Alcor Exchange

Summary

Ketju does not approve Alcor Exchange under the class rule for liquidity pools: every pool Alcor lists holds two tokens, and a provider ends up holding more of the token that fell. Alcor runs an order book, concentrated-liquidity pools, farms and a bridge on WAX, XPR Network, Vaulta (formerly EOS) and Telos. On 2026-10-16 the DefiLlama yield feed listed eight Alcor pools with about $138,000 in them: seven on XPR Network and one on WAX. Ketju has not reviewed either chain. We made no finding against Alcor itself.

Review triggers
• Alcor ships a product without two-token pool exposure that merits its own review

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2027-01-16.

Research

How it works

Alcor Swap runs as the swap.alcor contract on each network and works like Uniswap v3. A provider picks a price range and a fee tier of 0.01%, 0.05%, 0.3% or 1%. Only liquidity inside the current price earns fees. When the price leaves the range, the position holds one token and earns nothing. Farms pay token rewards to positions inside their range. A position’s weight is the square root of the amount of token A times the amount of token B, and a position outside its range has no weight. The feed’s highest rate is 117%, on a USDC and USDT pool of about $10,000. Almost all of that rate is farm reward; the trading-fee part is under 0.01%.

Size and holdings

Alcor’s docs say anyone can list a token by creating a pool for it, with no approval. The docs warn readers to check a token before they trade it. Seven of the eight listed pools pair tokens such as LOAN, METAL, XMT, XXRP and XXLM, which anyone could list. The wrap.alcor contract on each network issues bridged dollar tokens such as USDT and USDC. Alcor’s home page shows about $3.4 million of liquidity across its networks. DefiLlama counts about $0.7 million, of which $0.44 million is on XPR Network. We use the smaller figure. Neither figure shows how much a holder could sell at once.

Who controls it

DefiLlama marks two audits for Alcor but links only a Telegram post, so we read no audit report. We did not verify who holds the contract keys or who can upgrade the contracts.

Withdrawals

A provider removes the position from the pool and receives whatever mix of the two tokens the price left in it. Each pool holds $10,000 to $26,000, so a large position cannot be sold at its quoted value. The XPR-side tokens trade on very small volume: the home page showed $43,500 of 24-hour volume across all markets. A holder who moves funds back to Ethereum, BNB Smart Chain or Polygon uses Alcor’s own bridge.

Class rule

The class rule for liquidity pools covers every Alcor pool. Ketju will review Alcor again only if it ships a product that does not hold two tokens. Growth in the pools would not change the verdict.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Alcor docs, what is Alcor Exchange · primary · accessed 2026-10-16
  Supports: four networks, concentrated liquidity fee tiers, no whitelisting, bridge
• Alcor docs, Alcor Swap · primary · accessed 2026-10-16
  Supports: swap.alcor contract, Uniswap v3 style ranges
• Alcor docs, farms · primary · accessed 2026-10-16
  Supports: in-range staking only, weight formula, reward rules
• Alcor docs, networks · primary · accessed 2026-10-16
  Supports: wrap.alcor bridged tokens, network list
• Alcor Exchange home page · primary · accessed 2026-10-16
  Supports: liquidity figure, 24-hour volume
• DefiLlama, Alcor Exchange protocol page · secondary · accessed 2026-10-16
  Supports: current TVL by chain, audits flag
• DefiLlama, yield pools feed · secondary · accessed 2026-10-16
  Supports: eight pools, XPR Network and WAX, reward share of rate

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.