowance to the Blackhole Protocol.
6. Once the allowance transaction completed succesfully, you can place your TWAP order:
After your transaction is processed, you can track your order’s status in the order history section under “Open Orders.” # Locks Blackhole uses two tokens to manage its utility and governance: * $BLACK — ERC-20 utility token of the protocol * $veBLACK — ERC-721 governance token in the form of an NFT (non-fungible token) Liquidity providers earn $BLACK tokens through emissions. $veBLACK is used for governance. Any $BLACK holder can vote-escrow their tokens and receive a a Lock or veNFT in exchange. Additional tokens can be added to the veBLACK NFT at any time. Blackhole sets itself apart from other vote-escrow protocols by making key improvements to the vote-escrowed model, specifically through the introduction of **two distinct veNFTs:**
## Singularity veNFT You can mint this veNFT by locking protocol tokens ranging from a week up to four years, mirroring Curve’s proven vote-escrow mechanism.
The lock period (also known as vote-escrowed period, hence the ve prefix) can be up to 4 years, following the linear relationship shown below: * 100 $BLACK locked for 4 years will become 100 veBLACK * 100 $BLACK locked for 1 year will become 25 veBLACK The longer the duration, the higher the voting power (voting weight) of the underlying locked balance. When you lock $BLACK tokens, you receive a veNFT , which represent your voting power and claim on protocol revenue. * The veBLACK amount is calculated based on both the number of tokens and the length of the lock. For example, locking 100 tokens for 4 years may grant you 100 veBLACK, while locking the same 100 tokens for 1 year might only give you 25 veBLACK * This means that, with the same token amount, a longer lock duration always results in more veBLACK voting power and thus a larger share of the protocol's revenue. To further illustrate this, below are 4 locks, each with the same amount of 1000 BLACK tokens locked, but for different durations: 1 year, 2 years, 3 years and 4 years:
Each has the same Rebase APR % but with different amounts of veBLACK voting power as the longer you lock, the more veBLACK your lock gets and the larger share of the protocol's revenue you earn as its proportionate to your veBLACK voting power. Locks can be set into Auto-Max Lock, which are treated by the protocol as being locked for the maximum duration of 4 years, and their voting power does not decay. TheAuto-Max Lock feature can be turned on and off for each lock in the EXTEND option:
## Supermassive veNFT Supermassives can only be minted by perma-locking tokens. These are effectively burned by sending them to a burn address, removing them from the supply forever.
### Benefits of the Supermassive veNFT The Supermassive veNFT stands out as the superior choice for users and stakeholders committed to Blackhole’s long-term success. Its benefits include: * Permanent Voting Power: Unlike Singularity veNFTs, which require re-locking to maintain influence, Supermassive veNFTs provide non-decaying voting power. This ensures holders retain consistent influence over governance decisions * Enhanced Rewards: The 10% boost on rebase rewards significantly increases returns for Supermassive veNFT holders. These rewards, tied to protocol emissions and the locked-to-circulating supply ratio, make Supermassive veNFTs more lucrative, especially as the protocol grows and emissions distribute value to veNFT holders. * Deflationary Impact: By permanently burning $BLACK tokens, Supermassive veNFTs reduce the circulating supply, increasing token scarcity and value over time. This deflationary mechanism aligns with Blackhole’s goal of long-term price stability and contrasts with Singularity veNFTs, which return tokens to circulation. * Alignment with Protocol Goals: The Blackhole team exclusively receives Supermassive veNFTs, ensuring their tokens are permanently locked and burned. This eliminates sell pressure from team tokens, a common issue in other protocols where founders must re-lock tokens every four years. Supermassive veNFT holders, including the team, are fully aligned with the protocol’s long-term success, fostering trust and stability. * Unique Market Positioning: The Supermassive veNFT sets Blackhole apart from other ve(3,3) protocols by introducing a burning mechanism. This enhances the protocol’s appeal to projects and communities seeking sustainable liquidity solutions and governance models that prioritize long-term commitment. {% hint style="info" %} ### If rewards go unclaimed for more than 30 epochs, the lock might temporarily fall out of sync and pause normal operation. This can be easily fixed by merging the affected lock with another active one. {% endhint %} # Voting $veBLACK holders govern which liquidity pools receive $BLACK emissions by voting, and in return, voters receive all trading fees and bribes from the pool for which they vote. ## **Instructions** For each of your Locks (veNFTs), distribute 100% of your Lock's (veNFT) vote-power among your preferred pools and cast your vote. Each Lock (veNFT) can only cast votes once per epoch. If you have increased your Lock's (veNFT) balance during the epoch, or if you have claimed your rebase votes, your incremental votes will be allocated proportionally among the selected pools where the original votes were cast. Unchanged votes will carry over into the next epoch, i.e. you only need to cast your votes once per each lock and the same will be carried forward for all subsequent epochs. You only need to re-vote if you want to change your allocations.
Click on VOTE and in the next screen you can distribute your voting power over the liquidity pools you would like to vote for:
### veBLACK Voting Mechanism Voting operates on a weekly cycle called an Epoch, which resets every 7 days. At the end of each Epoch, rewards are distributed exclusively to veBLACK holders who have voted for specific gauges (liquidity pools). You earn revenue only from the pools you actively voted for during that Epoch. Remember that once you vote from a lock, that lock continues to vote on the same pools with the same allocation percentages automatically in every epoch until you decide to reset the lock. Trading fees and voting incentives are claimable as a lump sum after each Epoch concludes. ## **Timeline** Voting stops Wednesdays at 23:00 UTC for each epoch. No voting will take place in the final 1 hour of each epoch as this time is reserved for protocol operations/automations. ## **Rewards** Voting rewards for a given epoch will appear in your Portfolio after the epoch change on Thursday at 00:00 UTC. Rebase rewards for new locks will appear after the second epoch change. ## **Auto Voting** Supermassive locks with at least 1,000,000 locked $BLACK tokens are also eligible for Auto Voting. When switched ON, all locks of that lock will be designated to be voted by a simple algorithm that votes to the top pools to optimise your rewards. Please note that Auto Voting only optimises for rewards valued at current valuations, and does not consider longevity and sustainability of tokens it votes for. We recommend monitoring and claiming rewards regularly, as markets can be volatile. While Auto Voting is enabled, you can't extend, increase, or transfer your locks. You can disable Auto Voting at anytime, except during the last hour of the epoch. {% hint style="info" %} AVM is designed as a basic voting automation tool for users who prefer a hands-off approach, which is not designed to guarantee optimal voting returns. \ \ For optimal results, manual voting is recommended so you can tailor decisions based on your individual risk appetite, voting weight, and other pool-specific factors which can change over time.
