Table of Contents
- TL;DR
- Capital Efficiency Across Algebra-Powered DEXs
- Blackhole CLMM Reaches 67.8x Monthly Capital Turnover
- THENA Integral Leads in Fees Generated per Dollar of Liquidity
- Nest CL Combines Scale and Capital Efficiency
- THENA Fusion Shows Strong Growth Across Core Metrics
- Algebra-Powered DEXs Demonstrate High Capital Productivity
- Pool-Level Efficiency Can Exceed 10x TVL per Day
- WAVAX-USDC on Blackhole: 10.65x Daily Turnover
- WETH-USDC on Camelot V3: $4.3M Daily Volume
- WAVAX-USDC on Blackhole: $3M Daily Volume
- USDC-USDC on Camelot: 3.8x Daily Turnover
- High-Yield Opportunities Across Algebra-Powered Pools
- SparkDEX V4 Shows More Than 100% Base APY
- Algebra Infrastructure Is Expanding Into Real-World Assets
- Tokenized US Treasuries on Camelot
- Tokenized Gold on Algebra Integral
- BTC.b-XAUt0
- XAUt0-USDt
- Tokenized Stocks and Indexes on Nest
- From Crypto AMMs to Onchain Financial Markets
- What the Data Shows About Algebra's AMM Infrastructure
- 1. High Capital Turnover
- 2. Strong Fee Productivity
- 3. High Pool-Level Utilization
- 4. Significant Organic Yield Is Possible
- 5. Infrastructure Extends Beyond Crypto-Native Assets
- Why Capital Efficiency Matters for DEX Operators
- Conclusion
Do not index
Algebra-powered decentralized exchanges are demonstrating how programmable AMM infrastructure can make liquidity work harder across multiple blockchain ecosystems.
From Avalanche and BNB Chain to Hyperliquid, Polygon, Arbitrum, Flare, and Sonic, Algebra Integral and legacy Algebra deployments support markets with strong capital turnover, fee generation, trading activity, and expanding asset coverage.
This data snapshot focuses on the strongest efficiency indicators across the Algebra-powered DEX ecosystem:
- capital turnover across major deployments;
- fees generated relative to TVL;
- highly utilized individual liquidity pools;
- high-yield opportunities;
- and the growing presence of tokenized real-world assets.
Data snapshot: August 24, 2026.
TL;DR
The latest data highlights several strong indicators of capital efficiency across Algebra-powered DEXs:
- Blackhole CLMM leads the analyzed cohort with 67.8x 30-day capital turnover.
- THENA Integral reaches 33.5x monthly turnover and the highest 30-day fees/TVL ratio at 4.79%.
- Nest CL combines approximately $18 million in TVL with 22.5x capital turnover, demonstrating that scale and liquidity efficiency can coexist.
- THENA Fusion recorded 44.6% TVL growth, alongside increases in both fees and trading volume.
- Individual Algebra-powered pools can process more than 10x their TVL in trading volume per day.
- SparkDEX V4's FXRP-USD₮0 pool shows 103.4% base APY plus 18.3% reward APY on approximately $1.9 million TVL.
- Algebra-powered exchanges already support tokenized Treasuries, gold, stocks, and equity-index exposure across several chains.
Together, the data illustrates a core advantage of advanced AMM infrastructure: DEX performance is not simply about attracting more liquidity, but about extracting more economic activity from every dollar of liquidity deployed.
Capital Efficiency Across Algebra-Powered DEXs
One of the clearest ways to evaluate an AMM is through capital turnover:
30-day trading volume ÷ TVL
This metric shows how much trading activity each dollar of liquidity supports.
A protocol with $1 million TVL and $30 million in monthly volume has 30x capital turnover.
For DEX infrastructure, this is particularly important because liquidity is productive capital. The more efficiently it is deployed, the less idle capital is required to support a given amount of trading activity.
Across the analyzed Algebra ecosystem, several deployments achieve particularly strong results.
