MakiSwap - Exchange Review

MakiSwap launched in 2021 on the Huobi Eco Chain (HECO) as part of the UniLayer ecosystem. It positioned itself as both an automated market maker (AMM) and yield farming platform, with its governance token MAKI driving rewards and swap fees.

Platform concept

Built for fast, low-cost token swaps across HECO, MakiSwap offered AMM pools, farming incentives, and governance through MAKI tokens. Users could stake assets, trade, and earn rewards while contributing to liquidity pools.

Volume and liquidity

Currently, the reported 24-hour trading volume is zero. No active coin pairs or liquidity are detected. Smart contract activity is negligible, with no recent transactions and only minimal reserves locked in pools.

Token metrics

The MAKI token trades at a very low price, around $0.003 USD. Market capitalization is just above $200K, while total value locked remains close to $13K. This shows almost no ongoing participation in the protocol.

Security and regulation

MakiSwap is not regulated. It operates through non-custodial smart contracts without public audits. While users keep control of their assets, there is no formal oversight or legal protection.

Fees and usability

The platform originally charged a 0.2 percent fee per swap. Transactions were intended to be fast and cheap thanks to the HECO chain. However, with no real trading activity, this fee model is now irrelevant. Fiat on-ramps were never part of the design.

Community and trust

MakiSwap has almost no presence on social media or crypto forums. User reviews are absent, traffic is extremely low, and there is no visible community around the project. It has faded from DeFi discussions entirely.

Pros and cons

Pros:

• Built on HECO for low-cost and fast swaps
• Governance token MAKI with staking and reward functions
• Initially offered farming and liquidity incentives

Cons:

• Zero trading volume and no active markets
• TVL under $15K and negligible liquidity
• No audits, regulation, or external verification
• No community presence or user feedback

Final thoughts

MakiSwap started as a promising DeFi project within the HECO ecosystem, but in 2025 it looks abandoned. Liquidity is almost gone, token metrics are weak, and no active development is visible. At this point, the platform functions more as a leftover experiment than a real exchange. Use it only if you fully understand the risks and are prepared for potential loss.