Decentralized exchanges, or DEXes, are crucial pillars of the Web3 landscape, empowering users to trade cryptocurrencies directly from their wallets without the need for a central governing entity, unlike their centralized counterparts (CEXes).
DEXes stand out due to their core attributes: decentralization, smart contract functionality, and non-custodial operations, ensuring users retain full control over their funds within their wallets.
As the DEX market continues to expand with fresh innovations and technological advancements, The Open Network (TON) ecosystem is no stranger to this growth. Recently, TON has seen a significant rise in various projects, including DEXes. This article highlights the top ten decentralized exchanges on TON for trading, bridging, and earning rewards through liquidity provision.
Ston.Fi
STON.Fi is a decentralized automated market maker (AMM) DEX built on the TON blockchain, offering users a secure and efficient way to exchange assets within the TON ecosystem. It also operates on Telegram as a bot.
The platform boasts virtually zero trading fees and low slippage, making it a cost-effective option for token swaps. Users can stake tokens and add liquidity to the DEX to earn rewards in $STON.
Fully integrated with TON wallets, STON.Fi allows users to manage and execute transactions directly on the platform. It also provides gas-free transactions by deducting fees from the token being swapped.
STON.fi’s native token, $STON, boasts a market cap exceeding $16 million, reflecting an impressive rise of 1101.65% since launch. Its peak value reached $32.65, while its lowest dipped to $0.00003032, according to CoinMarketCap:
Leveraging Hash Time Locked Contracts (HTLCs), Ston.fi ensures secure cross-chain operations. HTLCs enable conditional payments between two parties through a combination of hash locks and timelocks. The process involves the sender locking funds in a contract and giving the recipient a hash value. The recipient reveals the preimage to claim the funds before the timelock expires; otherwise, the sender reclaims them if the time runs out.
June 2024 marked a milestone for STON.fi, surpassing one million unique users. It’s now the top choice for TON blockchain users, with 84% of all DEX users on TON preferring STON.fi, and 58% of TON’s liquidity concentrated on its platform.
STON.fi has achieved a remarkable daily transaction volume of $43.4 million, the highest ever for both STON.fi and any other DEX on the TON blockchain.
The platform plans to expand its cross-chain functionality, beginning with integrations for TON and TRON, followed by Polygon and other EVM-compatible chains. This will allow users to swap assets across multiple blockchain networks.
The team behind the project includes:
– Mike Fedorov, Co-founder
– Stanislav Bazilevich, Co-founder and COO
– Slavik Baranov, Co-founder and CEO
– Dmitry Baranov, Middle Backend Developer
– Daniil Ivanov, Community Manager
– Maksim Komarinets, Business Development Manager
– Timur Lolaev, Frontend Developer
DeDust.io
DeDust.io is another decentralized exchange (DEX) and automated market maker (AMM) built natively on the TON Blockchain. The platform emphasizes user experience, gas efficiency, and extensibility, providing users token-swapping experience with minimal fees.
It also allows users to contribute liquidity to its pools for reward, stake tokens to earn tokens, and bridge services that connect Ethereum and the TON blockchain, facilitating easy transfers of WBTC and stablecoins. Currently, DeDust is not accessible as a mini-app on Telegram.
The DEX has taken a unique approach to token swapping by moving beyond the traditional single asset type model. Instead of relying on wrapped native coins, which can be gas-intensive and limit the types of assets that can be traded, DeDust has introduced an innovative asset abstraction layer.
This abstraction layer allows DeDust to seamlessly integrate and facilitate swaps between various asset types, including native coins and tokens from other blockchain networks. By not being tied to a specific asset type, such as ERC-20 tokens on Ethereum, DeDust can offer a more streamlined and efficient swap process.
DeDust.io has a significant amount of tokens listed, making it one of the largest AMM DEXes on the TON Blockchain. The platform offers various trading pools, such as the TON/USDT pool with a total value locked (TVL) of $289.6 million.
