Kodiak V3 Review: In-Depth Look at the Berachain Decentralized Exchange

Amber Dimas

Kodiak V3 Liquidity Earnings Calculator

Calculate your potential earnings when providing liquidity on Kodiak V3 using its dual AMM model. The platform offers both concentrated liquidity (where you define a price range) and full-range liquidity (where you provide capital across the entire price curve).

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Estimated Daily Trading Volume ($)

Price Range (for Concentrated Liquidity)

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When you hear the name Kodiak V3 review, you’re probably wondering whether this newcomer can stand up to the big DEXes you already know. Kodiak V3 is the first vertically integrated liquidity hub built on the Berachain blockchain, and it promises a mix of capital‑efficient AMM mechanics, fiat on‑ramps, and even margin trading. Let’s unpack what the platform actually delivers, how its numbers stack up, and what kinds of traders will feel most at home here.

Quick Takeaways

Non‑custodial DEX on Berachain with dual AMM (concentrated + full‑range).
Over $10 million TVL and $5 million+ trading volume after 13,000+ swaps.
Supports 41 tokens across 71 pairs; average spread 0.65%.
Features fiat gateway, credit‑card purchases, margin/leverage, launchpad, and OTC.
Best for users comfortable with Berachain wallets and advanced liquidity strategies.

What Is Kodiak V3?

Kodiak V3 is a decentralized exchange (DEX) that runs on the Berachain blockchain, using smart contracts to match trades without holding user funds. The platform bills itself as the first vertically integrated liquidity hub on Berachain, meaning it combines several layers-spot trading, concentrated liquidity, and institutional‑grade services-into a single UI.

In parallel, Berachain is a proof‑of‑liquidity (PoL) blockchain that aims to attract DeFi projects with lower fees and faster finality compared to Ethereum. Kodiak V3 serves as the flagship DEX for the ecosystem, providing the primary gateway for token swaps, liquidity provision, and token launches.

Core Mechanics: Dual Automated Market Makers

The most distinctive technical feature is the dual AMM strategy. Traditional DEXes like Uniswap use a single constant‑product market maker that spreads liquidity across the entire price curve. Kodiak V3 adds a second layer: concentrated liquidity, which lets LPs allocate capital within a chosen price band. This mirrors Uniswap V3’s approach but is bundled with a full‑range AMM that still covers the whole curve for assets where price volatility is low.

Why does this matter? Concentrated liquidity reduces capital waste-LPs earn higher fees on the price range where most trades happen, while the full‑range pool catches stray price moves and offers tighter spreads for stable pairs.

Feature Set at a Glance

Kodiak V3 vs Typical DEX Features
Feature	Kodiak V3	Typical DEX (e.g., Uniswap)
Liquidity Model	Dual AMM: concentrated + full‑range	Single AMM (full‑range)
Supported Tokens	41 coins, 71 pairs (Berachain‑native)	Hundreds, cross‑chain via bridges
TVL	$10 M+	Billions (Ethereum‑based)
Fiat Gateway	Credit‑card purchase, fiat‑on‑ramp	Usually none (requires third‑party)
Margin/Leverage	Available (beta)	Rare, limited to specialized platforms
OTC Desk	Yes, for large trades	Typically external
Launchpad	Integrated token launch support	Separate services (e.g., Polkastarter)
Mobile App	iOS & Android native apps	Web‑only or third‑party wallets

Numbers That Matter

As of the latest snapshot (late October 2025), Kodiak V3 has processed more than 13 000 swaps and generated over $5 million in cumulative trading volume. Its Total Value Locked sits at roughly $10 million, positioning it in the 83rd percentile for volume among DEXes and the 82nd percentile for order‑book depth. The average bid‑ask spread is 0.65%, a respectable figure that suggests relatively low slippage for the supported pairs.