As an alternative for those who prefer an automated option, you can also vote manually once, after which your lock will continue allocating votes to the same pools in the same proportions across subsequent epochs until you choose to reset it. {% endhint %}
{% hint style="info" %} For locks with Auto-voting turned on, the rebase rewards are automatically claimed in the last hour of the epoch. {% endhint %} # Rewards ## **Emissions** Each epoch, $BLACK emissions are distributed to liquidity pools in proportion to the votes that the pools receive. veNFT voters are given bribes to allocate their votes to different liquidity pools. Liquidity providers (LPs) can stake their LP positions to receive a share of the emission reward tokens distributed to each pool in proportion to the size of positions and time staked. These rewards are distributed throughout the entire epoch and are available for claiming as they accrue. ## **Fees** Token pairs capture fees from the volume enabled by the liquidity in each pool. The fees collected by staked LPs the previous epoch are deposited as incentives for the current voting epoch. Fee rewards are distributed in the same tokens as the liquidity pool tokens they originate from (e.g., if the pool is BLACK/USDC the distributed tokens are $BLACK and $USDC) and can be claimed at any time. Fee rewards deposited as voter incentives are available for claim after the epoch changes (Thursday 00:00 UTC) and are distributed in proportion to the voting power cast by a voter ($veBLACK). #### Basic Volatile (v2) Pools * Unstaked LP positions receive 100% of the swap fees but no emissions * Staked positions receive BLACK emissions, while fees go to the gauge. #### Concentrated Liquidity (v3) Pools * Unstaked positions do not earn rewards since all fees go towards the gauge * Staked positions earn BLACK emissions from the gauge ## **Voting Incentives (Bribes) and Gauges** The gauge voting system is designed to create a dynamic liquidity marketplace for projects looking to grow and maintain sustainable liquidity. Projects can stimulate and expand their liquidity by depositing voting incentives into their pools. By adjusting the amount of incentives they contribute each week, protocols can actively manage their pool’s liquidity, ensuring it aligns with their evolving strategic objectives. These voting incentives are allocated to veBLACK holders who vote for the respective pools. After each epoch, these voters can claim their rewards as a lump sum. Additionally, any whitelisted token can be used as a voting incentive deposit. These rewards are available for claim after the epoch changes and are distributed in proportion to the voting power cast by a voter (veBLACK).
## **Rewards Claim** Rebase rewards are claimable 1 hour after a new epoch has started (Thursday 01:00 UTC). The epoch flip itself is on Thursday 00:00 UTC. In the 2 hour window from 1 hour before till 1 hour after the epoch flip, rebases cannot be claimed. **Example of incentives, voting, and rewards claim timeline:** * A new epoch starts Thursday (00:00 UTC) * Incentives are deposited at any point in the epoch * Voters vote for their preferred pools * Once the next epoch arrives (the following Thursday), users are able to claim rewards ![](/files/OIOnyDwSgZwkWv8gSxjx) # ALM Vaults Automated Liquidity Management (ALM) Vaults ALM (Automated Liquidity Management) Vaults on Blackhole automate the deployment and rebalancing of liquidity positions through integration of third-party solutions, such as Steer Protocol's [Smart Pools](https://docs.steer.finance/flagship-apps/smart-pools/) and Gamma Labs' [LP Vaults](https://docs.gamma.xyz/gamma/lp-vaults/introduction). Users deposit tokens into non-custodial vaults that handle concentrated liquidity, providing optimized returns without manual intervention. ALM Vaults are designed to automatically adjust liquidity position ranges to maintain optimal price coverage, maximize emission rewards and minimize impermanent loss risk, enabling passive, hands-off yield generation for depositors. ### ALM Indicator On the Liquidity page, the pools that support an ALM vault, are marked with an ALM indicator icon:
You can also select the ALM filter to only show pools with ALM vaults:
### Deposit in ALM Vault In the interface for depositing liquidity, select the ALM option:
Select your desired ALM vault from either Steer or Gamma. Provide allowance for both assets:
Click on ADD LIQUIDITY to deposit and sign the transaction with your web3 wallet:
Once deposited, the liquidity position is automatically staked and shows up in your Portfolio:
You can claim your Liquidity Rewards manually on the Portfolio page:
### Fees The following fees apply for the ALM vaults, which are taken from the emissions. * Steer Fees - 10% * Gamma Fees - 14% {% hint style="info" %} The ALM vaults are third-party integrations provided by [Steer Protocol](https://www.steer.finance/) and [Gamma Strategies](https://docs.gamma.xyz/gamma). Blackhole does not hold custody of user funds and bears no responsibility for the management or performance of the underlying strategies operated by these partners. Users interact with these integrations at their own risk and are encouraged to review the respective terms and conditions available on our partners’ official websites.\ \ APRs displayed for pools are **algorithmically estimated** and subject to change at any time based on market conditions and pool activity. Actual returns may differ from the displayed APR, and past performance is not indicative of future results. We do not guarantee any specific return, yield, or profit, and users should assess their own risk tolerance before providing liquidity.​ {% endhint %} # Genesis Pools Launchpads and Liquidity Bootstrapping Pools (LBPs) have been go-to methods for launching new crypto projects, yet they often fall short in delivering long-term price stability and alignment. The Blackhole Genesis Pool redefines this process with a more equitable and sustainable model, designed to empower projects and their communities. The Genesis Pool is a purpose-built mechanism within the Blackhole protocol, designed to jump-start liquidity for nascent projects. It facilitates the creation of an initial liquidity pool, crucial for enabling trading and price discovery of a new token. Genesis Pools enable projects to seed initial liquidity in a much more capital efficient way as projects and community members collaborate to create the initial liquidity. Participants contribute paired assets (p-tokens) in exchange for LP (Liquidity Provider) tokens, which represent their share of the pool and grant them a portion of the fees and emission rewards.