It has a native token called $SCALE which is used as a reward for users and other functions. $SCALE has a market cap of over $100 million. Although detailed records of the DeDust team are scarce, the creator of Scaleton, also developed DeDust.
TON Diamonds DEX
TON Diamonds DEX is a DeFi platform with a decentralized exchange (DEX) aggregator option built on the TON Blockchain. The platform aims to provide users with a streamlined token trading experience, offering access to the best market prices across multiple DEXes, including Ston.fi and DeDust.
TON Diamonds DEX aggregates liquidity from these different DEXes, allowing users to find the most favorable rates for their token swaps. The platform also features visual charts to help users better understand market dynamics and make informed trading decisions.
Beyond the DEX aggregator, TON Diamonds is a comprehensive Web3 platform. It combines a curated marketplace for digital artists with its own NFT collection and governance token, Glint Coin. This integrated approach allows the platform to offer a diverse range of DeFi and NFT-related services within the TON ecosystem.
The TON Diamonds DEX is designed to be user-friendly, with a focus on gas efficiency and a smooth trading experience. Users can access the platform through the TON Diamond App while the DEX option is accessible via Telegram as miniapp.
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Storm Trade
Storm Trade is a TON-based decentralized perpetual futures exchange that allows users to trade a wide range of assets, including cryptocurrencies, stocks, forex, and commodities, with leverage of up to 100x. The platform, founded by Denis Vasin, is designed to provide a user-friendly and engaging trading experience, particularly for those who prefer to operate within the Telegram messaging app.
Aside from being integrated with Telegram, which enables users of over 900 million to execute trades directly from the popular messaging platform without the need to leave the app, the platform also offers instant price updates and market condition notifications to keep traders informed about the latest developments.
It also incorporates various social-fi mechanics, such as trading tournaments, NFT collections, and copy trading features. These elements aim to make the trading experience more enjoyable and interactive for users.
The Storm Trade ecosystem is built around the native STORM token, which serves multiple purposes. Token holders can stake their STORM to receive a portion of the trading fees collected by the protocol.
This creates a revenue-sharing model that incentivizes long-term participation. Additionally, STORM tokens are used for governance, allowing the community to have a say in the platform’s future development. It currently has a TVL of $23.9 million. Recently, the project added new trading pairs to its list – $BNB, $WIF, and $PEPE.
Megaton Finance
Megaton Finance is a decentralized exchange (DEX) built on the TON blockchain that aims to transform the DeFi landscape within the TON ecosystem. As one of the first autonomous financial protocols on TON, Megaton Finance brings the features of an Automated Market Maker (AMM) DEX, and a scalable multi-chain protocol to the TON network to deliver a user-friendly trading experience.
At the core of Megaton Finance is the MEGA token, which serves as the platform’s governance token. MEGA token holders can participate in the protocol’s decision-making process and earn rewards for providing liquidity to the various trading pairs.
The token distribution model is designed to incentivize community participation, with the majority of the supply allocated to liquidity providers. It has a market cap of over $1 million while its supply, circulating supply, and total burned tokens are 99,737,499, 16,106,667.73, and 262,500 respectively.
One of Megaton Finance’s main strengths is its ability to connect the isolated TON blockchain with other Layer 1 blockchain like Ethereum. It uses the WTON Gateway to convert TON into wrapped tokens (WTON) and leverages the Orbit Bridge for cross-chain asset transfers.
Megaton Finance secured $1.5 million in seed funding from TONcoin.Fund, the main incubator and accelerator for the TON ecosystem to further its vision.
Although no mention of the team members, Ozys, KLAYswap, Meshswap, Orbit Bridge, Belt Finance, and KLAYstation are listed as backers of the project.
The platform has also established partnerships with notable investors and exchanges such as Swan Labs, Mesh Swap, TON Society, Trinity Block, TonStarter, and more.
