Kodiak V3 is a Uniswap V3-style DEX on Berachain where LP earnings come from swap fees, and the protocol retains a fixed share.

Current fee split (effective):

• LP share: 65.0% of fees
• Protocol take rate: 35.0% of fees

Observed fee → revenue capture (confirmation from realized flows):

• Fees (24h): $3.1K
• Protocol revenue (24h): $1.1K → ~35.5% of fees (aligns with the stated 35% take rate)
• LP fees (24h): $2.0K → ~64.5% of fees (aligns with the stated 65% LP share)

Scale & trend (fee run-rate):

• TVL: $33.5M
• Fees (7d): $30.7K
• Fees (30d): $178.2K
• Fees (all-time): $14.0M; Revenue (all-time): $4.9M
• History: 422 days of fee data

What this means for LPs:

• Since LPs only receive 65% of gross fees, LP returns are structurally reduced versus “100% to LPs” designs.
• Using the last 30d as a benchmark: LP fee take ≈ $178.2K × 65% = $115.8K per 30d. Against $33.5M TVL, this implies a protocol-wide ~0.35% monthly LP fee yield (≈ ~4.15% annualized, before IL and active management costs).

Bottom line: Kodiak’s earnings engine is real (material all-time fees), but current fee generation vs TVL implies modest baseline LP yields unless you select higher-fee pools and manage V3 ranges effectively.

Kodiak V3 LPing is concentrated-liquidity based: your realized return depends on (1) fees generated in your chosen pool and (2) how often your liquidity stays “in range.” Protocol-level metrics show modest baseline fee yield, so pool selection and range management matter.

Protocol-wide baseline (for context):

• LP fees (30d): $115.8K (=$178.2K × 65%) on $33.5M TVL → ~4.15% annualized average fee yield (before IL).
• Recent short-term annualizations vary: ~2.18% (from 24h LP fees) to ~3.10% (from 7d LP fees) to ~4.15% (from 30d LP fees), indicating sensitivity to recent volume.

Because pool-level APY/TVL is not published in the headline metrics, the table below ranks pool types by risk-adjusted suitability, using the 30d protocol-average fee yield (~4.15%) as a baseline (actual pool APY can be higher/lower depending on pool volume and pool TVL).

Strategy notes (risk-adjusted):

• Conservative LPs: prioritize stablecoin–stablecoin or stablecoin–major pairings; IL tends to be lower than volatile pairs, and ranges can be managed tighter.
• Balanced LPs: major–major pairs (still volatile, but typically less tail-risk than long-tail).
• Aggressive LPs: long-tail pairs can offer higher fee intensity in specific markets, but IL/out-of-range risk is meaningfully higher and requires active monitoring.

Key reality: With protocol-wide fees at $178.2K / 30d, passive “set-and-forget” LPing is unlikely to be competitive unless your pool is meaningfully above-average in volume/TVL.

Kodiak V3’s documented core earnings are swap-fee based (LPs earn 65% of fees); there are no clearly documented single-token staking, veToken locking, or LP staking/boost mechanisms in the available economic metrics.

What you can do instead (passive-ish alternatives on Kodiak V3 itself):

• Provide liquidity in broader ranges (less maintenance, but typically lower fee efficiency per dollar).
• Prefer lower-volatility pairs to reduce the need for frequent range updates and reduce IL risk.

What you should not assume (until explicitly shown in-app/docs):

• Any extra reward APR, token emissions, fee rebates, or “stake LP to earn more” layers. In the current economic breakdown, returns are already accounted for as fees (gross) split between LPs (65%) and protocol (35%).

Practical implication: if your mandate requires stable, passive yield from staking (single-asset APR, fixed lockups with published rates, etc.), Kodiak V3 currently reads as a fee-only DEX rather than a multi-product yield platform.

Given TVL $33.5M and 30d fees $178.2K, the protocol-wide baseline supports low single-digit annualized fee yield for LPs, but there is no additional “staking layer” to lift that baseline without taking on more LP/range risk.

Kodiak V3’s observable earning streams are swap fees (gross fees) and protocol revenue (the protocol’s share). Within the available program/economics disclosures, there are no named liquidity mining programs, points systems, trading fee rebates, referrals, or seasonal campaigns described alongside the fee and revenue breakdown.

