Summary: Blackhole is best understood as a ve(3,3) DEX variant that turns permanent locking into a first-class governance primitive. On top of the usual gauge-voting, fee-sharing, and bribing flows familiar from Solidly descendants, it introduces a dual-veNFT model: ordinary time-locked Singularity veNFTs and permanently locked Supermassive veNFTs minted by burning BLACK. That makes Blackhole analytically useful not because it invented vote markets, but because it pushes a sharper version of the tradeoff between supply reduction and governance concentration.
What it does:
Runs an Avalanche-based DEX with volatile pools, stable pools, concentrated liquidity pools, zap flows, and ALM integrations
Uses weekly gauge voting so veNFT holders can direct emissions toward selected liquidity pools
Lets projects add voter incentives and bribes to attract gauge votes toward their pools
Offers two governance-locking modes: time-decaying Singularity veNFTs and permanently locked Supermassive veNFTs with non-decaying power plus boosts
Uses staged emissions that eventually become partially governance-tunable by Supermassive veNFT holders
Packages additional partner incentives through Supercharged Pools so LPs can earn Blackhole rewards plus external ecosystem rewards
Key claims:
The overview docs describe Blackhole as a next-generation DEX on Avalanche and a liquidity hub for emerging projects, especially gaming and AI ecosystems
The protocol-design docs say Blackhole uses an improved ve(3,3) model with a dual-veNFT mechanism rather than a single standard vote-escrow path
The tokenomics docs say Singularity veNFTs are created by locking BLACK for one week to four years, while Supermassive veNFTs are minted by permanently locking and burning BLACK, yielding non-decaying voting power plus voting and rebase boosts
Those same tokenomics pages claim team and foundation allocations were burned into Supermassive veNFTs, reframing team alignment around permanent governance stake rather than unlock schedules
The emissions docs outline four phases: initial launch emissions, a temporary ramp-up, a long decay phase, and a later governance-responsive phase where Supermassive veNFT holders can influence whether emissions rise, fall, or stay flat relative to the previous epoch
The liquidity-pools docs show Blackhole applies its gauge-and-emissions system across multiple AMM types, not just a simple volatile-pair fork
The Supercharged Pools docs show Blackhole stacks outside rewards on top of native emissions, indicating a strategy of cross-ecosystem incentive bundling rather than purely internal token rewards
Whitepaper: No canonical whitepaper or litepaper surfaced in this pass. The strongest primary materials were the official docs; see ../whitepapers/blackhole-primary-sources-2026-05-07.md.