Overview
STON.fi is a decentralized AMM-based exchange launched on the TON blockchain in late 2022. It offers intuitive token swaps, low to zero fees, seamless integration with TON native wallets including Telegram, support for over 400 liquidity pools and innovative cross-chain mechanisms. By early 2025 it had processed over 6 billion USD in trading volume and tens of millions of transactions.
STON.fi - The Heart of DeFi on TON
STON.fi started in 2022 with a clear goal: simplify DeFi by bringing token trades and liquidity directly into the TON ecosystem, including Telegram users. From the beginning, it focused on trustless swaps, zero custody and wallet-based trading powered by RFQ matching and atomic HTLC contracts. Over time it scaled quickly, reaching more than 1,500 pools, 50,000 active wallets per month, daily volume peaks of 3.8 million USD and a TVL of 7.3 million USD by early 2024.
Features and Interface
Users connect via TON wallets such as the Telegram wallet or Tonkeeper to swap tokens using a clean, low-slippage AMM interface. Fees are nearly zero thanks to TON's low gas design, and slippage stays minimal through optimized routing and deep liquidity. Version V2 introduced safer pool creation, new pool types like Weighted and StableSwap pools, and SDK support for referrals and AMM features. STON.fi trades through an RFQ model that taps market makers for the best prices, settling via hashed timelock contracts. This enables secure cross-chain swaps without wrapped tokens or bridges, keeping execution atomic and reducing third-party risk.
Trading Volume and Liquidity
By mid-2025 STON.fi had handled more than 6 billion USD in total volume across 27 million transactions, dominating TON DeFi with around 80 percent of the network's TVL and unique wallet activity. While volumes fluctuate, past peaks have exceeded 3 million USD daily, with consistent action across hundreds of pools.
Security and Innovation
STON.fi V2 contracts have been audited by top firms, enhancing trust and security. Pools are designed to block sniper bot attacks and allow safe one-click liquidity provision. In March 2025 the protocol rolled out Impermanent Loss Protection for selected pools, becoming the first DEX on TON to offer this safeguard. Usage spiked after the feature launch.
Tokenomics and Governance
The native token, STON, has a capped supply of 100 million. Staking STON gives users governance NFTs (Arkenston) and engagement tokens (Gemston) that unlock voting rights and participation rewards. Governance is run through STON.fi DAO, allowing the community to propose and vote on decisions.
Pros and Cons
- Pros: Fully decentralized with non-custodial control; Ultra-low fees and minimal slippage using TON architecture; Secure audited contracts and impermanent loss protection; Over 400 pools and cross-chain swaps without bridges; Deep integration with Telegram and TON wallets plus developer SDK.
- Cons: Limited to the TON ecosystem with few cross-chain options; Interface assumes some blockchain experience, which may deter newcomers; Liquidity is moderate and large trades can face slippage outside major pools; No fiat gateways or margin trading options yet.
Ideal Users
STON.fi is ideal for DeFi enthusiasts and Telegram-based users on TON who want fast, cheap swaps and liquidity provision. It appeals to yield seekers, project teams integrating with its SDK and blockchain-savvy individuals. Those needing fiat access, leverage or tokens outside TON will need other platforms.
Final Verdict
STON.fi stands out as the main decentralized exchange on TON - secure, fast, low-cost and deeply connected to the TON and Telegram ecosystem. With cross-chain swaps, developer tools, advanced protection features and DAO governance, it continues to innovate rapidly. While it lacks fiat rails and stays TON-focused, it remains the go-to platform for active DeFi users seeking a responsive and progressive DEX.