BEX

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

BEX is Berachain’s native Balancer-style AMM. Weighted pools can hold two to eight assets at configured weights and stable pools hold correlated assets; in either case an LP owns changing pool inventory rather than a single-asset deposit. Relative-price divergence, swap flow and arbitrage can leave the LP worse off than holding the input assets. The shared version-1 AMM rule rejects that claim regardless of the approximately $0.77M reported on Berachain on 2026-08-16. Proof-of-Liquidity rewards and single-token exit encoding change incentives or realization mechanics, not the underlying market-making loss.

Kill criteria: the events that revoke this verdict
• Ships a product line without impermanent-loss exposure that merits its own review

The research file

Mechanism applicability

BEX is Berachain’s native AMM using a Balancer V2-style Vault and separate pool contracts. Weighted pools support two to eight tokens at chosen weights; stable pools optimize swaps among pegged or predictably correlated assets. LP tokens therefore represent pooled multi-asset inventory whose composition changes with swaps and relative prices. Concentration weights, stable-swap amplification and fees alter the shape of loss but do not make the claim single-asset yield.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-16 classified BEX as a DEX and reported approximately $0.77M entirely on Berachain. Berachain’s current developer documentation continues to identify BEX as the native DEX and publishes mainnet Vault, fee collector, helpers and weighted and stable pool factory addresses. Separate Proof-of-Liquidity reward-vault staking can add emissions after LP issuance but is not needed to establish the surveyed AMM mechanism.

Control, security and exit applicability

The unified Vault holds tokens and performs swaps, joins and exits while pool contracts calculate balance changes. Berachain’s deployed-contract page says BEX incorporates Balancer V2 logic affected by the vulnerability Balancer disclosed on 2025-01-21, while asserting then-deposited funds were safe and warning about untrusted or newly created tokens. Pool exits can be proportional, single-token or exact-output through the Vault, but each realizes current inventory and remains subject to pool depth and slippage.

Why the class rule decides

BEX’s primary documentation establishes weighted and stable multi-asset AMM pools, so the shared version-1 amm-lp dossier is the correct and more fundamental basis than its sub-$1M size. A single-token exit is a swap-mediated realization of the LP inventory, not proof that impermanent loss disappeared. Reopen only for a separately measured BEX product without paired, basket or synthetic market-making exposure; any such claim would still require authority, audit, incident, liquidity and named-alternative review.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Berachain — BEX DEX and pool types · primary · accessed 2026-08-16
  Supports: BEX, AMM, weighted pools, stable pools, two to eight tokens, Balancer V2 design
• Berachain — BEX Vault architecture · primary · accessed 2026-08-16
  Supports: Vault custody, pool contracts, swaps, joins, exits, balance accounting
• Berachain — BEX deployed contracts and vulnerability notice · primary · accessed 2026-08-16
  Supports: mainnet addresses, Vault, pool factories, Balancer V2 vulnerability, token warning
• Berachain — BEX pool exits · primary · accessed 2026-08-16
  Supports: Vault exitPool, proportional exit, single-token exit, exact-output exit, slippage minimum
• Berachain — BEX Proof-of-Liquidity rewards · primary · accessed 2026-08-16
  Supports: LP tokens, reward vault, staking, validator emissions, governance whitelist
• Berachain — published security audits · primary · accessed 2026-08-16
  Supports: BEX audits, report repository, security scope
• DefiLlama — BEX survey record · secondary · accessed 2026-08-16
  Supports: current TVL, Berachain, DEX category, survey observation

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.