What is explicitly measurable today:

• Fees (30d): $178.2K
• LP share: 65% → LP fees over 30d ≈ $115.8K
• Protocol take: 35% → protocol revenue (30d): $62.4K
• All-time: $14.0M fees and $4.9M revenue

How to interpret this for yield hunting:

• If you are looking for “farm APR” (token emissions on top of swap fees), there is no quantified reward line to underwrite those returns.
• If Kodiak runs incentives in the future, the due-diligence checklist is: (1) emission rate or reward budget, (2) eligibility rules (which pools, minimum time, caps), (3) whether rewards are additive to swap fees or subsidized by higher protocol take.

Actionable approach: treat Kodiak V3 as a fee monetization venue first. Underwrite expected returns primarily from the last-30d fee run-rate and your ability to select pools with better-than-average volume/TVL dynamics.

Absent explicit program terms (names, budgets, and rules), incentives should not be modeled into expected APY.

Kodiak V3 earnings are dominated by LP fee income: LPs receive 65% of swap fees. Using recent realized fees, the protocol-wide LP fee yield is approximately ~2.18%–4.15% annualized (depending on whether you annualize 24h/7d/30d fee data), before IL.

🛡️ Conservative (capital preservation focus)

1) LP stablecoin–stablecoin pairs with wider or moderate ranges to reduce maintenance.
2) Size positions small relative to portfolio until you’re comfortable with V3 range dynamics.
3) Track realized fees weekly; if fees remain near the protocol average, expect roughly ~2%–4% APY (fee-only) before IL.

⚖️ Balanced (moderate risk/reward)

1) Split liquidity across stablecoin–major and major–major pools to diversify price exposure.
2) Use medium ranges and rebalance when price exits your band.
3) Underwrite ~2%–4% APY from fees as a baseline; your edge comes from choosing pools with better-than-average volume/TVL, but that uplift is pool-specific.

🔥 Aggressive (max yield focus)

1) Run tighter ranges on higher-volatility pools to increase fee density while in-range.
2) Monitor positions frequently; out-of-range time can drive realized APY below baseline.
3) Model expected return as fee-only baseline (~2%–4% APY) with high dispersion: outcomes can be materially lower if frequently out-of-range and/or if IL dominates.

Non-negotiable: because the protocol take is 35%, LP performance must overcome that structural drag via pool selection and active management.

Kodiak V3 is an on-chain DEX (Uniswap V3 fork) on Berachain with 2 published audits referenced in official security documentation: https://documentation.kodiak.finance/security/audits.

Audit posture (what’s known):

• Audit count: 2
• Audit reports: linked from the official security page above (scope and findings are report-specific).

What is not evidenced here:

• A public bug bounty program (scope, rewards, and platform are not specified in the available notes).
• Governance safeguards such as timelocks, multisig signers, or explicit upgrade controls are not detailed in the economic metrics.

Smart-contract risk framing (practical):

• As a V3-style AMM, concentrated liquidity adds operational risk: LPs can become out-of-range, and position management is more complex than constant-product “V2” LPing.

Impermanent loss (IL) reference math for volatile 50/50 pairs (price move vs the other asset):

• +25% move: IL ≈ -0.62%
• +50% move: IL ≈ -2.02%
• +100% move (2×): IL ≈ -5.72%
• +200% move (3×): IL ≈ -13.40%

Given the protocol-wide fee baseline of roughly ~2%–4% annualized, even moderate volatility can dominate PnL unless (a) the pool’s fee generation is well above average or (b) you actively manage ranges to harvest fees while controlling exposure.

Net: the presence of two audits is constructive, but without a clearly evidenced bug bounty and without report details summarized here, Kodiak V3’s security posture rates as solid-but-not-best-in-class for institutional sizing.

Kodiak V3 is a straightforward fee-earning venue on Berachain: meaningful TVL ($33.5M) and long-lived fee history (422 days, $14.0M all-time fees) but currently modest fee output ($178.2K fees over 30d) and limited additional yield layers beyond LPing.

Top 3 strengths
1) Real fee history at scale: $14.0M all-time fees and $4.9M all-time protocol revenue.
2) Clear revenue split: LPs receive 65%; protocol takes 35% (validated by 24h fees vs revenue).
3) Audited (2 audits): reports linked from official security documentation.

Top 3 weaknesses
1) Baseline LP yield is modest: last-30d LP fee yield implies roughly ~4.15% annualized on aggregate TVL before IL.
2) High protocol take vs LPs: 35% of fees is structurally meaningful.
3) No clearly documented staking/incentives: limited “extra” yield beyond swap fees.

One-sentence recommendation: Use Kodiak V3 if you can actively manage V3 positions and pick pools with better-than-average volume/TVL; otherwise, expect low single-digit fee-only yields and meaningful IL risk on volatile pairs.