DEX / Sub-protocol | TVL | 30d Fees / TVL | 30d Volume / TVL |
Blackhole CLMM | $2.0M | 3.17% | 67.8x |
THENA Integral | $1.0M | 4.79% | 33.5x |
Nest CL | $18.0M | 1.87% | 22.5x |
QuickSwap V4 | $5.5M | 0.25% | 8.8x |
THENA Fusion | $0.74M | 3.29% | 8.5x |
QuickSwap V3 | $17.6M | 0.34% | 7.6x |
Camelot V3 | $14.9M | 0.23% | 6.6x |
SparkDEX V4 | $15.2M | 0.34% | 5.4x |
SwapX Algebra | $0.39M | 1.57% | 5.2x |
Hydrex Integral | $5.2M | 2.41% | — |
Blackhole CLMM Reaches 67.8x Monthly Capital Turnover
Blackhole CLMM on Avalanche leads the analyzed Algebra-powered cohort with 67.8x 30-day volume-to-TVL turnover.
With approximately $2 million in TVL, the protocol supports monthly trading volume equivalent to nearly 68 times its liquidity base.
Blackhole also generates fees equivalent to approximately 3.17% of TVL over 30 days.
The result demonstrates the potential of concentrated liquidity infrastructure to support substantial trading activity without requiring proportionally massive amounts of capital.
For DEX operators, that translates into a straightforward value proposition:
more volume can be supported with less idle liquidity.
THENA Integral Leads in Fees Generated per Dollar of Liquidity
THENA Integral delivers another strong efficiency result.
With approximately $1 million TVL, the Algebra Integral-powered deployment records:
- 33.5x monthly capital turnover
- 4.79% fees/TVL over 30 days
That is the highest fee-to-TVL ratio among the analyzed Algebra-powered deployments.
The combination of strong turnover and fee generation highlights how concentrated liquidity can increase the economic productivity of a DEX liquidity base.
Rather than evaluating a protocol only by the total amount of capital deposited, the data shows how much trading and fee activity that capital can actually support.
Nest CL Combines Scale and Capital Efficiency
Nest CL provides one of the clearest examples that high capital efficiency is not limited to smaller liquidity venues.
With approximately $18 million in TVL, Nest is the largest analyzed Algebra-powered sub-protocol.
At the same time, it achieves:
- 22.5x 30-day capital turnover
- 1.87% 30-day fees/TVL
- 33.3% TVL growth
This combination is particularly notable.
Liquidity is expanding while the protocol continues to generate substantial trading activity relative to its capital base.
For programmable AMMs, this represents an important benchmark: scaling liquidity without sacrificing capital productivity.
THENA Fusion Shows Strong Growth Across Core Metrics
THENA Fusion also stands out within the analyzed cohort.
Over the analyzed 30-day period, it recorded:
- TVL growth of 44.6%
- fee growth of 18.4%
- volume growth of 6.8%
- 8.5x capital turnover
The simultaneous expansion of liquidity, fees, and volume demonstrates growing utilization of the venue.
It also reinforces an important point about DEX infrastructure: successful liquidity systems should be evaluated not only by TVL, but by the relationship between capital, trading activity, and fee generation.
Algebra-Powered DEXs Demonstrate High Capital Productivity
The broader cohort shows that strong volume-to-TVL ratios are present across multiple Algebra deployments.
For example:
- QuickSwap V4: 8.8x monthly turnover
- QuickSwap V3: 7.6x
- Camelot V3: 6.6x
- SparkDEX V4: 5.4x
- SwapX Algebra: 5.2x
These deployments operate across different chains, liquidity environments, and market structures.
The recurring pattern is that Algebra-powered pools can support substantial trading activity relative to the amount of liquidity deposited.
This is one of the main reasons capital efficiency is a more informative measure of AMM performance than TVL alone.
Pool-Level Efficiency Can Exceed 10x TVL per Day
The efficiency becomes even more visible when analyzing individual pools.
Some Algebra-powered liquidity pools process several times their entire TVL in trading volume every day.
WAVAX-USDC on Blackhole: 10.65x Daily Turnover
The highest observed pool-level capital efficiency comes from a WAVAX-USDC pool on Blackhole.
With approximately $63,500 TVL, it generates trading volume equivalent to:
10.65x its liquidity per day.
That means every $1 of liquidity supports more than $10 of daily trading flow.
