TONSWAP is a new DEX and launchpad planned on the TON blockchain, aiming to fix poor UX and low liquidity in TON DeFi. With Telegram integration, $100M projected funding, and a meme-savvy brand, it positions itself as the ecosystem’s go-to trading hub with seamless access and deep liquidity.
The team behind Soramitsu is working on TONSWAP, a decentralized exchange (DEX) and launchpad on the TON blockchain. The project aims to capitalize on the growing interest in the ecosystem following its announced convergence with Telegram.
The TON ecosystem leverages Telegram’s massive global reach—over 1 billion monthly active users and seamless wallet integration—to drive rapid Web3 adoption. Fueled by the rise of Telegram Mini Apps, which now boast over 500 million monthly users, TON is experiencing organic growth across social and gaming verticals. With 43 million active wallets and 30,000 new wallets added daily, users gain direct access to DeFi within the app. The platform also benefits from explosive growth in GameFi and AI integration, with over 340 million Mini App gamers, 20+ million AI-powered app users, and a thriving community of more than 1,200 active AI builders.
However, DeFi activity on TON remains limited compared to other blockchains, with lower trading volumes and fewer yield farming opportunities. The ecosystem is still in an early stage of development in this area.
STON.fi is currently the largest decentralized exchange on the TON blockchain, dominating the ecosystem in trading volume, user adoption, and liquidity. With over 4 million unique wallets and more than 700 trading pairs, it accounts for approximately 90% of all DEX transactions on TON. Its daily trading volume has peaked at $43.4 million, with a monthly average of $425 million and a total value locked (TVL) of $370 million. While impressive for a growing ecosystem, these figures still trail major DEXs on Ethereum (e.g., Uniswap) and Solana (e.g., Raydium and Jupiter), reflecting the greater maturity of those networks.
STON.fi continues to expand with a strong focus on interoperability and user experience. It is integrated with native TON wallets such as Tonkeeper and TON Space, enabling seamless token swaps and liquidity provision. The team is actively developing cross-chain functionality, with plans to integrate with networks like TRON and Polygon, further positioning STON.fi as a key infrastructure layer in TON’s journey to becoming a connected and versatile blockchain.
Other DEXs on TON include DeDust and Megaton Finance. DeDust, with a comparable TVL of about $379 million, shows solid liquidity but lags behind STON.fi in user activity and transaction volume. Megaton Finance is also gaining momentum, recently surpassing 2.8 million TON tokens in TVL. While these platforms are growing, they serve more niche or complementary roles, with STON.fi maintaining a clear lead as the network’s flagship DEX.
TONSWAP enters this space with a focus on delivering a standout user experience and brand identity—two areas where current TON DEXs fall short. It offers a clean, user-friendly interface accessible across multiple devices and is designed to function seamlessly as both a Telegram Mini App and through API access.
In addition to addressing core UX issues, TONSWAP will include an integrated launchpad—a strategic feature that allows new projects to raise capital and build communities directly on the platform, fostering broader ecosystem growth.
But the cornerstone of any DEX’s success is its liquidity. TONSWAP is strategically positioned to become the primary liquidity hub for the TON ecosystem by aggregating liquidity from multiple sources to ensure optimal trading efficiency. Rather than relying on isolated pools, TONSWAPl connects diverse liquidity providers, offering users the best available prices network-wide. This aggregation enhances the trading experience with deeper markets, tighter spreads, and reduced slippage—critical features for serious traders.
To power this liquidity engine, TONSWAP is launching with nearly $100 million in fully diluted valuation (FDV) across four funding rounds.
These include a $0.5 million pre-seed at a $10 million FDV, progressing through seed, private, and public rounds with increasing valuations. This structured raise ensures deep liquidity from the start, rewarding early supporters with favorable token pricing while maintaining a sustainable long-term outlook.
In its marketing, TONSWAP smartly taps into the TON ecosystem’s viral culture by playfully twisting Notcoin’s iconic slogan “Probably Nothing” into its own brand messaging. This clever adaptation connects directly with the community’s meme-driven ethos and reinforces TONSWAPl’s identity as a project deeply rooted in the shared language and humor of Telegram-native Web3 culture. Still, this simple mission has a long journey ahead.
TONSWAP’s roadmap is organized across four phases, beginning with liquidity bootstrapping via a Tap-to-Earn campaign in Q2–Q3 2025. Phase 2, in Q3–Q4 2025, will focus on Telegram Mini App community testing. In Phase 3, scheduled for Q4 2025, TONSWAP will go live with farming incentives, which will continue for three years. Finally, Phase 4, planned for Q1–Q2 2026, will introduce API integrations to drive further growth and developer adoption.
Added to our Observation list.