veNFT Comparison Calculator
Blackhole veNFT Comparison
Compare benefits of Singularity vs Supermassive veNFTs based on your $BLACK holdings and lock strategy.
Comparison Results
Select your options and click 'Calculate Comparison' to view results.
Key Differences:
Singularity: Time-locked (up to 4 years), proportional voting power based on lock duration, can withdraw after lock expires. Supermassive: Permanent lock (burned $BLACK), non-decaying voting power, 10% reward rebase bonus.
If you’ve been scrolling through DeFi dashboards lately, you’ve probably spotted a surge in activity around a new DEX called Blackhole. Launched in 2024 on Avalanche’s C‑Chain, it promises community‑owned liquidity, an innovative token‑omics model, and a soaring TVL that rivals the network’s biggest protocols. This Blackhole crypto exchange review cuts through the hype to show you exactly how the platform works, what the numbers say, and whether it’s worth a slice of your portfolio.
Key Takeaways
- Blackhole operates on Avalanche C‑Chain, offering sub‑second finality and low fees.
- The native $BLACK token fuels a dual‑layer ve(3,3) model that rewards long‑term commitment.
- TVL sits around $47.6million, with 24‑hour DEX volume exceeding $68million.
- Community ownership is total - the founding team burned all team tokens into Supermassive veNFTs.
- Complex governance (Singularity vs. Supermassive veNFTs) can be a barrier for newcomers.
What Is Blackhole (CLMM)?
Blackhole (CLMM) is a decentralized cryptocurrency exchange built on the Avalanche C‑Chain a high‑throughput, low‑cost blockchain that supports EVM‑compatible smart contracts. Launched in 2024 by Alex Becker and Ellio Trades, the platform is structured as a community‑owned project incorporated in the Cayman Islands. It runs a constant‑product liquidity‑maker (CLMM) engine, meaning traders interact directly with pooled liquidity rather than relying on order books.
Core Tokenomics - The Role of $BLACK
The backbone of Blackhole’s incentive system is the $BLACK the native governance and emission token of the Blackhole protocol. $BLACK serves four distinct purposes:
- Emission rewards for liquidity providers (LPs).
- Stakeable asset that generates a share of protocol revenue.
- Collateral for creating vote‑escrowed NFTs (veBLACK).
- Burnable resource to mint Supermassive veNFTs with permanent voting power.
All these functions sit under a ve(3,3) tokenomics a hybrid model that combines vote‑escrowed token incentives (ve) with the game‑theoretic principles of the 3,3 protocol. Every epoch, emissions increase by roughly 3%, rewarding participants who lock more $BLACK for longer periods.
Two‑Tier Governance - Singularity vs. Supermassive veNFTs
Governance revolves around veBLACK vote‑escrowed NFTs created by locking $BLACK tokens. Holders can mint one of two NFT types:
- Singularity veNFTs: Users lock $BLACK for up to four years, earning proportional veBLACK voting power and a cut of protocol fees. The longer the lock, the higher the voting weight.
- Supermassive veNFTs: Created by permanently burning $BLACK. These NFTs grant non‑decaying voting power, a 10% rebase bonus on rewards, and premium access to governance proposals.
This bifurcated approach lets risk‑averse participants choose flexibility (Singularity) while power users can lock in permanent influence (Supermassive). The system aims to align incentives across short‑term liquidity provision and long‑term protocol health.
Performance Metrics - TVL, Volume, and Fees
Blackhole’s on‑chain data tells a compelling story:
- Total Value Locked (TVL) the total amount of assets deposited in the protocol: $47.66million (Avalanche‑only).
- 24‑hour DEX volume: $68.44million.
- 7‑day volume: $185.01million.
- 30‑day volume: $191.96million.
- Cumulative fees (24h/7d/30d): $43,078 / $104,917 / $109,692.
- Annualized fee & revenue projection: ~ $1.34million.
