Blackhole (BLACK): Uses, Supply and Risks

Blackhole (BLACK) is the token used by Blackhole, a decentralized exchange on Avalanche C-Chain. Its exchange includes concentrated-liquidity pools through Blackhole CLMM, alongside other automated market-maker pool types. The protocol’s design uses a vote-escrow model: token holders can lock BLACK to receive veBLACK voting power represented by NFTs, called veNFTs.

BLACK is not Avalanche’s native gas token. It is an asset issued on Avalanche, while AVAX is generally used to pay network transaction fees. The project describes BLACK as part of its system for coordinating liquidity incentives, governance and rewards. That means its role is closely tied to Blackhole’s exchange and incentive rules; it is not a claim on a fixed amount of company income or a guarantee of returns.

Blackhole says BLACK has several roles in its exchange. Liquidity providers may receive BLACK emissions for supplying assets to eligible pools. Those emissions are allocated through weekly voting: veNFT holders vote for “gauges,” which direct incentives toward selected pools. This makes the token part of the protocol’s effort to attract and retain liquidity.

Holders can also lock BLACK to mint a Singularity veNFT. The project says these locks can last up to four years and provide voting power, as well as access to protocol revenue and rewards tied to the vote-escrow system. A separate Supermassive veNFT is created by permanently burning BLACK, according to the project. It is described as having non-decaying voting power and enhanced rewards. Both arrangements involve protocol-specific conditions, and rewards can change with emissions, fees, and incentives. Locking or burning tokens does not ensure that rewards will outweigh the value or opportunity cost of the BLACK committed.

The project describes Blackhole as a ve(3,3) exchange, a model that uses token emissions and vote-escrowed governance to encourage liquidity and coordinate incentives. Its weekly gauge votes let veNFT holders influence which pools receive emissions. The project also says voters can receive a share of trading fees from pools they support, along with bribes and partner incentives where available. These amounts depend on activity and protocol rules; they should not be treated as fixed income.

Blackhole CLMM is the concentrated-liquidity part of the exchange. In concentrated-liquidity pools, providers choose a price range for their deposited assets rather than distributing liquidity across all possible prices. This can make capital more targeted, but it also requires providers to manage their positions and can leave them exposed to changing asset prices or reduced fee earnings. Blackhole also describes variable and stable pool types for different asset pairs. The token’s governance and reward features therefore depend on the exchange’s operation, participation, and continuing use.

As of 2026-11-05, the reported circulating supply was about 318.8 million BLACK, out of a total supply of about 323.1 million. No maximum supply was specified. These figures can change, particularly where emissions, locks, burns, or other token rules affect supply. The project describes Supermassive veNFTs as being minted by permanently burning BLACK, and says team tokens are committed to this mechanism; this is a project claim about its token design, not independent confirmation of every token movement.

BLACK’s reported price was about $0.0028 on that date, with a market capitalization of about $895,000. Such market figures can move quickly and do not indicate how easily a large holding could be sold. A relatively small market or limited trading activity can increase price swings and make execution harder. Emissions may also dilute holders who do not participate, while locking tokens can restrict access to them. Treat supply and market figures as a dated snapshot, not a valuation or a forecast.

BLACK carries the risks common to exchange tokens, including sharp price movements, changing liquidity, and dependence on the protocol’s continued use. Smart-contract flaws, compromised keys, or failures in connected services could put tokens or deposited assets at risk. Pool providers may lose value through market movements, and concentrated-liquidity positions can stop earning fees when prices move outside their chosen ranges. Governance power and rewards also depend on Blackhole’s rules and participation; neither fees nor emissions are guaranteed.

Locking BLACK can limit your ability to sell or use it during the lock period. The project describes Supermassive veNFT creation as a permanent burn, so users should understand that this may be irreversible before proceeding. For storage, use an Avalanche-compatible wallet that supports the relevant BLACK token and veNFTs. Confirm the token contract through Blackhole’s official channels before adding or transferring an asset, and keep your recovery phrase offline and private. A token with the same name or symbol may be unrelated, so verify the network and contract rather than relying on the ticker alone.