Liquidity Manager · Review
ActiveGamma Review 2026: Automated Concentrated Liquidity Vaults
Gamma is a non-custodial protocol that automates concentrated liquidity positions on DEXs across dozens of chains. It suits liquidity providers who want active range management, but fee details and strategy risks need checking before depositing.
By the DappsAtlas editorial team · Updated
DappsAtlas score
7.0/10
Good
Our verdict on Gamma
7.0/10Gamma suits liquidity providers who want concentrated liquidity positions managed automatically across many chains. Its strengths are the non-custodial design, broad network coverage and a clear vault dashboard with fee and APR figures. The main caveats are impermanent loss, reliance on temporary Merkl incentives, and the lack of published fee details. Newer users should compare vaults carefully and read the audit reports first.
Score breakdown
How Gamma scores
- Security
- 6.5/10
- Ease of use
- 7.0/10
- Fees
- n/a
- Features
- 7.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Gamma?
Gamma is a DeFi protocol for active liquidity management and market making. DefiLlama files it under Liquidity Manager and describes it as offering non-custodial, automated and active concentrated liquidity management.
DefiLlama shows about $2.9 million in total value locked, up 0.6% over seven days. It lists the protocol on more than thirty chains, with two audits and a GAMMA token. Its homepage lists V2 Vaults, Pooled Vaults, a Limit Order Book and Perp Vaults.
Gamma should not be confused with GammaSwap, an unrelated project, or with options gamma exposure, which many public reporting cover.
How Gamma works
On concentrated liquidity DEXs such as Uniswap V3 and V4, liquidity providers choose a price range. Fees are earned only while the market price stays inside that range, so positions need regular adjustment. Doing that manually takes time and gas.
Gamma automates this. Users deposit tokens into a vault, and the vault's strategy places and rebalances the liquidity position for them. The protocol is described as non-custodial, meaning users keep ownership of their share through the vault contracts rather than handing funds to a company.
The homepage also points to extra incentives distributed through Merkl, a rewards platform, and to V2 Vaults that anyone can create for Uniswap V4 pools. Returns come from trading fees plus any incentives, minus the cost of rebalancing and impermanent loss.
6 features
Key features
01
Automated range management
Vaults hold concentrated liquidity positions and rebalance them automatically, so users do not have to move price ranges by hand.
02
V2 Vault creation
The homepage offers a Create V2 Vault option to set up a custom Uniswap V4 LP vault with rebalancing and automation.
03
Several product lines
The site lists V2 Vaults, Pooled Vaults, a Limit Order Book and Perp Vaults, which suggests more than one strategy type.
04
Vault analytics
The vault table shows TVL, 24-hour volume, 24-hour fees and 24-hour APR, with filters for chain and Merkl-only vaults.
05
Merkl incentives
Liquidity in eligible vaults can earn Merkl incentives, with daily rewards, reward token and end date shown on the site.
06
Broad chain coverage
DefiLlama lists Gamma on more than thirty networks, including major Ethereum layer 2s and several smaller chains.
Pros and cons
What we like
- Automates range adjustments on concentrated liquidity positions.
- Non-custodial design, as described by DefiLlama.
- Very wide chain coverage across major and niche networks.
- Vault dashboard shows TVL, volume, fees and APR for each vault.
- Lets users create their own Uniswap V4 LP vault.
- Two audits are listed on DefiLlama.
Watch out for
- Concentrated liquidity positions can suffer impermanent loss, and automated rebalancing does not remove that risk.
- Reward-driven APRs shown on the site depend on Merkl incentives that can change or end.
- Only two audits are listed on DefiLlama, and the project does not say which firms did them or when.
- Management and performance fee levels are not published publicly, so net returns are hard to estimate in advance.
- Supporting many chains and DEX integrations widens the smart-contract surface that users depend on.
- Vault performance depends on the strategy settings and on the pool chosen, so results can differ a lot between vaults.
Gamma fees
Fee levels are not published. Liquidity managers typically take a share of the trading fees earned, and users also pay network gas to deposit and withdraw, but the exact Gamma rates should be confirmed in the app or official docs.
The homepage vault table shows 24-hour volume, 24-hour fees and 24-hour APR for each vault, which gives a view of gross yield. Net returns depend on the vault, the pool and any incentive rewards.
Is Gamma safe?
DefiLlama lists two audits for Gamma, but the project does not name the auditors or give dates or findings. The protocol is described as non-custodial, so funds sit in smart contracts rather than with a company. That shifts the risk to contract bugs and to the underlying DEXs.
The project does not mention past incidents, and no regulatory status is stated. Liquidity providers still face market risks such as impermanent loss and changes in incentive programs. Check the official documentation for audit reports before depositing, and only commit funds you can afford to lose.
6 steps
How to get started with Gamma
- 1
Confirm you are comfortable with concentrated liquidity risks, including impermanent loss.
- 2
Open the official Gamma site and connect a compatible wallet to a supported network.
- 3
Browse the vault list and filter by chain, TVL, fees and APR to compare options.
- 4
Read the details of the vault you choose, including the pool and strategy, before depositing.
- 5
Deposit the required token pair and confirm the transaction, paying network gas.
- 6
Monitor the position and any Merkl rewards, and withdraw when you choose.
Who Gamma is for
Gamma is for DeFi users who already provide liquidity on DEXs and want automation instead of manual range management. It also suits projects and advanced users who want to create their own vault. Beginners who have not used liquidity pools should learn how impermanent loss works first.
Gamma FAQs
What is Gamma?
Gamma is a protocol for active liquidity management and market-making strategies. It offers non-custodial, automated concentrated liquidity management, so users can supply liquidity without manually adjusting price ranges.
Which chains does Gamma support?
DefiLlama lists Gamma on dozens of networks, including Ethereum, Arbitrum, Base, Optimism, Polygon, BNB Chain, Linea, Sonic, Avalanche and Berachain. Which pools and vaults are available differs by chain, so check the app for the specific network.
Does Gamma have a token?
DefiLlama lists a GAMMA token for the protocol. The project does not describe its utility or tokenomics, so check the project's official documentation before relying on it.
Is Gamma safe?
Gamma describes its services as non-custodial, and DefiLlama lists two audits. Audits reduce but do not remove smart-contract risk, and liquidity providers still face market risks such as impermanent loss.
How does Gamma generate yield?
The homepage mentions Merkl incentives and shows fields for opportunity APR and 24H APR on vaults. These figures vary by vault and over time, and incentive rewards can end, so treat any displayed APR as an estimate rather than a guarantee.
Can I create my own vault on Gamma?
The homepage offers a Create V2 Vault option for building your own Uniswap V4 LP vault with automated rebalancing. Details such as requirements and costs are not covered publicly, so check the app before creating one.
Compare
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Guides
Guides about Gamma
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How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.