Overview
DeDust is a decentralized exchange built natively on the TON blockchain, offering automated market maker functionality with both volatile (constant-product) and stable (stableswap) pool types. Launched in 2023, DeDust competes directly with STON.fi for TON DEX market share and has established itself as the second-largest trading venue on the chain.
The protocol's architecture is designed for TON's unique asynchronous execution model, with smart contracts written in FunC. DeDust differentiates through its dual-pool design — offering Uniswap-style volatile pools alongside Curve-style stable pools optimized for pegged asset swaps. This versatility makes DeDust suitable for both standard token trading and stablecoin exchanges within the TON ecosystem.
DeDust has benefited from the same Telegram-driven TON adoption wave as STON.fi but has captured a smaller share of the overall market. The protocol focuses on developer experience and SDK tooling to attract builders integrating DEX functionality into TON applications.
Smart Contracts
Dual-Pool Architecture
DeDust's smart contracts implement two pool types: volatile pools using the constant-product (x*y=k) formula for standard token pairs, and stable pools using a stableswap invariant optimized for similarly-priced assets. The factory contract creates and manages both pool types, with a router handling swap routing across pools.
TON-Native Implementation
Like all TON DEXs, DeDust's contracts are built for TON's actor-model architecture where each contract is an independent actor communicating via messages. Swap execution involves multi-step message chains between router, pool, and token contracts. DeDust's implementation handles the asynchronous execution patterns required by TON.
SDK & Developer Tools
DeDust has invested in developer tooling, providing TypeScript SDKs and integration libraries that make it easier for TON developers to integrate swap functionality into their applications. This developer-focused approach aims to capture B2B integrations.
Security
Audit Status
DeDust has undergone security audits from TON-focused security firms. The dual-pool architecture requires separate security analysis for volatile and stable pool math. As with all TON protocols, the audit ecosystem is less deep than Ethereum's.
Asynchronous Risks
The same asynchronous execution risks that affect all TON DEXs apply to DeDust. Non-atomic swap execution, multi-message chains, and partial failure handling create a unique attack surface. DeDust's implementation addresses known patterns but the novelty of TON smart contracts means the security landscape is still being mapped.
Operational History
DeDust has operated without a major exploit since launch. The protocol has handled volume spikes during major TON token events without incidents. The shorter operational history compared to EVM DEXs provides less confidence than years-long track records.
Liquidity
Pool Depth
DeDust holds meaningful but second-tier liquidity on TON. Major pairs (TON/USDT, TON/stablecoins) have reasonable depth, but STON.fi generally has deeper pools for equivalent pairs. The stableswap pools provide competitive execution for stablecoin-to-stablecoin trades on TON.
Competitive Position
Being second in a two-DEX market means DeDust captures overflow volume and users who prefer its interface or specific pool offerings. Some tokens may have deeper liquidity on DeDust due to partnership or incentive arrangements, but STON.fi's overall liquidity lead is significant.
Growth Trajectory
Liquidity has grown alongside the TON ecosystem but at a slower rate than STON.fi. The stable pool offering provides a differentiation angle — pegged asset trades can be more efficient on DeDust's stableswap pools than STON.fi's standard AMM.
Adoption
Market Share
DeDust captures approximately 20-35% of TON DEX volume, with STON.fi taking the majority. The market share has fluctuated but DeDust has maintained a meaningful presence as the primary alternative to STON.fi.
Developer Adoption
DeDust's SDK and developer tools have attracted integrations from TON mini-apps and wallets. The developer-focused strategy could pay dividends as the TON ecosystem matures and more applications need embedded swap functionality.
User Base
DeDust's user base includes TON DeFi participants who either prefer DeDust's interface, benefit from its stable pools, or use it alongside STON.fi for price comparison. The user base is growing but remains smaller than STON.fi's.
Tokenomics
SCALE Token
DeDust's native token SCALE provides governance and utility within the protocol. The token is used for liquidity incentives and protocol governance. Tokenomics details are still developing as the protocol evolves.
Revenue Generation
Trading fees from both volatile and stable pools generate protocol revenue. The dual-pool model allows DeDust to capture fees from both standard trading and stablecoin swaps, diversifying revenue sources.
Maturity
Like all TON DeFi tokens, SCALE is early-stage with developing utility and unproven value accrual mechanisms. Long-term tokenomics depend on DeDust's ability to grow market share and the broader TON ecosystem maturation.
Risk Factors
- Second-mover disadvantage: STON.fi's dominance in TON DEX market share is difficult to overcome due to network effects.
- TON ecosystem dependency: Success is entirely coupled to TON blockchain adoption and Telegram's crypto strategy.
- Nascent infrastructure: FunC smart contract tooling and auditing are less mature than EVM equivalents.
- Liquidity fragmentation: Splitting TON DEX liquidity between STON.fi and DeDust may harm both protocols' execution quality.
- Regulatory risk: Telegram's regulatory history creates uncertainty for the entire TON ecosystem.
- Stableswap niche: The stableswap differentiation is valuable but addresses a smaller market than general trading.
Conclusion
DeDust is a competent TON DEX that provides healthy competition to STON.fi and a viable alternative for TON ecosystem participants. The dual-pool architecture with both volatile and stable pools is technically sound, and the developer-focused approach with SDK tooling could drive integration-based growth. For stableswap trades on TON, DeDust may offer superior execution.
The 5.6 score reflects solid technical foundations and meaningful adoption, constrained by the second-mover position behind STON.fi and the inherent risks of the nascent TON DeFi ecosystem. DeDust's path to greater success likely runs through developer integrations and stableswap dominance rather than directly challenging STON.fi for general trading volume.