WETH-USDC on Camelot V3: $4.3M Daily Volume
The WETH-USDC pool on Camelot V3 processes approximately:
- $4.3 million daily trading volume
- $523,000 TVL
- 8.2x daily turnover
This is an especially strong example of concentrated liquidity supporting large trading flows with a comparatively compact capital base.
WAVAX-USDC on Blackhole: $3M Daily Volume
Another WAVAX-USDC pool on Blackhole records approximately:
- $3.0 million daily volume
- $390,000 TVL
- 7.6x daily turnover
Again, trading activity substantially exceeds the total liquidity deposited into the pool.
USDC-USDC on Camelot: 3.8x Daily Turnover
A Camelot USDC-USDC pool processes approximately:
- $2.6 million daily volume
- $678,000 TVL
- 3.8x daily turnover
Across these examples, liquidity is repeatedly reused to facilitate trading throughout the day.
That is the core economic advantage of efficient concentrated-liquidity infrastructure.
High-Yield Opportunities Across Algebra-Powered Pools
Algebra-powered DEXs also host a broad range of high-APY liquidity markets.
The highest headline yields are largely supported through liquidity incentives, allowing DEX operators to bootstrap targeted markets and direct liquidity toward strategically important pools.
This demonstrates another benefit of programmable AMM infrastructure: liquidity can be not only deployed efficiently, but also incentivized and directed toward specific assets and market segments.
Among the analyzed pools with at least $5,000 TVL, headline APYs extend well into triple-digit territory.
These incentive programs can help exchanges:
- bootstrap new markets;
- attract initial liquidity;
- deepen strategically important pairs;
- support newly launched assets;
- and accelerate ecosystem growth.
SparkDEX V4 Shows More Than 100% Base APY
One pool is particularly notable from an organic fee-generation perspective.
FXRP-USD₮0 on SparkDEX V4 records approximately:
- 103.4% base APY
- 18.3% reward APY
- $1.9 million TVL
Base APY represents yield generated by underlying pool economics rather than external rewards.
That makes this pool an especially strong example of liquidity productivity on Algebra Integral-powered infrastructure.
The majority of its reported yield comes from the pool itself, while additional incentives supplement LP returns.
Algebra Infrastructure Is Expanding Into Real-World Assets
Capital efficiency is only one part of the ecosystem's development.
Algebra-powered exchanges are also increasingly providing liquidity infrastructure for real-world assets and tokenized financial products.
The analyzed dataset identified markets representing:
- US Treasuries;
- gold;
- individual public equities;
- the S&P 500;
- the Nasdaq-100.
These markets are distributed across Camelot, Blackhole, and Nest, showing how the same AMM infrastructure can support both crypto-native assets and tokenized traditional financial instruments.
Tokenized US Treasuries on Camelot
The largest identified RWA liquidity position is USDY-USDC on Camelot V3.
USDY represents tokenized US Treasury exposure from Ondo.
The pool contains approximately:
$7 million in TVL
This makes it the largest identified RWA pool across the analyzed Algebra-powered ecosystem.
The market demonstrates that Algebra infrastructure can support multi-million-dollar liquidity positions for tokenized traditional financial products.
Tokenized Gold on Algebra Integral
Blackhole CLMM on Avalanche provides markets for XAUT0, representing Tether Gold exposure.
Two identified pools include:
BTC.b-XAUt0
- TVL: $40,800
- APY: 34.0%
- Daily volume: approximately $3,200
XAUt0-USDt
- TVL: $79,900
- APY: 31.3%
- Daily volume: approximately $3,500
These pools demonstrate how Algebra Integral infrastructure can extend concentrated liquidity beyond purely crypto-native assets into tokenized commodities.
Tokenized Stocks and Indexes on Nest
Nest CL expands the RWA segment further through tokenized equity markets.
Identified assets include wrapped exposure to:
- NVIDIA
- Micron
- S&P 500
- Nasdaq-100
Examples include:
Asset | Pool | TVL | Headline APY |
wNVDAx | wNVDAx-USDC | $43.4K | 96.6% |
wQQQx | wQQQx-USDC | $39.4K | 97.9% |
wSPYx | USDC-wSPYx | $72.4K | 50.4% |
wMUx | USDC-wMUx | $36.8K | 118.9% |
This is an important expansion of the Algebra-powered asset universe.
