Gamma
Liquidity · Pools · GAMMA
Gamma is an active liquidity-management protocol that automates concentrated-liquidity positions (Uniswap V3, and other CLMMs) via non-custodial 'Hypervisor' vaults, rebalancing ranges to maximize fees.
Active liquidity management for concentrated AMMs.
Protocol TVL
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Risks identified
- Smart Contract
Hypervisor vaults, UniProxy deposit-proxy contracts, and newer hooks are complex smart contracts holding pooled funds. Gamma was exploited on January 4, 2024 (~$3.4M-$4.5M+) when an overly permissive price-change threshold let an attacker flash-loan-manipulate deposit values and mint excess LP tokens; its predecessor Visor Finance lost ~$8.2M to an infinite-mint bug in December 2021.
- Collateral
Active rebalancing of concentrated-liquidity ranges exposes LPs to impermanent loss and rebalancing risk: repositioning ranges around volatile pairs can realize losses if price moves sharply, and vault performance depends heavily on strategy parameterization and external incentive programs rather than fee income alone.
- Oracle
Vault deposit/rebalance logic relies on price references and price-change thresholds. Mis-set thresholds or manipulable pool prices (as in the January 2024 incident) can allow attackers to distort deposit valuations and mint disproportionate LP tokens.
- Systemic
Gamma's vaults are layered on top of third-party CLMM DEXes (Uniswap V3/V4, Algebra-based DEXes) across many chains. Bugs, exploits, or liquidity failures in an underlying DEX or host chain, or changes to their fee/AMM mechanics, propagate directly into Gamma vault performance and safety.
- Governance
Auditors flagged that the system is heavily parameterized by contract owners (e.g., thresholds, strategy settings). Reliance on privileged multisig/governance control over these parameters is itself a risk vector; mis-configuration was a contributing factor in the January 2024 exploit.