Genesis Pools

## How it Works ### **Campaign Launch** Projects applying for a Genesis Pool, will undergo a review process. Once approved, it becomes visible to potential contributors. A project initiates a Genesis Pool campaign, allocating a portion of its token supply and setting key parameters like the implied Fully Diluted Valuation (FDV), incentives for the first epoch, and the end date of the campaign (coinciding with an upcoming epoch). ## **Fixed Price Pairing** The campaign operates with a fixed token price throughout the "Genesis Period," providing certainty to contributors. ### **Contributions** Participants, believing the fixed price offers a fair valuation, commit a desired amount of p-tokens. These are held in escrow until the campaign concludes. ### **Genesis Pool Threshold** The Genesis Pool must meet certain criteria (e.g., minimum p-token contributions) for the liquidity pool to be created. If unsuccessful, committed paired assets can be claimed back by participants. ### **Liquidity Pool Formation** Upon successful completion, the collected p-tokens and the project's allocated tokens are combined to form the liquidity pool. This marks the transition from the Genesis Period to a standard Blackhole liquidity pool. ### **LP Token Distribution and Automatic Staking** LP tokens, representing ownership shares in the pool, are distributed to contributors and the project. These are automatically staked, allowing participants to immediately earn $BLACK emission rewards from the first epoch. (Note: Participants may need to first claim their LP tokens on the Dashboard before rewards can be claimed.) ### **Ongoing Liquidity** LP tokens generated during the Genesis Period function identically to those created afterward. Holders can un-stake and withdraw their underlying assets at any time. **Important**: LP tokens allocated to the project's foundation will have a lock-up period (e.g., 90 days or longer) to ensure long-term commitment. ### **Voting Gauge** A voting gauge is established for the project, enabling them to allocate incentives for the first epoch, encouraging participation and trading activity. # Technical AMM Documentation ### Overview Blackhole is a ve(3,3) DEX built on Avalanche, forking from Thena V2 and incorporating multiple AMM types: * Basic Pools: Uniswap V2-style constant product pools * Concentrated Pools: Algebra DEX-based range AMM Blackhole uses a vote-escrow model with $BLACK and $veBLACK to align liquidity incentives and long-term governance, with auto-voting capabilities. Brand Assets: *** ### Pool Types #### Basic Pools **Basic Volatile Pools** * AMM Model: Constant product formula x \* y = k * Use Case: Token pairs with high volatility and uncorrelated prices **Basic Stable Pools** * AMM Model: Stable-swap invariant (inspired by Curve) x³y + y³x ≥ k * Formula: Custom implementation that flattens the price curve around 1:1 to reduce slippage on similarly priced tokens * Use Case: Pairs like USDC/USDT, stablecoins, and synthetics Common Features: * Fee Structure: Flat LP fee, configurable by pool (e.g., 0.2% default) * Routing Logic: Integrated with Blackhole router to handle swaps across both pool types Key Highlights: * Volatile pools for broader DeFi assets * Stable pools for low-slippage stablecoin swaps * Low gas cost and composable architecture * TWAP oracles and on-chain price feeds *** #### Concentrated Pools (Algebra Integral’s modular architecture) * AMM Model: Customizable tick-based range liquidity AMM * Fee Structure: Static fee model Key Features: * Efficient capital use with narrow-range liquidity *** ### AMM Architecture #### Router Layer * Unified router handles route discovery and execution * Multi-hop support across Algebra and Uniswap V2 pools * Implements price impact protection, slippage checks, and gas optimizations #### Pool Creation * Creating a new pool requires specific permissions; it is not a permissionless process. If you wish to have a particular pool created, please contact us via discord to initiate the request. #### Liquidity Positions Basic Pools * Staked: Earn protocol emissions, and fees contribute to the pool's gauge. * Unstaked: Earn the generated fees. Concentrated Pools * Staked: Receive protocol emissions for positions within the active liquidity range. Fees contribute to the pool's gauge. * Unstaked: Receive neither fees nor emissions. Fees contribute to the pool’s gauge. #### Modularity * Bridges planned for multichain liquidity sync (e.g., Ethereum, Base) * Governance contracts modularized for upgrades *** ### ve(3,3) Architecture #### Voting & Incentives * Uses ve(3,3) mechanism (vote-escrowed $BLACK) * Weekly epochs where veNFT holders vote on pools to receive emissions * Epoch flips on Thursday at 00:00 UTC every week * First Epoch Flip 07/17/2025 * Auto-vote module to maximize voting APR via delegation #### Emissions * Emissions to pools are based on vote weights *** ### Technical Details #### Derive Pool addresses **Basic Pool:** bytes32 salt = keccak256(abi.encodePacked(token0, token1, stable)); // notice salt includes stable as well, 3 parameters pair = address(new Pair{salt: salt}(factory, token0, token1, stable)); **Concentrated Pool:** function computePoolAddress(address token0, address token1) public view override returns (address pool) { pool = address(uint160(uint256(keccak256(abi.encodePacked(hex'ff', poolDeployer, keccak256(abi.encode(token0, token1)), POOL\_INIT\_CODE\_HASH))))); } bytes32 public constant POOL\_INIT\_CODE\_HASH = 0xeaa3eea3233916c82fe1281a51bd9cde844b7c4673c0714ca0028a57f5634752; **customPoolDeployer**
customPoolDeployer
