1 hour ago
1
Ekubo, the concentrated liquidity automated market maker built on Starknet, just pulled off something most DeFi protocols only talk about: radical transparency. The protocol submitted a B-2 filing under Blockworks’ Token Transparency Framework and scored 39 out of 40, putting its governance and treasury practices under a very public microscope.
What the filing reveals
The B-2 filing lays bare Ekubo’s governance architecture. The Ekubo DAO holds irrevocable ownership of the protocol’s core smart contracts on Starknet, meaning no single entity, not even the development company, can unilaterally alter how the protocol operates.
Governance proposals require 100,000 delegated EKUBO tokens to move forward. That’s a meaningful threshold given the total fixed supply of 10 million EKUBO tokens, roughly 1% of total supply needed just to propose a change.
Ekubo, Inc., the company that actually builds and maintains the protocol, holds one-third of that 10 million token supply. The company provides ongoing engineering and product support, but the DAO retains final say over revenue, contracts, and strategic direction.
Treasury and revenue: following the money
The DAO’s treasury operates with real-time on-chain visibility, meaning anyone can verify holdings, inflows, and outflows at any time.
Revenue flows from swap and withdrawal fees generated by the AMM. As of mid-2025, annualized revenue hovers around $400K to $450K, according to DefiLlama data.
More than $1 million has been allocated to EKUBO token buybacks since the DAO’s inception. Ekubo has no relationships with centralized exchanges or market makers, opting instead for organic liquidity and community-driven price discovery.
The Uniswap connection and cross-chain expansion
Back in 2023, a Uniswap governance proposal floated a $12 million investment in exchange for a significant share of Ekubo’s future governance token.
Since then, Ekubo has expanded beyond its Starknet origins. The protocol now operates on Ethereum and Arbitrum, integrating advanced features like TWAMM, or time-weighted average market maker, which allows large orders to execute gradually over time to minimize price impact.
In May 2026, an exploit on Ekubo’s EVM swap router contracts drained approximately $1.4 million in WBTC. The core liquidity operations on Starknet were unaffected.
What this means for investors
For investors evaluating EKUBO, the fixed 10 million token supply eliminates dilution risk. The one-third allocation to Ekubo, Inc. is substantial but serves a clear purpose: funding continued development without requiring the DAO to approve every engineering hire or infrastructure cost.
With $1 million already deployed in buybacks and annualized revenue in the $400K to $450K range, the DAO is effectively returning a meaningful percentage of its income to token holders.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) · 