Liquidity pool

Rhea Dex

Not approved Liquidity pools are outside the approved structures

Verdict

Not approved

Liquidity pools are outside the approved structures

Who can freeze it

Mixed control

Withdrawals

An LP removes liquidity in the pool’s current coin mix.

Reviewed

2026-09-22 · next 2027-03-22

Class rule for liquidity pools

Summary

Ketju does not approve Rhea Dex under its class rule for liquidity pools: a depositor holds a two-sided inventory whose value moves against the depositor as the paired assets diverge. Rhea Dex is the NEAR decentralized exchange descended from Ref Finance, now part of Rhea Finance. NEAR is also a chain Ketju does not approve. We made no finding on how well Rhea Dex is run.

Review triggers

Rhea ships a product line without impermanent-loss exposure that merits its own review
Ketju changes its verdict on NEAR

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 2027-03-22.

Research

How it works

Rhea Finance describes a ’multi-chain decentralized trading and lending platform’ with a DEX offering ’cross-chain trading and liquidity’ on NEAR. Its SDK is still published as ref-sdk. The tracked pool is a four-stablecoin pool (USDT, USDC and their bridged versions), which held about $171,000 when we reviewed it. The return is trading fees from automated market making, the payoff the class rule for liquidity pools covers.

Who controls it

Rhea lists venture backers and publishes an SDK, but the site names no legal entity, terms or US-person restriction. DefiLlama records no audit links for the DEX. Ketju does not approve NEAR, because of who can upgrade the chain and how holders move assets off it, and that is a second, independent reason.

Withdrawals

An LP removes liquidity in the pool’s current coin mix. If a bridged stablecoin depegs, the LP token hides the impaired position. Moving assets off NEAR goes through Omni Bridge, which an MPC group signs.

Comparison

The class rule decides. A Rhea product without AMM inventory exposure would need its own memo, and it would still face Ketju’s NEAR chain grade.

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.

Rhea Finance: product overview · primary · accessed 2026-09-22
Supports: multi-chain DEX and lending platform, ref-sdk, NEAR chain, no terms or entity disclosure
DefiLlama: Rhea Dex protocol data · secondary · accessed 2026-09-22
Supports: Dexs category, Near only, reported TVL

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.

Chain	Verdict	Freeze	What it can do
NEAR Protocol	Not approved	Mixed control	upgrade authority sits with whoever cuts the nearcore release and the 100 block producers who adopt it, and withdrawals over the bridge depend on an MPC set and Wormhole as well as NEAR consensus.

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