tickSpacing_1		0xDcFccf2e8c4EfBba9127B80eAc76c5A122125d29
customPoolDeployer
tickSpacing_50		0x58b05074D52D1a84D8FfDAddA3c1b652e8C56994
customPoolDeployer
tickSpacing_100		0xf9221dE143A0E57c324bF2a0f281e605e845D767
customPoolDeployer
tickSpacing_200		0x5D433A94A4a2aA8f9AA34D8D15692Dc2E9960584
### Sampling **Basic Pool** * There is a function in PairContract called getAmountOut * It takes Amount in and token in and returns the price for the second token **Concentrated Pool** * Contract: QuoterV2 * Function: quoteExactInputSingle * Takes below input: address tokenIn; address tokenOut; address deployer; uint256 amountIn; uint160 limitSqrtPrice; * deployer will be different for different tick\_spacing(mentioned above) * limitSqrtPrice: The price limit of the pool that cannot be exceeded by the swap #### Settling **Non native tokens** * Contract: RouterV2 * Function: swapExactTokensForTokens * Params: uint amountIn, uint amountOutMin, IRouter.route\[] calldata routes, address to, uint deadline
* Router: address pair; address from; address to; bool stable; bool concentrated; address receiver; **Native Tokens** * Contract: RouterV2 * Function: swapExactETHForTokens * Params: uint amountOutMin, IRouter.route\[] calldata routes, address to, uint deadline * Router address pair; address from; address to; bool stable; bool concentrated; address receiver; **FOT Tokens** * Contract: RouterV2 * Function: swapExactTokensForTokensSupportingFeeOnTransferTokens * Params: uint amountIn, uint amountOutMin, IRouter.route\[] calldata routes, address to, uint deadline
* Router address pair; address from; address to; bool stable; bool concentrated; address receiver;
* Gauge addresses for a pool The GaugeManager contract includes a function called gauges that returns the corresponding gauge address when provided with a pool address. GaugeManager Address: 0x59aa177312Ff6Bdf39C8Af6F46dAe217bf76CBf6 * Stake NFT for emissions You can deposit the NFT by calling the deposit function with the tokenid on the gauge contract associated with the respective pool. ### CL Position Creation Flow We currently support two sets of CL pools: 1. JIT-protected pools (V2) 2. Legacy pools (V1) Each set uses its own **NFPM** and **Farming** contracts. Therefore, before interacting with a pool, we first need to determine whether it was deployed through the **new deployer** or the **legacy deployer**. Pool Version Detection **AlgebraPoolAPIStorage:** 0xa90BC0E1D28151206530dABa53A5b8d28332cb7f This contract maintains the pairToDeployer mapping, which returns the deployer address for a given pool. Contract Selection Logic * If pairToDeployer(pool) returns the **V2 deployer**, use the **V2 NFPM** and **V2 Farming** contracts. * Otherwise, use the **V1 NFPM** and **V1 Farming** contracts. This check ensures that position creation, staking, and all subsequent interactions are routed through the correct contract set for the corresponding pool version.
**NonfungiblePositionManager** mint(MintParams) Create a new CL position NFT. Required params: token0, token1, deployer, tickLower, tickUpper, amount0Desired, amount1Desired, uint256 amount0Min; uint256 amount1Min;, recipient, deadline Returns: tokenId, liquidity, amount0, amount1
increaseLiquidity(IncreaseLiquidityParams) Add liquidity to an existing position. Required params: tokenId, amount0Desired, amount1Desired, uint256 amount0Min; uint256 amount1Min; deadline Returns: liquidity, amount0, amount1
decreaseLiquidity(DecreaseLiquidityParams) Remove liquidity (tokens stay in position until collect). Required params: tokenId, liquidity, deadline Returns: amount0, amount1
**FarmingCenter** Prerequisite: approveForFarming(tokenId, true, farmingCenter) on NPM
enterFarming(IncentiveKey key, uint256 tokenId) Stake position into farming. Required params: key (rewardToken, bonusRewardToken, pool, nonce), tokenId
exitFarming(IncentiveKey key, uint256 tokenId) Unstake position from farming. Required params: key, tokenId
collectRewards(IncentiveKey key, uint256 tokenId) Accrue pending rewards (does not transfer tokens). Required params: key, tokenId Returns: reward, bonusReward
claimReward(IERC20Minimal rewardToken, address to, uint256 amountRequested) Withdraw accrued rewards to wallet. Required params: rewardToken, to, amountRequested Returns: rewardBalanceBefore ### Mainnet Contract Addresses #### Core Contracts
Contract NameAddress
BLACK0xcd94a87696FAC69Edae3a70fE5725307Ae1c43f6
RouterV20x9EED160D7D8253DeC1A2A512e504DE5E7ff3C111
