Two projects with alternative trade execution models and a new derivatives DEX were introduced to TON this quarter.
•ION Finance is the first concentrated liquidity DEX on TON that employs an order execution model based on a “bin” system within its Hybrid Order Book AMM. This system allows liquidity providers to allocate their funds into specific price segments, or bins, making liquidity more efficient and reducing slippage. Each bin represents a distinct price point, ensuring that liquidity is concentrated where it is most needed. This method optimizes returns for liquidity providers by focusing their capital in high-demand areas and enhances the trading experience by offering better prices and more efficient trades.
•DEX Diamonds, a new jetton DEX aggregator, has launched its Telegram Mini App. The platform aggregates liquidity from STON.fi and DeDust. DEX aggregators like DEX Diamonds work by combining liquidity from multiple decentralized exchanges into one platform. This approach provides users with better token prices and lower slippage due to the increased aggregated liquidity compared to individual DEXs. Additionally, DEX aggregators simplify the trading process by allowing users to execute trades across various DEXs without needing to compare prices or navigate multiple interfaces manually. This results in a more efficient, cost-effective, and user-friendly trading experience, making it easier for traders to find the best rates and execute larger trades seamlessly.
•Tradoor is a new derivatives DEX on TON, designed to provide seamless and efficient trading experiences for users with up to 100x leverage on its Bitcoin and Ethereum Perpetuals. Tradoor presents itself as NDMM, or Normal Distribution-Based AMM. NDMM is a unique pricing mechanism that leverages advanced mathematical models to ensure efficient pricing, enhancing trading and LP experience. The NDMM mechanism calculates the deviation rate for each trading pair based on the difference between long and short positions and then determines the premium rate using a normal distribution function. This approach ensures that liquidity providers always act as passive counterparties, transacting at a consistent price, which mitigates risks and maintains market stability.
Other Top DEXes in The Open Network (TON) ecosystem include:
•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.
•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.
•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.
•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.
•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.
•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.