Gamma vs ICHI: Which liquidity manager fits you? (2026)

Gamma and ICHI both automate concentrated-liquidity positions, so depositors do not have to adjust price ranges manually. Their clearest difference is how they package access. ICHI vaults accept a deposit in one token, removing the need to supply a matched pair. Gamma’s listed product range is broader: it includes V2 Vaults, Pooled Vaults, a Limit Order Book and Perp Vaults, and its homepage offers custom Uniswap V4 LP vault creation.

Both operate across many chains. Gamma lists coverage across dozens of networks, while ICHI is listed on more than 25. Gamma’s chain list is wider, but the best choice still depends on the specific vault and network you intend to use. Both protocols remain exposed to the risks of concentrated liquidity, including impermanent loss and changing pool conditions.

Neither protocol publishes its management or performance fee rates, so you cannot compare net returns from a published fee schedule. Both also require users to pay the relevant network’s gas fees for transactions such as deposits and withdrawals. Check the vault page and official documentation for current terms before committing funds.

Gamma’s dashboard shows each vault’s TVL, 24-hour volume, fees and APR, which can help you review recent activity. The displayed figures do not establish future returns, and the net result depends on the pool, vault strategy and any applicable incentives. Eligible Gamma vaults can receive Merkl rewards, but those incentives may change or end. ICHI vaults earn trading fees from underlying pools; those fees vary with pool activity, and returns are not guaranteed. For either protocol, assess the specific vault rather than treating an advertised or recent APR as a reliable forecast.

Both projects describe their protocols as non-custodial, meaning funds are held through smart contracts rather than by a company. That does not eliminate smart-contract risk or risks from the underlying decentralized exchanges and chains. Concentrated-liquidity positions can also lose value through impermanent loss and token price changes.

Two audits are listed for each protocol. Gamma does not identify the audit firms or provide dates and findings. ICHI names Quantstamp, Solidified, Certik, Pashov Audit Group, Bail Security and FYEO on its homepage, while its listed audit details do not specify dates, scopes or findings. The number of firms named is not a guarantee of safety. Both protocols operate across multiple chains, adding chain-specific considerations. Read the relevant audit reports and vault documentation, and only deposit funds you can afford to lose.

Choose Gamma if you want more product types, a dashboard with vault activity data, access to eligible Merkl incentives or the option to create a custom Uniswap V4 LP vault. Its listed chain coverage is also wider. Before depositing, confirm the vault’s fees, strategy and incentive terms, since fee rates are not published and rewards can end.

Choose ICHI if single-token deposits are important, or if you are a project or DAO looking for tools to build liquidity or put treasury tokens to work. Its homepage names multiple security review firms, and it has been listed since late 2021, giving it a longer stated operating history. Its TVL is higher in the figures shown here, but neither TVL nor history removes contract or market risk. For both, compare the exact vault and chain you plan to use rather than choosing on protocol-level features alone.