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{"actor":"system:backfill","investigation_id":"cf1f8ded-54c8-4db2-9681-35275bfa1392","kind":"publish","page_slug":"camelot","published_at":"2026-10-13T05:11:07.109Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Camelot","sections":[{"content":"Camelot describes itself in its documentation as a decentralized and permissionless exchange providing spot liquidity for the Arbitrum ecosystem. It says it was bootstrapped by the Arbitrum community from 2022, and that it supports Arbitrum One plus eight Arbitrum Orbit chains. The documentation page does not describe a named team or a governance structure. Coverage describes the project as originating as Excalibur on Fantom and rebranding to Camelot on Arbitrum in November 2022 (secondary, undated aggregator-style summary). On 2026-10-13, DefiLlama's API returned a TVL of about $6.96M for Camelot V2 and about $5.42M for Camelot V3, roughly $12.4M combined. The V3 figure differs from the roughly $4.7M noted by the requester on 7 October 2026, so TVL appears to move between readings. DefiLlama's protocol data showed Arbitrum as the dominant chain (about $11.0M), with ApeChain about $1.3M and other chains negligible. CoinGecko's API returned a GRAIL price of about $32.16 and a market cap of about $966,572, against an all-time high of $4,643.22 (last updated 2026-10-13). An earlier undated snapshot cited a market cap near $8.4M, so the market cap has been volatile or has declined. Figures are point-in-time and should be re-checked.","heading":"Overview and scale","severity":"medium","sources":[{"credibility":2,"name":"Camelot documentation","type":"official","url":"https://docs.camelot.exchange"},{"credibility":2,"name":"DefiLlama API - Camelot V2 TVL","type":"on_chain","url":"https://api.llama.fi/tvl/camelot-v2"},{"credibility":2,"name":"DefiLlama API - Camelot V3 TVL","type":"on_chain","url":"https://api.llama.fi/tvl/camelot-v3"},{"credibility":2,"name":"DefiLlama API - Camelot protocol data","type":"on_chain","url":"https://api.llama.fi/protocol/camelot"},{"credibility":2,"name":"CoinGecko API - Camelot token (GRAIL)","type":"other","url":"https://api.coingecko.com/api/v3/coins/camelot-token"},{"credibility":3,"name":"Project: Camelot (Substack overview)","type":"research","url":"https://vorpaxis.substack.com/p/a-look-into-camelot"}]},{"content":"Camelot's audit page lists reports from Paladin (Camelot protocol, dated 2022-10-30 per the PDF filename; Nitro and presale, 2022-11-14), BailSec (Router, and an Algebra Integral v1.2 core update), Hacken, ABDK and Hexens (Algebra, the basis of the V3 AMM) and MixBytes (core audit for the V4 AMM based on Algebra Integral). Audit reports do not guarantee the absence of vulnerabilities, and the page does not state whether every Orbit-chain deployment is covered. Web searches for Camelot DEX exploits, hacks, lawsuits or regulatory actions returned no relevant reports, and DefiLlama's protocol data showed no hacks field in the portion read (the response was truncated, so this is not conclusive). Absence of reports is not proof that no incident occurred.","heading":"Security audits and incident history","severity":"low","sources":[{"credibility":2,"name":"Camelot documentation - Audits","type":"official","url":"https://docs.camelot.exchange/references/audits"},{"credibility":2,"name":"DefiLlama API - Camelot protocol data","type":"on_chain","url":"https://api.llama.fi/protocol/camelot"}]},{"content":"GRAIL circulating supply was reported at about 30,053 tokens and a market cap under $1M on 2026-10-13, which suggests thin liquidity for the token and heightened price volatility. The project's documentation says GRAIL captures value generated by the network. Tokenomics coverage describes a non-transferable xGRAIL used for governance and fee sharing. The documentation page read did not detail governance or team control, and that gap is noted rather than assumed.","heading":"Token and market concentration risk","severity":"medium","sources":[{"credibility":2,"name":"CoinGecko API - Camelot token (GRAIL)","type":"other","url":"https://api.coingecko.com/api/v3/coins/camelot-token"},{"credibility":2,"name":"Camelot documentation","type":"official","url":"https://docs.camelot.exchange"},{"credibility":3,"name":"Project: Camelot (Substack overview)","type":"research","url":"https://vorpaxis.substack.com/p/a-look-into-camelot"}]}],"sources_used":[{"credibility":2,"name":"Camelot documentation","type":"official","url":"https://docs.camelot.exchange"},{"credibility":2,"name":"Camelot documentation - Audits","type":"official","url":"https://docs.camelot.exchange/references/audits"},{"credibility":2,"name":"DefiLlama API - Camelot V2 TVL","type":"on_chain","url":"https://api.llama.fi/tvl/camelot-v2"},{"credibility":2,"name":"DefiLlama API - Camelot V3 TVL","type":"on_chain","url":"https://api.llama.fi/tvl/camelot-v3"},{"credibility":2,"name":"DefiLlama API - Camelot protocol data","type":"on_chain","url":"https://api.llama.fi/protocol/camelot"},{"credibility":2,"name":"CoinGecko API - Camelot token (GRAIL)","type":"other","url":"https://api.coingecko.com/api/v3/coins/camelot-token"},{"credibility":3,"name":"Project: Camelot (Substack overview)","type":"research","url":"https://vorpaxis.substack.com/p/a-look-into-camelot"}],"summary":"Camelot is a decentralized exchange that began on Arbitrum in 2022 and now describes itself as a liquidity hub for Arbitrum Orbit chains; its token is GRAIL. Searches found no reports of an exploit, enforcement action or lawsuit against it, and its documentation lists several third-party audits. TVL has fallen sharply from earlier snapshots and the GRAIL market cap is under $1M, which are factors for users to weigh. Not to be confused with the unrelated UK National Lottery operator also named Camelot.","timeline":[{"date":"2022-10-30","date_evidence":"Camelot final report; date taken from the PDF filename on the audits page (2022-10-30)","event":"Paladin audit report of the Camelot protocol dated (per filename).","source":"Camelot documentation - Audits","source_url":"https://docs.camelot.exchange/references/audits"},{"date":"2022-11","event":"Camelot (rebranded from Excalibur on Fantom) deployed on Arbitrum, per secondary coverage.","source":"Project: Camelot (Substack)","source_url":"https://vorpaxis.substack.com/p/a-look-into-camelot"},{"date":"2026-10","date_original":"2026-10-13","event":"DefiLlama TVL about $6.96M (V2) and $5.42M (V3); CoinGecko GRAIL market cap about $966K.","source":"DefiLlama API / CoinGecko API","source_url":"https://api.llama.fi/tvl/camelot-v3"}]},"v":1}