The same concentrated-liquidity infrastructure that powers crypto trading can also be used to create markets around tokenized equities and traditional financial benchmarks.
From Crypto AMMs to Onchain Financial Markets
The RWA markets illustrate a broader direction for Algebra's infrastructure.
Programmable AMMs no longer need to be limited to volatile crypto-token pairs.
The same infrastructure can support liquidity around:
- stablecoins;
- tokenized Treasuries;
- commodities;
- stocks;
- equity indices;
- synthetic and wrapped financial assets.
This makes AMM infrastructure increasingly relevant not only to decentralized exchanges, but to the development of broader onchain capital markets.
As traditional assets move onchain, efficient secondary liquidity becomes one of the key pieces of infrastructure required for those assets to become genuinely usable.
What the Data Shows About Algebra's AMM Infrastructure
The analyzed data highlights several recurring characteristics of Algebra-powered markets.
1. High Capital Turnover
Blackhole's 67.8x, THENA Integral's 33.5x, and Nest's 22.5x monthly turnover show that Algebra-powered liquidity can facilitate trading activity many times larger than the underlying capital base.
This is one of the clearest indicators of efficient liquidity utilization.
2. Strong Fee Productivity
THENA Integral generates fees equivalent to 4.79% of TVL over 30 days, while Blackhole reaches 3.17%.
For LP infrastructure, the ability to turn liquidity into fee-producing trading activity is ultimately more important than maximizing passive TVL alone.
3. High Pool-Level Utilization
Individual pools reach:
- 10.65x daily turnover on Blackhole
- 8.2x daily turnover on Camelot
- 7.6x daily turnover on another Blackhole WAVAX-USDC market
These numbers show how aggressively concentrated liquidity can be utilized when placed around active trading ranges.
4. Significant Organic Yield Is Possible
SparkDEX V4's FXRP-USD₮0 pool demonstrates 103.4% base APY on approximately $1.9 million TVL.
This is a particularly strong example of trading-driven liquidity economics.
5. Infrastructure Extends Beyond Crypto-Native Assets
Algebra-powered markets already include:
- Ondo USDY;
- Tether Gold;
- NVIDIA exposure;
- Micron exposure;
- S&P 500 exposure;
- Nasdaq-100 exposure.
The infrastructure is therefore already being used across both crypto and tokenized traditional finance.
Why Capital Efficiency Matters for DEX Operators
Liquidity is one of the most expensive resources for any decentralized exchange.
A DEX that requires $100 million of TVL to generate $100 million of monthly volume is using capital very differently from one capable of generating the same volume with $10 million.
For exchange operators, stronger capital efficiency can translate into:
- lower liquidity requirements;
- better utilization of LP capital;
- greater trading depth around active price ranges;
- stronger fee generation per dollar of TVL;
- reduced dependence on simply maximizing headline TVL;
- and more flexibility when bootstrapping new markets.
This is where advanced concentrated-liquidity infrastructure becomes strategically important.
The objective is not simply to accumulate liquidity.
It is to make liquidity productive.
Conclusion
The latest dataset across Algebra Integral and legacy Algebra-powered exchanges demonstrates substantial capital efficiency across a diverse multi-chain ecosystem.
Blackhole CLMM leads with 67.8x monthly turnover.
THENA Integral reaches 33.5x turnover while producing the highest fees relative to TVL.
Nest combines approximately $18 million in liquidity with 22.5x turnover and strong TVL growth.
At the individual pool level, Algebra-powered markets can process more than 10 times their entire liquidity base every day, while SparkDEX V4 demonstrates that exceptionally high organic base yield can also emerge from active pools.
At the same time, Algebra infrastructure is expanding into a broader category of onchain financial markets.
Tokenized Treasuries, gold, equities, and indexes are already represented across Algebra-powered DEXs.
Taken together, the data highlights Algebra's role as more than a liquidity engine for conventional DEX trading.
It is increasingly becoming programmable exchange infrastructure for capital-efficient onchain markets across crypto, stable assets, commodities, and tokenized traditional finance.
