Camelot is Arbitrum’s most prominent ecosystem-native DEX — purpose-built for the Arbitrum network with trade incentive structures and a launchpad that have made it the go-to DEX for new tokens and protocols launching on Arbitrum. Unlike Arbitrum-deployed forks of Uniswap, Camelot was designed from the ground up for Arbitrum’s characteristics, featuring a dual AMM system (volatile and stable pools), directional fees (different fees for buy vs. sell to protect new token launches from bot attacks), and a unique “spNFT” mechanism that converts LP positions into composable NFT staking positions with unlock schedules and yield multipliers. GRAIL’s extremely small max supply of just 100,000 tokens (making each GRAIL worth hundreds to thousands of dollars) reflects deliberately constrained tokenomics. A companion token — xGRAIL — is earned by staking GRAIL and used for protocol governance and fee boosting.
| Stat | Value |
|---|---|
| Ticker | GRAIL |
| Price | $67.74 |
| Market Cap | $1.69M |
| 24h Change | -2.1% |
| Circulating Supply | 24,902 GRAIL |
| Max Supply | 100,000 GRAIL |
| All-Time High | $4,643.22 |
| Contract (Arbitrum One) | 0x3d99...82d8 |
How It Works
Dual AMM:
- Volatile pools — Standard xy=k constant product formula for uncorrelated pairs
- Stable pools — StableSwap curve for correlated assets (USDC/DAI, wstETH/ETH)
Directional fees:
Pool creators can set different fee tiers for buys vs sells. E.g., 0.01% to buy, 4% to sell — protecting new token projects from bots front-running launch liquidity while incentivizing long-term holders.
spNFT (staked position NFTs):
LP positions can be staked as NFTs with:
- Lock periods (lock longer = higher yield multiplier)
- Composable yield (stack additional rewards from partner protocols)
- Transferable — spNFTs can be sold/transferred while locked
xGRAIL:
Staking GRAIL yields xGRAIL — the “dividend” token. xGRAIL earns:
- Protocol fee revenue share
- Launchpad allocation boosts
- Partner token distributions
Launchpad:
Camelot’s “Launch” feature helps new Arbitrum projects do initial DEX offerings with Camelot’s liquidity and community — making it a common first spot for new Arbitrum tokens.
Tokenomics
| Metric | Value |
|---|---|
| Max Supply | 100,000 GRAIL |
| Team allocation | ~15% (vested) |
| Community / liquidity | ~60% |
| Reserve | ~25% |
| Fee sharing | xGRAIL holders earn protocol trading fees |
| Companion token | xGRAIL (non-transferable; earned by staking GRAIL) |
Use Cases
- Governance — GRAIL holders vote on Camelot parameters and treasury allocations
- xGRAIL yield — Stake GRAIL → xGRAIL → earn protocol fees and partner distributions
- VIP launchpad access — xGRAIL stakers get allocation in Camelot’s token launches
- Fee boosts — xGRAIL increases LP yield multipliers in spNFT positions
History
- Nov 2022 — Camelot DEX launches on Arbitrum during the bear market
- 2023 — Arbitrum One becomes a central DeFi ecosystem; Camelot grows to become Arbitrum’s native DEX
- 2023 — GRAIL listed on major exchanges; price appreciation as Arbitrum TVL grows
- 2023 — Camelot’s launchpad onboards dozens of Arbitrum-native projects
- 2024 — Camelot V3 upgrades with concentrated liquidity support; GRAIL maintains high per-token value
Common Misconceptions
“GRAIL’s high price means Camelot is overvalued.” GRAIL has only 100,000 max supply — its per-unit price ($1,000–$5,000+) reflects that supply constraint, not inflated valuation. Comparing market caps, not per-token prices, is the correct metric.
“Camelot is unnecessary because Uniswap is on Arbitrum.” Camelot’s directional fees, spNFT composability, and Arbitrum-specific launch support serve use cases that Uniswap V3 doesn’t address — particularly for new token launches that benefit from bot protection and complex LP incentive structures.