These figures place Blackhole in the 83rd percentile for both volume and order‑book depth on CoinGecko, with an average bid‑ask spread of 0.611%-competitive for a nascent DEX.
User Experience - Pros, Cons, and Common Pain Points
Real‑world feedback paints a mixed yet optimistic picture. Users love the passive‑income avenues:
- Liquidity mining rewards that compound via the 3% emission boost each epoch.
- Staking $BLACK to capture a slice of protocol revenue.
- Voting rights that let token holders influence borrower selection and fund allocation.
However, the steep learning curve around veNFT creation, lock periods, and the distinction between Singularity and Supermassive NFTs can be intimidating. A typical newcomer might spend several hours watching YouTube tutorials before feeling comfortable navigating the “Gauge” voting dashboard.
On the upside, the community is highly active. Both founders frequently host AMAs, and third‑party channels churn out step‑by‑step guides. The platform’s UI is clean, with a one‑click “Add Liquidity” flow, but the governance tab still feels like a mini‑DApp that requires extra attention.
How Blackhole Stacks Up Against Other Avalanche DEXs
| Feature | Blackhole (CLMM) | Benqi | Uniswap (Avalanche) |
|---|---|---|---|
| TVL (USD) | $47.6M | $120M | $95M |
| Supported Coins / Pairs | 41 coins / 67 pairs | 30 coins / 45 pairs | 55 coins / 120 pairs |
| Governance Model | ve(3,3) with Singularity & Supermassive veNFTs | Standard DAO voting (BLID) | Uniswap DAO (UNI) |
| Fee Structure | 0% market fees, revenue shared with LPs | 0.3% swap fee, 0.05% protocol fee | 0.3% swap fee |
| Community Ownership | 100% - team tokens burned into Supermassive veNFTs | ~30% team reserve | ~15% team reserve |
Blackhole’s unique selling point is the total community ownership and the two‑tier veNFT system, which none of the competitors currently offer. In raw TVL it lags behind Benqi and Uniswap, but its growth rate-up from $11M to $47M in just a week-suggests it could close the gap quickly.
Potential Risks and Red Flags
- Complexity: The ve(3,3) model demands a solid grasp of token‑locking economics; mis‑timed locks can reduce effective APR.
- Liquidity Concentration: While volume is high, most liquidity resides in a handful of popular pairs, leaving niche assets thinly traded.
- Regulatory Ambiguity: As a Cayman‑incorporated DeFi protocol, Blackhole operates in a gray area without explicit licensing.
- Smart‑Contract Risk: New code paths for veNFT minting have seen limited audits; a breach could affect locked $BLACK.
Getting Started - A Quick 5‑Step Checklist
- Set up an Avalanche‑compatible wallet (e.g., MetaMask on the C‑Chain).
- Bridge or acquire $AVAX for gas and $BLACK for participation.
- Visit the Blackhole UI, connect your wallet, and add liquidity to a preferred pool.
- Lock $BLACK for a Singularity veNFT (up to 4years) or burn $BLACK to mint a Supermassive veNFT.
- Visit the Governance tab, vote on active gauges, and monitor your reward distribution each epoch.
Following this checklist gets you into the reward loop within minutes, but remember to read the official docs and community guides for the fine print.
Frequently Asked Questions
What blockchain does Blackhole run on?
Blackhole is built on the Avalanche C‑Chain, taking advantage of its fast finality and low transaction fees.
How do I earn rewards on Blackhole?
Provide liquidity to any supported pool, lock $BLACK into a Singularity veNFT or burn it for a Supermassive veNFT, and vote on gauge allocations each epoch. Rewards come from emission boosts, protocol fee sharing, and staking revenue.
What’s the difference between Singularity and Supermassive veNFTs?
Singularity NFTs are time‑locked (max4years) and earn voting power proportional to lock length. Supermassive NFTs are created by permanently burning $BLACK, granting non‑decaying voting power, a 10% reward rebase boost, and permanent governance influence.
Is there any market fee when I trade on Blackhole?
