STON.fi v2 Review - Native DEX Built for the TON Ecosystem

What It Is

STON.fi v2 is a decentralized exchange running directly on the TON blockchain. It's built for native swaps between TON assets. No CEX, no wrappers - just straight smart contracts. The idea is to keep things simple, fast, and on-chain. It’s one of the few platforms that tries to go all-in on TON. That makes it interesting - and very niche.

How It Works

You connect your wallet and pick a token. The interface shows rates and fees - then the swap goes on-chain. STON.fi v2 runs its own AMM pools. That means you're trading against liquidity locked by other users. No limit orders or order books - this is pure DEX territory. But the UX is surprisingly clean for a blockchain this new.

Speed and Performance

Transactions confirm fast. TON is built for quick finality, and STON.fi takes full advantage. You get swaps in under 10 seconds most of the time. That’s faster than most EVM chains. Gas fees are minimal - usually just fractions of a cent. It works well, even on mobile

Liquidity and Volume

Here’s the catch - not much action yet. Daily volume hovers around a few hundred thousand dollars. TON-USDT pairs see most of it. Other pools look pretty shallow. STON.fi v2 is trying to grow liquidity, but it’s still early. Big trades can cause big slippage.

Bridges and Cross-Chain

STON.fi integrates some bridges for assets like USDT. These tokens often come wrapped from other chains. It’s not full cross-chain magic - but it gets the job done. Still, trust in the bridge tech is a must. This part feels fragile. One wrong link could mess up a lot.

Security and Transparency

The contracts are open-source and verified. That’s a good start. TON smart contracts aren’t as widely audited as Ethereum ones. But the basics check out. No KYC, no middlemen - just wallet to wallet. That’s how a DEX should be.

What’s Good

• Fully on-chain TON-native swaps
• Clean UI with fast confirmations
• Low fees and light gas use
• Bridge support for wrapped tokens
• Open contracts with public repo

What’s Missing

• Very low trading volume
• No pro tools or charts
• Bridges add risk
• Liquidity is still thin
• Not yet battle-tested at scale

Final Thoughts - A Quiet but Promising TON DEX

STON.fi v2 is clean, fast, and functional. If you're already in the TON space, it's worth using. But don’t expect deep liquidity or fancy tools. It’s a niche product for a niche chain. The basics work - and that’s a solid start. Just know the limits before you dive in.