GammaSwap
GS
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
GammaSwap (GS) is an AMM-based volatility hedging and perpetual options protocol. On the technical and security front, the project maintains an active Immunefi bug bounty, completed audits by Zellic and Pashov Audit Group, and has sustained development toward a V2 protocol migration without experiencing direct protocol hacks or exploits. Additionally, the team is public and backed by institutional seed funding. However, the project suffers from critical structural and market-side weaknesses: community traction is exceptionally low, daily trading volume is extremely illiquid (~$6k), and the market cap remains suppressed following significant price drawdowns (-93% annually). Furthermore, tokenomics carry substantial dilution risk with approximately 84% of the supply uncirculated, while governance mechanisms lack visible decentralized participation. No qualifying red-flag cap events or fraudulent activities were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About GammaSwap (GS)
GammaSwap (GS) is a decentralized finance (DeFi) protocol designed for volatility trading, perpetual options, and impermanent loss hedging. Deployed across networks including Arbitrum One, Ethereum, Base, and Sonic, the protocol implements an oracle-free mechanism that allows users to borrow liquidity from automated market makers (AMMs). Founded by Daniel Alcarraz, Devin Goodkin, and Roberto Martinez, GammaSwap raised $1.7 million in a seed funding round led by Skycatcher Crypto with advisory participation from GMX team members. In May 2026, the development team announced a protocol migration from V1 to V2.
The GS token operates alongside escrowed variations (esGS and esgsb) and features a maximum supply cap of 1.6 billion units. The token serves governance functions and offers utility through a 30% share of protocol revenue distributed in ETH. The token distribution allocates 36% of the supply to the protocol treasury and 23% to the core team, accompanied by 12-month lockup cliffs for early investors and contributors. However, active on-chain decentralized governance mechanisms and forum participation remain minimally utilized.
Security assessments for GammaSwap include a September 2023 staking contract audit by Zellic and a December 2024 to January 2025 vault audit by Pashov Audit Group, which surfaced one critical issue regarding unclaimed fund claims and two high-severity issues. The protocol also maintains an active bug bounty program on Immunefi and has not experienced any direct exploits. Despite this, the token faces substantial market pressures, including an annual price decline of approximately 93%, daily trading volumes around $6,000, limited community engagement, and significant dilution risk with roughly 84% of the total token supply remaining uncirculated.