Top 10 Decentralized Exchanges (DEXes) on TON for Trading, Bridging, and Earning Rewards

Decentralized exchanges, or DEXes, are crucial pillars of the Web3 landscape, empowering users to trade cryptocurrencies directly from their wallets

Decentralized exchanges (DEXes) are a cornerstone of the Web3 landscape, offering users the ability to trade cryptocurrencies directly from their wallets without the need for a central governing entity, unlike their centralized counterparts (CEXes).

DEXes are characterized by their decentralization, smart contract functionality, and non-custodial operations, ensuring that 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