Mars DEX
Mars DEX is an all-in-one decentralized exchange (DEX) built on the TON blockchain that offers a unique set of features to enhance the user trading experience. One of its key advantages is providing access to a wide range of tokens on the TON chain, including those that may not have the financial resources to be listed on other prominent DEXes like Ston.fi and DeDust.
The platform combines the functionalities of Ston.fi and DeDust into a single platform. This allows users to access the liquidity and trading options of both DEXes. Mars DEX boasts a fast wallet connection process and swift token-swapping capabilities.
Another notable feature of MARS DEX is the ability to view profit and loss (PNL) for all completed swaps, providing users with valuable insights into their trading performance. The platform also offers access to new tokens and can be accessed as a mini-app on Telegram.
Swap Coffee
Swap.coffee is a TON-based DEX designed to provide users with a comprehensive and efficient token trading experience. It functions as an aggregate that connects liquidity on other DEXes such as DeDust and Stone.Fi.
Swap.coffee also facilitates cross-chain transactions where users can engage in trades across different blockchain networks. The platform also plans to introduce advanced functionalities, including limit orders on AMM DEXes, DCA (Dollar Cost Averaging) orders, and the launch of its own token launchpad and earning platform.
Swap.coffee is built on the principle of a “one-stop shop” for all token-related activities on the TON blockchain. The platform aims to streamline the user experience by providing a comprehensive suite of tools and services, from token swapping to token issuance and liquidity management.
The project has a unique tokenomics model, where token holders can earn a share of the protocol’s profits. Additionally, a portion of the tokens was distributed through a fair launch, with the team currently holding 0% of the total supply.
Swap.coffee is actively participating in the TON ecosystem, including the Token Minor League and App League competitions. It recently partnered with DYOR.ninja as a data provider to enhance its user experience but is yet to be accessible via Telegram as a mini-app.
Kibble Exchange
Kibble Exchange is a DeFi hub built on the TON blockchain. Kibble serves as a one-stop-shop for all DeFi activities on the TON blockchain. It offers a suite of tools and services integrated within a user-friendly interface, including the Kibble AMM (Automated Market Maker), Kibble Launchpad, Kibble Staking, and Kibble Mini-Apps.
The Kibble AMM is a decentralized exchange that allows users to swap tokens with virtually zero trading fees and low slippage. It aggregates liquidity from various sources to ensure the best market prices for users.
Kibble’s staking feature enables users to earn rewards by locking up their tokens. While users cannot yet access the platform as a mini-app via Telegram, Kibble launched its tapping Telegram-based game to reward its community with $KIB tokens.
ION Finance
ION Finance is a decentralized exchange (DEX) built on the TON blockchain to provide users with an easy-to-use trading experience. It operates as a full-fledged DEX where users can swap tokens, provide liquidity, and participate in the decentralized finance (DeFi) ecosystem on the TON blockchain.
The platform offers a wide range of trading pairs, including TON and wrapped TON (wTON), enabling users to easily exchange these assets. Similar to other DEXes, it integrates with other aggregators on the TON network, such as STON.fi and DeDust.io, to provide users with access to a broader range of trading options.
Although it is not accessible as a mini-app on Telegram, it has amassed a good following on Twitter and Telegram. ION Finance has also established partnerships with notable investors and exchanges within the TON ecosystem such as. Its mainnet was launched on May 1, 2024.
Snapster Trading
Snapster Trading is a trading mini-app on Telegram and built on the TON blockchain. It is designed to allow users to trade memecoins and other popular tokens.
Using mini-apps format, it offers a user-friendly interface that makes it easy for users to find trending tokens, check charts, and execute trades quickly.
One of the standout attributes of Snapster Trading is its points farming system. Users can earn Snapster Points by claiming daily bonuses, completing quests, and inviting friends to the platform before the day of the launch.
These points can be redeemed for rewards, adding an engaging gamification element to the trading experience.