VoterV30xE30D0C8532721551a51a9FeC7FB233759964d9e3
VotingEscrow0xEac562811cc6abDbB2c9EE88719eCA4eE79Ad763
GaugeManager0x59aa177312Ff6Bdf39C8Af6F46dAe217bf76CBf6
GaugeFactory0x9E95eF7D8b87708641923C48C4eB298ED7CA6552
GaugeFactoryCL0x6B6a3D5A1c536aCE1D761685aF241b2cb7a6eA5E
GaugeOwner0xDD35894a790ee9625c3aAD49E8bd14e135F3F946
PairFactory0xfE926062Fb99CA5653080d6C14fE945Ad68c265C
PairGenerator0x34098b39Ec2E2C1A8F815bb8fA840D0D389afE1c
BlackClaim0x91B8C8c51A11a7033C34257C3768035EfF4F7736
AutoVotingEscrowManager0x3755DF8a937e9505aF7B14D8b13E83f133Ed11c3
SetterTopNPoolsStrategy0x5B0f5Acde0a779856D6885A67253529C235929e6
setterVoteWeightStrategy0x4cD13301C1B0555272Be010BfBE8901a55E520f2
GenesisPoolManager0x0EB1e103116b8Ec5f13a72F6943440340c4840dd
GenesisPoolFactory0xdeB50ac7A0a03332626B3c45EB20e7310653260F
AuctionFactory0x553901e346fCaDeBFd15ADffd2bA3c58AC6F9988
FixedAuction0x9d45E1acf9F164be11eeaE206B459DD575EE0bB0
BribeFactory0xfE842861b9F79Bb77CCb6043731D433D63B365dF
GenesisPoolApi0x8ba179fbbc41d36573097a6cc9924DB7c3978fdC
MinterUpgrdeable0xAcc34Ad51457930989fB5050C2Dce6339F06479B
PermissionRegistry0x751B7152AA11E39216cd00c0F65311Efdf1A65ff
RewardDistributor0x7c7BD86BaF240dB3DbCc3f7a22B35c5bAa83bA28
TokenApi0x58318fD6aDb8cAea00727eE4F579d48e6c9631d1
TokenHandler0xD6b6618cbddfc8F33cC6Ad44FB6557fa900049B7
VeArtProxy0xcA756Ef397b8F039d04b4ff967F43417B723aFdE
VeNFTApi0xb3629c89ed9cB172A3FBa66dfdF8C06A85B35dE9
VotingBalanceLogic0x6CaB6577257523e1D609dE76104764F042F993d2
VoterFactory0x109309E885Ee9023bD22E4f45a347640bb2a82Aa
RouterHelper0x1112F67a7098d80c35fCD139FA951496749dFEC3
BlackholePairApiV20xFf39C52b6649aF0f73c8D3088344436a5E3B2fB6
PairBootStrapper0xA053Ca9c51524D67e5E435C62031AD2031e09a22
VotingEscrowSplitHelper0xA053Ca9c51524D67e5E435C62031AD2031e09a22
veNFTAPI0xb3629c89ed9cB172A3FBa66dfdF8C06A85B35dE9
bridgefeewrapper0x8C2207C82B54d37b0D3cEB80A50A3392AeB8888B
clrebalancer0x0541B43200ce35D78B97e3aB5351C054289BBE27
routerhelperzap0xE168Fcd8f27c22E1C5E9C7Aa6Cf78aFED82F06C6
routerhelper0x53D569BC4B37ADbBDB6ab447D92ADf42514AE480
routerhelperimpl0xb888979122365ceE81d274e4bb6C970CE42af336
routerhelperproxyadmin0x42A53F5460F126CCcaF57D1b79155c65d229F82B
AlgebraPoolApiStorage0xa90BC0E1D28151206530dABa53A5b8d28332cb7f

#### Algebra Contract
ContractsAddress
AlgebraPool0xA02Ec3Ba8d17887567672b2CDCAF525534636Ea0
poolDeployer0x9B2441037E286d5Bf9456a3BE7b5273fe28DbA1e
factory0x512eb749541B7cf294be882D636218c84a5e9E5F
vaultFactory0xdC0b5db6f5f957AD0aC5e0Af8A2C084077D079B3
BasePluginV1Factory0x038CBa84D1CDf5B0820fC6a1FAE93f42240268bb
AlgebraFarmingProxyPluginFactory0x27ae8c52A41EC52A4150BA6321007eC41702c0F0
wrapped0xb31f66aa3c1e785363f0875a1b74e27b85fd66c7
entryPoint0x580be59A0461eaE3414352c0AbD88e485a294bFc
tickLens0xE66aAe9CB5aB27eC6662C0EC9B9b28764D4a822E
quoter0x7A88C46740fDFE446DD6Ad97cc0A94716848D214
quoterV20x3e182bcf14Be6142b9217847ec1112e3c39Eb689
swapRouter0xaBfc48e8BED7b26762745f3139555F320119709d
nftDescriptor0xe98aec7FE3648C104fac23a350926c17951cf0be
proxy0x18Bf868878fc0722A7400dE93DCb791aba7D001f
admin0xAFD356BC0dB2B5A0Dc879a2424eF384c0f266Fe9
nonfungiblePositionManager0x3fED017EC0f5517Cdf2E8a9a4156c64d74252146
mcall0x9dF9457D5C55B4C880Dc86C67AE323B00B5be48E
eternal0x01A8A00A6fC8106B94f84aAbAef689Fd0D77271A
fc0xa47Ad2C95FaE476a73b85A355A5855aDb4b3A449
customPoolDeployer
tickSpacing_1		0xDcFccf2e8c4EfBba9127B80eAc76c5A122125d29
customPoolDeployer
tickSpacing_50		0x58b05074D52D1a84D8FfDAddA3c1b652e8C56994
customPoolDeployer
tickSpacing_100		0xf9221dE143A0E57c324bF2a0f281e605e845D767
customPoolDeployer
tickSpacing_200		0x5D433A94A4a2aA8f9AA34D8D15692Dc2E9960584
#### #### V2 Contracts
BasePluginV3Factory0x5Af551Ba1bf743978B42d4e133bfF8B6231176fF
PluginV3Deployer0xEFc098ca1bbA02104590cDA910f7F9D494bDE662
SecurityRegistry0xd2fE840C24E1E4B217909BD3F88FeD6BF3537b02
FeeDiscountRegistry0x6A8591aDb2ca2427021906E223e2B5de20106aa9
NFTDescriptor0x4694123CBe1D3D1f72CCC4D68122dDfb5A519e13
NonfungibleTokenPositionDescriptor0x23B216788E78C8A4755473B8B2Ed7be7929A81e7
NonfungibleTokenPositionDescriptor (Proxy: TransparentUpgradeableProxy)0x8Ce534f3fCb4c0f4f8cf3CA06E744739F9f8830E
NonfungiblePositionManager0xfD1c727D8A2259493C66899f478EbfeA41329545
AlgebraEternalFarming0x9c70BedD11Cf874F07B1Bd9C29e3e41f9F248F5c
AlgebraPoolAPI0x16766b107B5716B2de18BBC8587b0Ac7Dc9C99Ca
AlgebraPoolAPI (Proxy: TransparentUpgradeableProxy)0xF0274C793D16713338AF4b8BF2BEf64BA2485B99
GaugeManager(New Implementation)0x93C601C31145185787dAb3617D6B419894dC0B8f
GaugeFactoryCL(New Implementation)0x824dbc85B7609F294148b122A2cB826Ab13F0296
RouterV20x9EED160D7D8253DeC1A2A512e504DE5E7ff3C111
RouterHelper (Proxy: TransparentUpgradeableProxy)0xB603a73eB0E8713B87f957051d5128548BCa37d7
RouterHelper implementation0xb888979122365ceE81d274e4bb6C970CE42af336
RouterHelperZap0xD68b9CF89FfC4432977bdb3f9e2C02148D9636e1
CLRebalancer0x656fc9B7F681099Cc1A7d44F9eebE3212926F8dc
PairBootstrapper0xa589c80e228dF3671C4Fa3d02cdf000e05b2bd8D
FarmingCenter0xCeCc64211f1Ed70a71BD47EB656f7067C1f45541
customPoolDeployer
tickSpacing_1		0x43c4b7BD4C173992C6711c631859A2EAC84BF8Db
