CARTEL
Obsidian has appeared on MemesOnCronos before, through its own announcements: the ROBIN to OBS merge and its listing on Ult, and the merger with Puush. This time we set the announcements aside and looked at the numbers.
All figures were read on November 14, 2026.
What Obsidian does
Obsidian is a DEX aggregator on Cronos. When you swap, its "SmartRouter" compares prices across several sources and picks the best route. According to its wiki, those sources include VVS and Obsidian's own liquidity pools. It also runs farms, fixed-term staking, a token locker, an airdrop tool and trading contests, and since its merger with Puush it is linked to the puush.fun meme launchpad.
What the numbers show
Deposits held up
While most of Cronos DeFi shrank after the Tectonic exploit of August 30, 2026, Obsidian barely moved. According to DefiLlama, its value locked on Cronos went from about $448,000 on August 29 to about $424,000 on November 14, a drop of 5%. One year earlier, on November 14, 2025, it was about $299,000. Over the same eleven weeks, the Cronos chain as a whole lost about two-thirds of its value locked.
These are small amounts. Obsidian is a minor player next to VVS Finance, whose V2 pools hold about $65 million.
Volume is uneven
DefiLlama counts about $15.3 million of all-time swap volume through Obsidian's aggregator. Monthly volume has swung widely:
- about $1.57 million in January 2026;
- about $186,000 in August 2026;
- about $2.17 million in October 2026, its largest month in DefiLlama's records;
- about $676,000 over the 30 days to November 14.
On the 30-day measure, Obsidian ranked fourth among aggregators tracked on Cronos, behind De1 (about $5.7 million), Wolfswap (about $3.1 million) and LI.FI (about $0.9 million), according to DefiLlama.
The fee
Obsidian charges a 0.4% aggregator fee on each transaction, according to its royalties page. That fee comes on top of the fees of the pools your trade goes through, so on small trades the "best route" may not beat a direct swap on VVS. Compare the final amount before you confirm.
The fee is split in two:
- 50% goes to partner projects whose tokens are traded, if they keep more than $10,000 of locked or burned liquidity on Obsidian;
- 50% is swapped to OBS and burned.
The wiki says Obsidian may change the program "at any time and in our sole discretion".
The OBS token, checked on the chain
OBS launched on October 17, 2025 with a total supply of 10 billion, according to its token launch page. We read the token contract on November 14, 2026:
- Total supply: about 9.962 billion OBS, so about 37.9 million had been burned through the contract.
- About 0.83 million more sat at the burn address
0x…dEaD. - In total, about 0.39% of the initial supply has been removed in thirteen months.
- The contract's owner function returns the zero address, which means no wallet holds owner rights over the token.
Burns are real but small so far. The launch page also says 10% of the supply (1 billion OBS) is held for development and "not meant to go into circulation" unless needed, and may be burned later. Holders can watch whether that happens.
On DexScreener, OBS had a market cap of about $820,000 on November 14, and its main OBS/CRO pool on Obsidian held about $219,000 of liquidity.
What raises questions
- No published audit. We found no audit report in Obsidian's wiki, and DefiLlama lists zero audits. That does not mean the contracts are unsafe, but users have no independent review to rely on.
- Past incidents. As we reported in October, the team dealt with abnormal claims in its Diamonds program in March 2026 and an attempt to abuse its leaderboard in April. Both were stopped, according to the project.
- Contracts can change. The contracts page warns that contract addresses "might change" and that changes will be announced on Discord. Always check addresses before approving a contract.
- A tool without a description. The wiki lists a tool called "Volume MM", whose page had no content on November 14. We do not know what it does.
Our take
Obsidian is small, active and resilient. Its deposits held through a period when much of Cronos DeFi emptied out, and its October volume was a record. Its token contract has no owner, and part of the fees really are burned.
But the fee adds up on small trades, burns are a fraction of a percent so far, there is no published audit, and some tools deserve more explanation. Like any small protocol: check the final quote, keep approvals tight with How to Revoke Token and NFT Approvals on Cronos, and check any token you trade with the free security scanner.
Sources: the Obsidian wiki (token listing, royalties, contracts, OBS launch details, Volume MM), DefiLlama, DexScreener, earlier MemesOnCronos articles and our own reading of the OBS contract on Cronos EVM, all on November 14, 2026. This article is for information only. Always do your own research. Nothing on MemesOnCronos is financial advice.