Blackhole advertises a 0% market fee; instead, the protocol distributes generated fees to liquidity providers and veBLACK holders.
Can I withdraw my locked $BLACK before the epoch ends?
For Singularity NFTs, you can withdraw after the lock period expires; early withdrawal incurs a penalty that reduces both rewards and voting power. Supermassive NFTs are permanent-once burned, they cannot be reclaimed.
Final Thoughts
Blackhole packs a lot of innovation into a relatively young protocol. Its community‑first stance, combined with the ve(3,3) incentive model, gives early adopters a genuine slice of governance and revenue. The numbers back up the hype: rapid TVL growth, solid volume, and fee generation place it among Avalanche’s top DeFi players. If you’re comfortable navigating a multi‑step lock‑and‑vote system, Blackhole offers compelling yields and a chance to influence protocol direction. For risk‑averse traders who prefer plug‑and‑play swaps, the complexity might be a deterrent. In either case, keep an eye on how the platform scales its liquidity and whether its governance mechanisms stay resilient as the user base expands.
Melanie Birt
October 13, 2025 AT 01:06Alright, let’s break down the veNFT lock mechanics. First, the time‑locked Singularity gives you voting power that scales with lock duration, so a 4‑year lock is way stronger than a 0.5‑year one. 🚀
Second, the Supermassive version is permanent – you burn $BLACK and get non‑decaying power plus that 10 % rebase bonus.
Make sure you calculate the ROI based on your staking horizon, because the longer you lock, the higher your APY potential.
If you’re risk‑averse, stick with Singularity and plan an exit; if you’re all‑in, go Supermassive and enjoy the steady rewards.
Lady Celeste
October 17, 2025 AT 22:34Honestly this platform feels like a cash grab with more hype than substance.
Ethan Chambers
October 22, 2025 AT 20:03One could argue that the whole veNFT paradigm is merely a veneer for tokenomics engineering, but let’s be real – the perpetual lock on Supermassive is a brilliant way to guarantee liquidity scarcity.
Scott Hall
October 27, 2025 AT 16:31I hear the earlier point about risk management – locking for four years does lock you in, but the compounded voting power really does pay off if you’re in it for the long haul.
Laura Myers
November 1, 2025 AT 13:59Let’s talk about the UI – the comparison calculator looks sleek, but the dropdown labels are a bit vague. For example, the term ‘Supermassive’ might sound epic, yet newcomers could misinterpret it as a higher tier rather than a permanent lock mechanism.
Sanjay Lago
November 6, 2025 AT 11:28Hey folks, great breakdown! Just a heads up – when you burn $BLACK for the Supermassive veNFT, double‑check the gas fees, they can spike on Avalanche during peak times. Also, keep an eye on the rebase schedule; it’s usually weekly, so timing your lock can maximize those 10 % bonuses. Happy staking! :)
arnab nath
November 11, 2025 AT 08:56They’re probably hiding how the reward distribution is actually a Ponzi scheme.
Nathan Van Myall
November 16, 2025 AT 06:25The lock‑duration multiplier is pretty straightforward – longer lock equals higher voting weight, which then influences reward allocation across the platform.
debby martha
November 21, 2025 AT 03:53This whole thing sounds overcomplicated for the average user.
Ted Lucas
November 26, 2025 AT 01:21Yo, the Blackhole DEX is flexing some serious DeFi muscle! The integration of veNFTs adds a layer of governance that’s pure fire, and the 10 % rebase on Supermassive is basically free money if you’re holding long‑term. Just remember to balance your $BLACK exposure – too much lock can make you vulnerable to market swings.
ചഞ്ചൽ അനസൂയ
November 30, 2025 AT 22:50From a philosophical standpoint, the choice between time‑locked and permanent veNFTs mirrors the classic debate of impermanence versus permanence in economic systems – one offers flexibility, the other ensures steadfast commitment.