customPoolDeployer
tickSpacing_10		0x48b1d49fB891bAb3543Db6e902cC54726A133acE
customPoolDeployer
tickSpacing_50		0x14E4E36f70ff06DC874F0e827B174ced91e51Cc8
customPoolDeployer
tickSpacing_100		0x5ef3876cA93b93c9BcfD637783Ed99412b1efF43
customPoolDeployer
tickSpacing_200		0x0AFf494476Dc74CF7BB5Dd005c2B1fE7Be76efA2
#### Production Graph API *** ### Testnet Contract Addresses #### Core Contract
Contract NameAddress
blackholePairAPIV20xF2E811481576D525f7E7916029e8741bf2DF9F76
routerHelper0xb71f886441789eAb6BDCE9574C77B21563C86DC8
algebraPoolAPIStorage0xf741Dc56cd29Bd808F5596d10861728cf25b1236
autoVotingEscrowManager0xb8124eA2dc3969ad7105658187DC30cb2d20c485
votingEscrow0x4854B431d864A7A9bEeD0033A1ec26c3Dc792F06
setterVoteWeightStrategy0x56c56173943EF5bd1D8246A5263A9C3BD4465121
pairFactory0x61bc896fDddF9822a8683e0c90b325De767b853D
minterUpgradeable0xf08A6071Db572A60471658c627C331b5e49fdd62
genesisPoolFactory0x5871990026C1252970cf15A9ae835a856cC86C6A
black0xa981371A120b0e1BBDcD0abaB1ed509c1084fe5F
votingBalancingLogic0x85CeCD63282dab6Db9e3efDAb7927374C79F6209
gaugeFactory0x7Bd71E0Eb9bebdC0370ed5d467d7889486F3Ee74
fixedAuction0x9eB9e1183e54F87e3Bb68f51A98e3E6fe9695b87
epochController0x6C1cfbeF04695B6b7060C9FaA46ae285AD0d1bBc
auctionFactory0x9aA1cc3d50090d84004a9Dc1936c645580d3Df04
algebraPoolAPI0x515FeBb88788Cb87927BecedaEA9081dEDC22a57
setterTopNPoolsStrategy0x5Add3E69e26742537f5c94b1e7bFECB6F1D28c10
routerV20x1B6814F3227a246F62bC47b148b3d288Dbc85715
veArtProxyUpgradeable0x0E96f40160FaC2F913C7E271532AF9FBb7C4DE8D
voterV30xf5b3c13d2CAB18f5E928c2631BD4ef37c26b445D
genesisPoolAPI0x459753FB4E87318Ac889D4AefbF7D348776D1B4B
votingBalanceLogic0x0bb50f3DD11Ab76FB0f3cD0b0E191B775Ca4a493
genesisPoolManager0x6FE1B637fE761aA37C42a72930576bae5c0b3E6B
tokenHandler0x1a0D35a3435dE64c99D1C7C21E873600Cb2748D9
gaugeFactoryCL0xa36BEBffc32aa95b00e648A1d5070dCc0a38F56A
veNFTAPI0xe6cf5e0d066ff0bE8F829f0a926BAc61dcc480F2
rewardsDistributor0xd40C4c763e66782878e1b215f233464Ab6A11327
permissionsRegistry0x845aCc1429B4ac566D285D0d0A0950bb8e4249Bb
gaugeManager0x1e34fc4F04bE8D5878b2fe91C55532c8b70623ec
wAVAX0xb3B3CbEd8243682845C2ff23Ea1FD48e6144E34F
blackClaims0xE196b6ea5d8b295aE2473a4dd7DC16BC0b577fb6
pairGenerator0x4d5a04826845FfeB8Cbe9c72C6b376cCFDf1D47B
bribeFactoryV30x3f398214d02578beE4DB858827B66CBCd7B8274B
avm0x9809f2b120Ab3633C27C53353E8f299a5b27AB51
voterFactoryLib0x5abF38c8D7dB7436de9D03bDF90A45249b95916A
tokenAPI0x8462941A7E2A1770F13627b8E4eadc35452d50C0
blackGovernor0x879CB8bf552eE95E2225806EA03C8D98c60426ED
#### Algebra Contracts
ComponentAddress
poolDeployer0xd9708e4870Ce20EF85120855b93A01fC8788878C
factory0xDC41bA754Fd6E524dD7B195B557434760F4952a7
vaultFactory0x76f65Faa67346B9B3CE85fC219768e13564b76c2
BasePluginV1Factory0x2b40319599249B6890E425FbB0d71900Ce81883A
wrapped0xb3B3CbEd8243682845C2ff23Ea1FD48e6144E34F
entryPoint0x0aD81A4D8A4dAA069Ed28e5417ACC1d052F11d0a
tickLens0xBf404A0489994D01c7F5981f9CFDA77862BDF712
quoter0x69318533C3b3Db701663EcC90Dc0E586E28fc594
quoterV20x74Ff66609d9b2237A86241B2CF453fE4D5728F11
swapRouter0xfcB1d07D8E0BfcccD6Ad7cD74F384f72f0BB2ada
nftDescriptor0x7724b07226D2Be3E6861BbCee045683036bAeE63
proxy0xB4236F81D099a80b55Cd0d748a1b507a4Ed68605
admin0x1ca7502b80a6663e35ec5C5a86a068Fc34115D32
nonfungiblePositionManager0xf7e9491B88FF32C1f8C00c18392b13157DF2B4b9
mcall0xB4eE4e1dD46144355724a9741577027d647a0fB7
eternal0x45e56eB20Cb58DCCB74056867daDb9ACa65E4463
fc0xBadE44EAFCa469c868A0b67f5e540b2b8BE50738
AlgebraBasePluginV10xf0CE7495c9f3C50CD79Bc6ad3151542bcA9D2Df5
AlgebraFarmingProxyPluginFactory0x9763d20CEeF26B7db6C48E3b5A4B00f948C59600

# Security ## Smart Contract Audits Blackhole has been audited by: * Peckshield: [link](https://security-audit-links.s3.us-east-1.amazonaws.com/PeckShield-Audit-Report-Blackhole-AlgebraPools-v1.0.pdf) * Code4rena: Competitive Audit [Report](https://security-audit-links.s3.us-east-1.amazonaws.com/Code4rena+Audit-Blackhole-report.pdf) * Addendum to C4 report: [link](https://security-audit-links.s3.us-east-1.amazonaws.com/Addendum+to+Code4rena+Audit+Report.pdf) ## Smart Contract Scan Octane has completed a security scan of Blackhole's smart contracts and found no issues. ## Hexagate Blackhole is leveraging Hexagate's platform to provide real-time online threat monitoring. ## Open Source Attributions In the spirit of open-source development, we would like to acknowledge Andre Cronje, widely recognized as the “Godfather of DeFi,” for his pioneering work in decentralized finance and for founding Solidly, a project that introduced the innovative ve(3,3) model and set new standards for DeFi protocol design. Blackhole's customisation and new features were build on an adaptation from the Thena v2 codebase, which itself is derived from the Solidly smart contracts that Andre Cronje open-sourced under the GPL3 license. This lineage underscores the collaborative and iterative nature of DeFi development, and we are grateful for the foundation laid by Andre and the broader open-source community. In addition Blackhole is leveraging Algebra Integral, the latest