These metrics reveal a platform that’s gaining momentum but still dwarfed by Ethereum‑based giants that lock billions. The growth rate-1.7% increase in 24‑hour volume-shows a modest but steady uptick, likely tied to recent onboarding of fiat bridges and the launch of a few new Berachain projects.

Who Should Use Kodiak V3?

Retail traders who already hold a Berachain‑compatible wallet (e.g., Metamask with custom RPC, or native Berachain mobile wallet) will find the UI intuitive. The fiat gateway lets newcomers jump in without first buying a separate crypto on an exchange, which lowers the barrier to entry.

Liquidity providers can take advantage of concentrated liquidity to tailor capital deployment. If you’re comfortable setting price ranges and monitoring them, the fee receipts can outpace full‑range pools, especially on thinly traded pairs.

Institutions or large‑scale traders may appreciate the OTC desk and margin tools, though it’s still early‑stage and the risk controls are less mature than on centralized platforms.

Conversely, users seeking a one‑stop shop for all major tokens (e.g., ETH, BTC, USDC) might find the token list too narrow. The platform is also non‑custodial, so you must manage private keys-something casual investors often avoid.

Retro anime split view of a narrow gold river representing concentrated liquidity and a wide silver lake for full‑range pool.

Security and Non‑Custodial Design

Because Kodiak V3 operates solely via smart contracts, the exchange never holds user funds. This eliminates the “exchange hack” risk but shifts responsibility to the user. You’ll need a secure wallet, proper backup of seed phrases, and awareness of phishing attempts. The codebase is open on GitHub, and a recent audit (Q2 2025) reported no critical vulnerabilities, but the audit was limited to core AMM logic-future features like margin trading still await full review.

Fee Structure and Cost Comparison

Trading fees are tiered: 0.30% on spot trades, with a 0.10% rebate for LPs who provide concentrated liquidity in active price ranges. Margin trades carry a 0.25% overnight funding fee. Compared to Uniswap’s flat 0.30% fee, Kodiak’s model can be cheaper for active LPs but may feel higher for occasional spot traders.

Roadmap and Future Outlook

The development team has hinted at three upcoming milestones:

Full integration of cross‑chain bridges to import ERC‑20 tokens onto Berachain.
Launch of a governance token that will allow community voting on fee parameters.
Enhanced analytics dashboard for LPs, showing real‑time range performance.

None of these have formal dates yet, but community chatter on Telegram suggests Q1 2026 for the bridge rollout.

Pros and Cons at a Glance

Pros: Dual AMM improves capital efficiency, fiat on‑ramp, mobile apps, non‑custodial, solid early metrics.
Cons: Limited token selection, newer ecosystem (higher risk), margin features still beta, audit coverage incomplete.

Final Verdict

If you’re already in the Berachain universe or you enjoy tinkering with advanced liquidity strategies, Kodiak V3 offers a compelling blend of features that many larger DEXes lack, such as built‑in fiat support and a dedicated OTC desk. For the average crypto hobbyist who simply wants to swap ETH or USDC, the platform’s narrow asset list and learning curve might steer you toward more established options.

Overall, Kodiak V3 stands out as a promising hub for the next wave of DeFi projects on Berachain, and its dual‑AMM design could set a new efficiency benchmark if the ecosystem gains traction.

Retro anime trading floor with retail, LP, and institutional traders using holographic Kodiak V3 features and roadmap.

Is Kodiak V3 a custodial exchange?

No. Kodiak V3 is fully non‑custodial. Users keep control of their private keys, and funds only move when a smart contract executes a trade.

What wallets work with Kodiak V3?

Any wallet that supports the Berachain network-such as MetaMask (with custom RPC), Trust Wallet, or the native Berachain mobile wallet-can connect directly to Kodiak V3.

How does concentrated liquidity differ from regular liquidity?

Concentrated liquidity lets LPs lock capital inside a chosen price band instead of across the entire curve. This concentrates fee earnings where most trades happen, reducing slippage for traders.

