Blackhole V3 overview
Decentralized (DEX). Country Cayman Islands. Established 2024. Trust rank 110. Reported 24h volume 808.29 BTC.
Coverage: 40 active pairs across 28 tradable assets. Liquidity profile: High. Concentration: Concentrated. Execution quality: Competitive. Top ten pairs share 99.2%. Key pairs include WAVAX/USDC, WETH/WAVAX, BTC.B/WAVAX, USDT/BTC.B. Leading pair WAVAX/USDC. Median spread on leading markets 0.61%.
How to read the key metrics
Volume mix: USDC is the largest tracked quote currency at about 73.0% of measured flow. Data scope: 42 tickers observed, with spread readings on 41 markets. Trust rank provides a quick placement within a broad group of venues, and 24h BTC volume helps you gauge current activity. Coverage captures breadth across pairs and assets, which affects how resilient liquidity can be under changing demand. Concentration indicates how much of the venue depends on its leaders versus a wider set of pairs. Median spread captures the common bid ask distance on top books and helps set expectations for market orders and tight limits. A high top ten share suggests the venue is leader driven, so secondary pairs may react more during volatility. When comparing venues, weigh breadth, concentration, spreads, and the key pairs list to match the venue to your execution style.
Editorial note: This analysis was prepared by the YearBull research team under the direction of Alan Zelvin, Founder and Lead Crypto Researcher. The assessment follows YearBull’s internal research methodology and editorial standards. Methodology · Editorial Policy