Gremlix
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Gremlix is an Arbitrum yield-vault protocol currently represented by two registered ERC-4626 vaults; the visible USDC product is labeled a Dual Grid Vault. DefiLlama measured $127,851 on 2026-08-16, only 0.13% of the $100M materiality floor. The file remains rejected on size, and the sparse public strategy/control record reinforces the need for complete position, role, loss-accounting, and exit evidence before any material advised allocation.
- TVL sustained above $100M for 30 days
The research file
Mechanism and perimeter applicability
The current registry identifies two Gremlix ERC-4626 vault contracts on Arbitrum, while the live yield feed labels the observable product USDC Dual Grid Vault with single-asset USDC entry. That establishes a tokenized vault claim and automated-strategy perimeter, but public materials do not yet establish the grid venues, gross positions, leverage, or hedge rules.
Control and evidence applicability
The two deployed vault addresses and totalAssets accounting are observable, but no current official documentation or audit is linked from the survey record. ERC-4626 conformance alone does not identify strategy operators, upgrade or pause powers, valuation inputs, or loss allocation. Those omissions remain diligence obligations rather than evidence of safety.
Exit applicability
A vault-share standard provides deposit and redemption interfaces, but actual redemption capacity depends on liquid USDC and the unwind terms of the undisclosed grid strategy. The survey and public feed do not state a lock, queue, buffer, or stressed-withdrawal result, so an allocator cannot infer instant par exit from the ERC-4626 label.
Why the dossier still applies
DefiLlama measured $127,851 on Arbitrum on 2026-08-16, 0.13% of the $100M floor. Below-materiality is fundamental even before strategy opacity. Reopen after TVL remains above $100M for 30 days and Gremlix publishes strategy venues and positions, privileged roles, audits and incidents, NAV/loss rules, and proposed-size withdrawal and unwind evidence.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Gremlix — official social account · primary · accessed 2026-08-16
Supports: current protocol identity, official communications channel, product lifecycle - Arbiscan — Gremlix vault 0x973A · primary · accessed 2026-08-16
Supports: deployed Arbitrum vault, contract boundary, onchain lifecycle - Arbiscan — Gremlix vault 0xd519 · primary · accessed 2026-08-16
Supports: second deployed Arbitrum vault, contract boundary, onchain lifecycle - DefiLlama adapter — ERC-4626 registry · secondary · accessed 2026-08-16
Supports: two Gremlix vault addresses, totalAssets methodology, ERC-4626 classification - DefiLlama Yields — live pool feed · secondary · accessed 2026-08-16
Supports: USDC Dual Grid Vault label, single-asset USDC exposure, current yield-pool lifecycle - DefiLlama — Gremlix survey record · secondary · accessed 2026-08-16
Supports: $127,851 TVL, Arbitrum perimeter, yield-aggregator category
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.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Arbitrum One | Approved · limits | hybrid | a single sequencer orders >99% of transactions and admin keys can upgrade bridge contracts on a ~7-day timelock. |