Can I trade on margin on Kodiak V3?

Yes, the platform currently offers beta margin and leverage trading. Users should review the funding rate and liquidation thresholds before opening positions.

What is the average spread on Kodiak V3?

The reported average bid‑ask spread is about 0.65%, which is competitive among niche DEXes and lower than many order‑book platforms.

13 Comments:

Ralph Nicolay October 24, 2025 AT 09:38

Having examined the specifications of the Kodiak V3 platform, one observes that its dual‑AMM architecture strives to reconcile capital efficiency with broader market coverage. The integration of concentrated liquidity permits providers to allocate assets within narrowly defined price intervals, thereby accruing higher fees on active ranges. Simultaneously, the full‑range pool ensures that illiquid assets retain a baseline level of tradability, mitigating the risk of price stagnation. Moreover, the incorporation of fiat on‑ramps and margin facilities distinguishes Kodiak V3 from many contemporaneous decentralized exchanges. Nevertheless, the current token roster remains circumscribed to assets native to the Berachain ecosystem, which may constrain diversification for participants seeking exposure to more established cryptocurrencies. The platform’s non‑custodial design adheres to best practices concerning user sovereignty, albeit at the expense of necessitating rigorous key management. In sum, the protocol presents a nuanced blend of innovative features tempered by the nascent state of its underlying blockchain.
sundar M October 27, 2025 AT 19:34

Wow, this deep‑dive into Kodi’s new V3 really blew my mind! 🎉 The way they’ve married a classic full‑range AMM with the slick concentrated‑liquidity model feels like watching a perfect duet-each part complementing the other. And the fiat gateway? It’s like handing the keys of the DeFi kingdom to newcomers who were once locked out. I can already picture traders dancing across those 71 pairs, chasing those tight 0.65 % spreads. The mobile apps look snazzy too, making it feel as if the future is literally in your pocket. If you’re already vibing with Berachain, this is the platform that’ll make you feel right at home, like returning to a familiar coffee shop after a long trip. Let’s keep an eye on those upcoming cross‑chain bridges-once they land, the party could get even wilder! 🚀
Peter Schwalm October 31, 2025 AT 05:31

From a technical standpoint, Kodiak V3’s most compelling contribution is its bifurcated market‑making engine. First, the traditional constant‑product AMM continues to provide an ever‑present liquidity surface, ensuring that even low‑volume assets can be transacted without encountering prohibitive slippage. Second, the concentrated liquidity tier mirrors the functionality introduced by Uniswap V3, allowing liquidity providers to concentrate capital within specific price intervals where trade activity is historically dense. This duality yields a synergistic effect: the full‑range pool acts as a safety net for price excursions, while the concentrated pool maximizes fee capture when the market operates within anticipated bounds. The implementation leverages Berachain’s proof‑of‑liquidity consensus, which reduces transaction fees compared to Ethereum’s gas‑price volatility, thereby making frequent rebalancing of positions economically viable. Moreover, the architecture is modular, meaning future upgrades-such as algorithmic fee adjustments or dynamic range recommendations-can be integrated without a hard fork. In practice, traders have reported an average spread of 0.65 %, which, while modest, still represents a tangible improvement over many order‑book based venues that suffer from wider bid‑ask differentials. Liquidity providers who actively monitor their price bands can see returns that outpace the baseline 0.30 % fee structure typical of single‑pool DEXes, especially on pairs with limited competition. The platform’s fiat on‑ramp, facilitated through credit‑card partnerships, lowers the barrier for newcomers who might otherwise be deterred by the need to acquire crypto on a separate exchange before participating in DeFi. This user‑experience enhancement aligns with the broader industry trend toward onboarding mainstream investors. Security considerations remain paramount; the core contracts have undergone a third‑party audit focusing on the AMM logic, and no critical vulnerabilities have been identified to date. Nonetheless, the margin‑trading module is still in beta, and its liquidation mechanisms have yet to be stress‑tested under extreme market conditions. Potential users should therefore allocate only a portion of their capital to leveraged positions until further robustness is demonstrated. Overall, Kodiak V3 exemplifies a sophisticated approach to liquidity provision within a burgeoning ecosystem. Its blend of established AMM principles with novel, capital‑efficient strategies positions it as a noteworthy contender for traders seeking both depth and flexibility on Berachain. Future analytics dashboards promised by the team may further empower LPs with real‑time insights, closing the feedback loop between strategy and outcome.
Alex Horville November 3, 2025 AT 15:28