advancement in concentrated liquidity AMMs and a compelling alternative to Uniswap V4. Algebra Integral preserves the core benefits of concentrated liquidity—such as capital efficiency, customizable price ranges, and optimized fee structures—while introducing a highly modular, upgradable architecture based on a hook (plugin) system. As a result, Blackhole can offer users enhanced flexibility, improved gas efficiency, and access to a growing ecosystem of plugins, positioning it at the forefront of next-generation AMM technology. # Brand Assets Looking for Blackhole Assets. Here you are.. ### Logos
### Banner
### Colours
### Typography
Download all assets [here](http://assets.blackhole.xyz/branding.zip) including SVGs # Legal Disclaimer The terms of use of the Website contained herein (the "Terms of Use") are entered into by and between the Website user ("You") and Blackhole Foundation (hereinafter referred to as the "Foundation" or "We/Our/Us"). By accessing or using the Website and the services offered therein (collectively, "Our Services"), you ("You" or "User") agree to be bound by this Legal Disclaimer, Terms of Service, and Privacy Policy (collectively, the "Terms"). If you do not agree to these Terms, you must not use the Website or Our Services. ### **1. Acceptance of Terms** By using the Website and proceeding past this page, you confirm that: You have read, understood, and agree to comply with these Terms. You are of legal age to form a binding contract in your jurisdiction. You have not been previously suspended or removed from using Our Services. You have the full power and authority to enter into this agreement, and doing so will not violate any other agreement to which you are a party. If you are using Our Services on behalf of a legal entity, you further represent and warrant that: The entity is duly organized and validly existing under applicable laws. You are authorized to act on behalf of the entity. ### **2. No Investment or Financial Advice** The information provided on the Website is for informational purposes only and does not constitute investment, financial, legal, regulatory, tax, or accounting advice. You should not treat any content on the Website as such. Nothing on the Website should be construed as a recommendation by Us, Our affiliates, or any third party to acquire, dispose of, or engage in any investment strategy or transaction. You are solely responsible for consulting your own financial, legal, tax, or other professionals regarding your specific situation and decisions. ### **3. Usage Restrictions** By accessing or using the Website or Our Services, you confirm and agree that: You are not residing in or a citizen of any jurisdiction where the use of Our Services is prohibited, including but not limited to: Afghanistan, Belarus, Bosnia and Herzegovina, Burundi, Central African Republic, China, Cuba, Democratic Republic of Congo, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, North Korea, Lebanon, Libya, Mali, Moldova, Montenegro, Myanmar, Nicaragua, Niger, Russia, Serbia, Somalia, South Sudan, Sudan, Syria, Tunisia, Turkey, Ukraine, Venezuela, Yemen, Zimbabwe, or any other jurisdiction designated by the Office of Foreign Assets Control (OFAC) as a sanctioned country. Your access to and use of the Website and Our Services is lawful in your country of residence. ### **4. Usage Risks** You acknowledge and agree that the Website and Our Services involve inherent risks, including but not limited to: User errors (e.g., sending payments to wrong addresses). Software or technical failures (e.g., malware, hardware wallet malfunctions). Security breaches (e.g., unauthorized access to wallets). Actions or inactions of third parties (e.g., bankruptcy, fraud, or cyberattacks on service providers). The Foundation is not responsible for any losses, damages, or claims arising from such events. ### **5. Investment Risks** Cryptocurrency investments involve a high degree of risk, including the potential loss of funds and significant price volatility. The information on the Website does not guarantee that investments will not result in losses. You are solely responsible for understanding the risks, conducting your own due diligence, and making informed decisions. **6. Tax Compliance** You are solely responsible for determining what, if any, taxes apply to your cryptocurrency transactions. The Foundation is not responsible for calculating, reporting, or withholding taxes related to your use of the Website or Our Services. ### **7. No Warranties** The Website and Our Services are provided on an "as is" and "as available" basis, without any warranties of any kind, either express or implied. This includes, but is not limited to, implied warranties of merchantability, fitness for a particular purpose, non-infringement, or uninterrupted or error-free operation. Website functionality is not guaranteed and may be disabled in whole or in part without prior notice. ### **8. Security** While we strive to maintain the security of the Website, no system is completely