Annie McCullough
December 5, 2025 AT 20:18Sure, the rebase looks sweet but the actual APY can be way lower when you factor in token inflation and market volatility… 🤔
Carol Fisher
December 10, 2025 AT 17:47Patriots, don’t let foreign bots soak up our $BLACK! We need to lock hard and keep our crypto sovereignty intact! 🇺🇸💪
gayle Smith
December 15, 2025 AT 15:15Look, the jargon in the docs is over the top – “Supermassive veNFT” sounds like a sci‑fi weapon, but it’s just a permanent lock. Cut the fluff.
mark noopa
December 20, 2025 AT 12:44Okay, let me unpack this whole veNFT structure because there’s a lot to consider. First, the Singularity model gives you a linear scaling of voting power based on the number of years you lock your $BLACK, which means a half‑year lock is almost negligible compared to a full‑year lock. Second, the Supermassive option eliminates the time factor entirely – you burn your tokens, lock them forever, and gain a static voting weight that never decays, plus a nice 10 % rebase boost on top. Third, from a strategic standpoint, you have to weigh your risk tolerance: if the market is bullish, committing to a permanent lock could lock in higher rewards, but if it’s bearish, you might regret the loss of liquidity. Fourth, the reward distribution mechanics on Avalanche are designed to favor those with higher voting power, so your decision directly impacts the share of transaction fees you’ll earn. Fifth, don’t overlook the gas fees associated with the lock transaction; they can spike, especially during network congestion, which can eat into your effective returns. Sixth, the UI’s calculator is handy, but always double‑check the numbers manually – the UI sometimes rounds off decimals in a way that can mislead you about the exact APY. Seventh, consider the impact of token inflation: the $BLACK supply does increase over time, which can dilute the value of locked tokens unless the rebase offsets it. Eighth, the governance proposals you’ll be voting on with your veNFT can affect protocol parameters, so having a say is not just about rewards but also about shaping the ecosystem. Ninth, the lock duration for Singularity is capped at four years, after which you can withdraw, but you’ll have to go through a cooldown period that could expose you to market volatility. Tenth, the permanent lock of Supermassive means you can’t ever retrieve those tokens, so treat it as a donation to the protocol. Eleventh, if you’re planning to use your veNFT for voting on multiple proposals, a higher voting weight can give you more influence across the board. Twelfth, the platform’s security audits are crucial – any vulnerability could jeopardize your locked assets. Thirteenth, community sentiment around veNFTs is mixed; some view them as a way to align incentives, others see them as a barrier to entry. Fourteenth, the rebase schedule is typically weekly, so timing your lock to align with the rebase can maximize returns. Fifteenth, always keep an eye on the protocol’s roadmap – new features could change the economics of veNFTs dramatically. In summary, your choice between Singularity and Supermassive should be guided by your investment horizon, risk appetite, and confidence in the platform’s long‑term vision. 🚀
Rama Julianto
December 25, 2025 AT 10:12Listen up – if you’re serious about maxing out rewards, go full‑in on the Supermassive veNFT. Burn that $BLACK, lock it forever, and let the 10 % rebase do the heavy lifting. Don’t waste time with short‑term locks unless you need liquidity ASAP.
Helen Fitzgerald
December 30, 2025 AT 07:40Great analysis above! For newcomers, start with a modest Singularity lock to get a feel for the voting system, then consider upgrading to Supermassive once you’re comfortable with the protocol’s trajectory.
Jon Asher
January 4, 2026 AT 05:09Locking $BLACK is simple – more years means more power, and more power means more share of fees. Just pick what fits your plan.
Philip Smart
January 9, 2026 AT 02:37Honestly, the whole veNFT thing is just another way to lock users in. If you’re not ready to burn your tokens, you’re probably better off staying out.
Jacob Moore
January 14, 2026 AT 00:06Yo! If you’re looking to boost your governance clout and snag extra rewards, the Supermassive veNFT is the way to go. Just remember to keep an eye on the rebase cycle and stay pumped!