It’s impressive how Kodiak touts its “dual AMM” as a breakthrough, yet the ecosystem’s modest TVL hints that adoption is still a niche hobby for crypto enthusiasts.
Petrina Baldwin November 7, 2025 AT 01:24

Nice features, but limited token list.
emma bullivant November 10, 2025 AT 11:21

I think Kodiak V3 definetly has a bright future, especially with that fiat on-ramp thingy. It’ll make it easier for new users to recieve crypto without jumpin through hoops. The dual AMM is a smart move, but i wonder how the margin tradeng will hold up under pressure.
Michael Hagerman November 13, 2025 AT 21:18

Picture this: a trader walks into a traditional exchange, sees sky‑high fees, and sighs in despair. Then they stumble upon Kodiak V3, a sleek oasis where spreads whisper at 0.65 % and liquidity dances to their whims. The dual‑AMM engine is the maestro conducting this symphony, coaxing every ounce of capital into a harmonious crescendo. And just when you think the stage is set, a fiat gateway bursts onto the scene, handing you the keys to the DeFi kingdom without a middleman. It’s the kind of drama that makes your heart race and your portfolio sing. Yet, remember, every shining spotlight can cast a shadow-margin trading is still in beta, and a misstep could turn this opera into a tragedy.
Laura Herrelop November 17, 2025 AT 07:14

When you glance at the code of any new DEX, the first question should be who’s watching. Kodiak V3 advertises non‑custodial safety, but every smart contract is a potential backdoor for unseen actors. The audit covered core AMM logic, yet the margin module remains largely unchecked, a fertile ground for hidden exploits. In a world where data leaks and covert surveillance are commonplace, trusting a platform built on a relatively obscure blockchain amplifies the risk. Users ought to remain vigilant, keep their keys offline, and perhaps consider a hardware wallet as an extra shield against any covert siphoning of assets.
Nisha Sharmal November 20, 2025 AT 17:11

Oh great, another “innovative” DEX that promises everything from fiat on‑ramps to margin trading-because what the DeFi world really needed was yet another platform to juggle.
Karla Alcantara November 24, 2025 AT 03:08

It’s truly exciting to see a project that bridges the gap between traditional finance and DeFi. The inclusion of credit‑card purchases could bring countless newcomers into the ecosystem, and the dual‑AMM design shows a thoughtful approach to liquidity efficiency. With the roadmap promising cross‑chain bridges, Kodiak V3 might soon become a pivotal hub for both seasoned traders and fresh faces alike. Let’s cheer on the team as they push the boundaries of what a decentralized exchange can achieve.
Nick Carey November 27, 2025 AT 13:04

Looks cool, but I’m not gonna spend hours figuring out the liquidity ranges.
Shruti rana Rana November 30, 2025 AT 23:01

Thank you for the comprehensive technical overview. Your breakdown of the dual‑AMM mechanism aligns well with our own observations, and the emphasis on modular upgrades is particularly insightful. The caution regarding margin‑trading beta status is also well‑taken; user education will be crucial as we move forward. 😊
Richard Williams December 4, 2025 AT 08:58

Building on what was just said, I think the community can play a major role in refining those margin features. By gathering live feedback and sharing best‑practice guides, we’ll collectively mitigate risks and accelerate adoption. Let’s keep the conversation alive and help each other navigate the nuances of this promising platform.