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.
GAMMA price
$0.0002
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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.
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.
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.
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.
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.
