ONUS Chain’s DEX That Lost Its Steam
MiaSwap launched in late 2022 as the flagship automated market maker (AMM) on ONUS Chain. It promised swaps, liquidity pools, yield farming, and a deflationary token model with MIA. Early traction was promising with TVL peaking at $6.7 million, but activity has since collapsed.
Features with No Users
The exchange offers a swap interface with a 0.25% fee distribution, liquidity pools, Mining Pools for staking MIA and ONUS, and governance mechanisms. Burns and vaults were planned to support token value. Despite the feature set, user engagement remains negligible.
Current State in 2025
Trading volume sits near $3,300 per day, market cap for MIA hovers around $112K, and liquidity pools remain shallow. While the protocol is still live, activity is minimal and governance is inactive. It continues to run technically but has little real usage.
Signs of Dormancy
- Order books invisible and no new token listings
- Social media and forums show minimal engagement
- Governance and community incentives remain stagnant
- Wallet holder numbers extremely low
Quick Facts
| Feature | Status / Details |
|---|---|
| Launched | Late 2022 on ONUS Chain |
| Functionality | Swap, farming, staking, token burns |
| TVL | ~$6.7M at peak; very low now |
| Daily Volume | ~$3K–4K |
| Market Cap | ~$112K (MIA token) |
| Token Mechanics | Deflationary model, farming rewards |
| Liquidity | Very low |
| Community | Sparse and inactive |
Why It Faded
MiaSwap had tools, tokenomics, and a chain backing it. But it failed to keep traders engaged. Without liquidity and community involvement, even feature-rich platforms struggle. Governance has stalled, and trading interest has all but vanished.
Final Thoughts
MiaSwap still exists on ONUS Chain, but it is far from thriving. Early promise faded as user traction disappeared. It serves more as a quiet on-chain experiment than a competitive DEX. For most traders, there is little reason to use it today.