secure. Security audits do not eliminate all risks, and the Website is not guaranteed to be free from bugs, viruses, or vulnerabilities. ### **9. Limitation of Liability** To the fullest extent permitted by applicable law, the Foundation and its contributors shall not be liable for any indirect, special, incidental, punitive, or consequential damages, including but not limited to loss of use, profits, data, goodwill, or business interruption, arising out of or in connection with your use of the Website or Our Services. ### **10. Arbitration** Except for disputes involving intellectual property rights (e.g., copyrights, trademarks, patents), any dispute arising out of or relating to these Terms or your use of the Website or Our Services shall be resolved through binding arbitration administered by the Judicial Arbitration and Mediation Services (JAMS) under its Comprehensive Arbitration Rules and Procedures. Arbitration will be conducted on an individual basis, and class arbitrations or representative proceedings are not permitted. ### **11. Changes to Terms** We reserve the right to revise these Terms at any time in our sole discretion. All changes are effective immediately upon posting and apply to all access to and use of the Website thereafter. Your continued use of the Website constitutes acceptance of the revised Terms. ### **12. Third-Party Services and Content** The Website may include links to third-party services or content ("Third-Party Content"). We do not control, endorse, or adopt any Third-Party Content and are not responsible for its accuracy, completeness, or legality. Your interactions with third parties are solely between you and the third party, and we are not liable for any loss or damage arising from such interactions. For ALM Vault integrations, please review the policies from our integration partners: * Steer Protocol: [link](https://www.steer.finance/) * Gamma Strategies: [link](https://gammastrategies.org) For cross-chain bridge integrations, please review the policies from our integration partners: * Bungee: [link](https://www.bungee.exchange/) * LayerZero: [link](https://layerzero.network/terms) For TWAP/Limit order integration please review the policy from our integration partner: * Orbs Network: [link](https://www.orbs.com/liquidity-hub-terms-of-use/) For Wallet integrations, please review the following third-party policies: Rainbow Wallet\[[Privacy Policy](https://rainbow.me/privacy)] WalletConnect: \[[Privacy Policy](https://walletconnect.network/privacy)] Coinbase Wallet: \[[Privacy Policy](https://www.coinbase.com/en-gb/legal/privacy)] Gnosis Safe: \[[Privacy Policy](https://safe.global/privacy)] ### **13. Intellectual Property Rights** The Website and its content, including but not limited to text, graphics, logos, images, and software, are owned by the Foundation or its licensors and are protected by intellectual property laws. You may not use any intellectual property without prior written permission from the Foundation or the respective owner. You are granted a limited, revocable, non-exclusive right to create hyperlinks to the Website, provided such links do not portray the Foundation or the Website in a false, misleading, derogatory, or offensive manner. ### **14. Privacy Policy** **Information We Collect** We may collect non-personal information, such as browser type, IP address, and usage data, to improve the Website. **Use of Information** Non-personal information is used to enhance the functionality and security of the Website. **Third-Party Services** Third-party services integrated with the Website (e.g., WalletConnect, Coinbase Wallet) may collect and process information in accordance with their own privacy policies. **Changes to Privacy Policy** We may update this Privacy Policy from time to time. Continued use of the Website constitutes acceptance of the updated policy. By using the Website, you acknowledge that you have read, understood, and agreed to these Terms. # Official Links Website: [https://www.blackhole.xyz](https://www.blackhole.xyz/) Twitter: Discord: Blog: # Supercharged Pools Supercharged Pools allow LP providers to earn **extra rewards**: 1. Standard emissions or swap fees from Blackhole. 2. Additional rewards by also counting their LP on the relevant partner protocols. This creates more yield opportunities while deepening liquidity for both ecosystems. ## Active Supercharged Pools
Pool NamePool AddressSupercharged IncentivesPartner Platform
CL1-reUSD/USDC

sAMM-reUSD/USDC		0x64B9B45DBf624d63D15C04c576fAF5C8366d0696

0xc26E546B632348e76eBbd2811f4458A32ea29b7A		Earn 20x Re Points/day while LPing.
BLACK liquidity rewards


Coming soon		app.re.xyz/points



CL1 WETH.e/weETH0x930487d060Fcd5Fa7ff5167a8F5B6407bc7ca365Ether.fi's Loyalty Points
EigenLayer restaking rewards
BLACK liquidity rewards		will be updated soon and retroactively credited
## How it works Provide liquidity in the above pools through Blackhole → LP tokens are automatically tracked on the partner platform → You farm extra incentives on top of your emission.