PowFi

Summary

Ketju does not approve PowFi under its class rule for liquidity pools: every listed pool holds two tokens, so a provider’s mix shifts toward whichever token falls. PowFi is an exchange on Alephium with two pool types, concentrated liquidity and constant-product, and a staking layer that turns ALPH into xALPH. Its docs date the launch to 2026-09-22. DefiLlama’s yield feed listed three pools on 2026-10-16 with about $224,000: ALPH and xALPH ($155,000), ALPH and USDT ($56,000), and AURA and USDT ($13,000). Ketju has not reviewed the Alephium chain. We made no finding against PowFi itself.

Review triggers
• PowFi ships a product that does not hold two tokens and is large enough for 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

A constant-product pool holds both tokens across the whole price curve. A concentrated pool holds them inside a range the provider picks and earns nothing outside it. The docs tell providers to choose concentrated pools only if they are ready to adjust the range when the market leaves it. In both types, the pool sells the token that rises and buys the one that falls. The ALPH and xALPH pool pairs ALPH with the token for staked ALPH, so the price gap between them is small, and the feed shows a 0% rate for it. The ALPH and USDT pool pays about 20%, from trading fees alone.

Who controls it

The first concentrated market pairs ALPH with USDT bridged from Ethereum, so a provider also relies on that bridge. PowFi mints xALPH one for one when a user stakes ALPH, and rewards raise the ALPH each xALPH stands for. The official unstake releases ALPH in a straight line over 30 days. A holder who sells xALPH on a pool instead depends on market price and depth. DefiLlama lists no audit, and the docs pages we read name none. They point to an open SDK repository, alephium/powfi-sdk, but name no admin key holder or upgrade rights. We did not read the contracts.

Withdrawals

A provider removes the position and receives the current mix of the two tokens. The three pools hold $13,000 to $155,000 each, and the venue was under a month old on 2026-10-16. A large withdrawal and sale would therefore move the price. A provider who wants to leave xALPH can wait for the 30-day linear unlock or sell into a thin market.

Class rule

The class rule for liquidity pools decides this memo. Ketju will review PowFi 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.

• PowFi docs: overview · primary · accessed 2026-10-16
  Supports: launch date 2026-09-22, CLMM and CPMM, xALPH, ALPH and USDT bridged from Ethereum
• PowFi docs: provide liquidity · primary · accessed 2026-10-16
  Supports: pool types, range management, fee earnings
• PowFi docs: stake ALPH · primary · accessed 2026-10-16
  Supports: xALPH mint, 30-day linear unstake, DEX sale risk
• PowFi docs: index · primary · accessed 2026-10-16
  Supports: page list, SDK reference
• DefiLlama: PowFi protocol data · secondary · accessed 2026-10-16
  Supports: current TVL, no audits recorded, Alephium only
• DefiLlama: yield pools feed · secondary · accessed 2026-10-16
  Supports: three pools, pool TVL, rates

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.