Open X and there’s another banner: “New DEX on Avalanche, no VC, imminent airdrop, tokens burned.” Adrenaline hits, along with that rug-pull smell: “Is this just another clone that vanishes in three months?”
Here’s my X-ray:
1. What kind of monster did they build?
Blackhole isn’t a simple AMM: it stitches together four modules you usually find scattered across separate DEXs.
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Module
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Who they copy
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Why I care
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|---|---|---|
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Concentrated liquidity
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Uniswap v3
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Same volume with less capital → APRs that actually matter.
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ve(3,3) voting
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Solidly / Velodrome
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Lock $BLACK and steer emissions. Power + bribes.
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Fixed-price Genesis Pool
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Their idea
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Launchpad with no sadistic curve:
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| Per-pool custom fees
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Uniswap v4
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Project sets the spread: meme-coins at 1 %, stables at 0.05 %.
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If these modules coexist without blowing up, Blackhole could become the all-in-one hub AVAX still lacks.
2. The showstopper: Supermassive burn
The team swears it converted all of its allocation into “Supermassive” NFTs. No cliff, no unlock: tokens burned, only voting rights remain.
Devs almost never give up the dump button, so the market will like this, but one question lingers: “How do they eat?”
Turns out they:
- receive stablecoin grants from Avalanche Foundation,
- collect a small protocol fee,
- have future bribe / partnership tickets.
Okay, they won’t starve the order book, but until I see a public timelocked multi-sig I’ll stay alert.
3. Where $BLACK’s value could come from
- Swap fees: 0.05–1 % / 20 % to veNFT, the rest to LPs.
- Emissions: 50 M of 100 M total, staircase schedule (first rising +3 %, then falling −1 %). You vote where they land.
- Bribes: new projects pay in USDC or tokens to seduce voters. 100 % to veNFT.
- Liquidity locked from Genesis Pools: recurring income for holders who do nothing.
Moral: if the DEX churns volume, veNFTs turn into fee machines; if it stays sleepy, $BLACK is pure hype.
4. Pros and cons:
+ Radical fair-launch – no VC, no team unlocks. Hard to fake.
+ Sensible launchpad – fixed price, team side locked: fewer day-one rugs.
+ Tactical partnerships – YieldYak, NeoTokyo, meme-coin $COQ: diversified traffic.
− Crowded governance – too many tribes voting? Bribe circus risk.
− Single front-end – without an IPFS mirror, average users are toast if the site goes down.
− Murky history – there was an old 2021 $BLACK; they say it’s buried, but the ghost lingers.
5. My airdrop game plan (date TBD)
- Half of the tokens I get are already earmarked for the Supermassive furnace: +10 % power boost and peace of mind. If the project works, I want lifetime governance.
- The other half stays liquid: hedge wild price moves or fuel the juiciest Genesis Pools.
- If I don’t see > $30 M volume and meaningful bribes in the first twenty days, I dump and move on.
6. Verdict
Blackhole could raise the bar on Avalanche: one dashboard for advanced trading, incentive-driven governance and a less toxic launchpad.
I love the permanent burn madness; the silence on the multi-sig irks me. Steering emissions excites me, but I fear initial inflation if traders don’t show up.
In three lines:
If volume explodes, $BLACK becomes digital gold dressed as governance.
If it’s just a glossy fork, the airdrop will be on discount before you can say “but I thoug…”.
So: high curiosity, conditional trust.