Ammalgam DLEX

Summary

Ketju does not approve Ammalgam under its class rule for liquidity pools: a depositor holds a two-sided liquidity position that the pool also lends out. Ammalgam combines swapping and borrowing in one pool on Ethereum, a chain Ketju approves. The pooled two-asset deposit is what the client holds, and that places it under the class rule. We made no finding on how well Ammalgam is run.

Review triggers
• Ketju changes its class rule for liquidity pools
• Ammalgam offers a single-asset claim whose redemption does not depend on pool composition at withdrawal

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 2026-12-15.

Research

How it works

Ammalgam puts deposits into unified pools that serve swaps and borrowing at the same time. A depositor supplies two assets and receives a pool claim whose mix changes with trading and with borrower demand against the same inventory. That is a two-sided liquidity position whose redemption value depends on the price path, which is what the class rule for liquidity pools covers.

Size and holdings

The DefiLlama protocol API, read on 2026-09-15, classed Ammalgam DLEX as Lending and reported about $202k, all on Ethereum. DefiLlama listed it on 2026-07-23 with two recorded audits. The yield survey the same day placed every observed Ammalgam pool under the class rule for liquidity pools. Ethereum is an approved chain, so the chain is not the reason for the verdict.

Withdrawals

Because the pool lends the same inventory that backs swaps, rising utilization can work against a depositor who wants to withdraw. Borrowed inventory cannot be redeemed until borrowers repay or are liquidated. A redemption returns a share of whatever mix the pool holds at that moment, which may differ from the deposited ratio. Every pool of this type works this way, so the class rule treats these as features of the class and not as findings about Ammalgam.

Class rule

Ketju does not approve any protocol under the class rule for liquidity pools while the rule stands. The rule covers the structure and makes no finding about this protocol’s quality. It does not tell an advisor what a client should hold. The review triggers list the events that would lead Ketju to review the rule or this protocol again.

Sources

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

• Ammalgam · primary · accessed 2026-09-15
  Supports: protocol identity, unified liquidity pools, lending and swapping
• DefiLlama: Ammalgam DLEX record · secondary · accessed 2026-09-15
  Supports: current TVL, Ethereum perimeter, Lending category, listing date, audit count

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.