Overview
HebeSwap is a decentralized exchange built on the Ethereum Classic blockchain. It launched in 2021 to support swaps between ETC, WETC, and a few ERC-20 tokens. The platform runs fully on smart contracts without custody or central order books. By mid-2025, daily volume stays under 70 USD, with TVL fluctuating between 150,000 and 350,000 USD.
Ethereum Classic Focus
HebeSwap was designed to be the go-to DEX for the Ethereum Classic network. Liquidity is thin, supported tokens are few, and user activity is very low compared to mainstream DeFi protocols. It mainly serves the ETC community and developers experimenting in this ecosystem.
Features and User Flow
Users connect Web3 wallets like MetaMask to swap tokens. The AMM model charges a 0.30% fee that goes to liquidity providers, plus ETC gas fees. The interface is minimal and assumes users are already familiar with ETC transactions.
Volume, Liquidity and TVL
Trading activity is minimal with daily volume often under 70 USD and only a few swaps per day. TVL remains in the 150k–350k USD range, mainly in ETC-linked pools. Active pairs include ETCPOW/WETC, USC/WETC, and HEBE/WETC, all suffering from shallow liquidity.
Security and Decentralization
HebeSwap is non-custodial, with trades executed directly on-chain. Users control their funds, and no KYC is required. However, the protocol has no public audits, making its trust level dependent on the Ethereum Classic network and the HebeBlock team.
Reputation and Ecosystem
The exchange is confined to the ETC ecosystem. The HEBE token offers staking incentives and governance, but adoption remains minimal. Reviews are rare, and use outside of the ETC niche is nearly nonexistent.
Pros and Cons
- Pros: Simple non-custodial AMM; Supports ETC, WETC, and some ERC-20 tokens; HEBE token incentives for liquidity providers.
- Cons: Extremely low daily volume; Very few pools; Shallow liquidity and low TVL; No fiat or derivatives; No audits and limited adoption.
Who Might Use HebeSwap
The platform is only practical for ETC enthusiasts, token holders, and developers experimenting within the network’s small DeFi space. It is not suitable for regular traders needing liquidity, fiat access, or a wide range of assets.
Final Thoughts
HebeSwap is a micro DEX serving a narrow audience. It works smoothly on Ethereum Classic but offers limited utility and low activity. For most traders, it has little value, while loyal ETC users see it as a niche tool in their ecosystem.