Overview
STON.fi is the leading decentralized exchange on the TON (The Open Network) blockchain, the layer-1 chain closely associated with Telegram. Launched in 2023, STON.fi provides automated market maker functionality for TON-native tokens, enabling users to swap, provide liquidity, and farm yields within the TON ecosystem.
TON's unique architecture — based on the actor model with asynchronous message passing between smart contracts — requires DEX implementations fundamentally different from EVM-based AMMs. STON.fi has built its AMM natively for TON's programming model using FunC/Tact smart contracts, adapting the constant-product AMM formula to TON's asynchronous execution environment.
The protocol's growth has been explosive, driven by Telegram's integration with TON for payments, mini-apps, and in-app crypto features. As millions of Telegram users interact with TON tokens for the first time (through Notcoin, DOGS, Hamster Kombat, and other Telegram-native projects), STON.fi has captured the majority of swap volume as the default trading venue.
Smart Contracts
TON-Native Architecture
STON.fi's smart contracts are built in FunC/Tact, TON's native programming languages. The AMM implementation adapts the constant-product formula to TON's asynchronous message-passing architecture, where each smart contract operates as an independent actor. This means swaps involve multiple message hops between contracts — a fundamentally different execution model from EVM atomic transactions.
Router & Pool Design
The protocol uses a router contract that directs swaps to appropriate liquidity pool contracts. Each pool is an independent smart contract managing reserves for a token pair. The asynchronous nature means swap execution involves multiple blocks, introducing complexity around partial execution and failure handling.
Code Maturity
TON smart contract development is significantly less mature than EVM development. The tooling, auditing infrastructure, and developer ecosystem for FunC/Tact are still developing. STON.fi is a pioneer, which means both innovation and elevated risk from working with newer, less battle-tested infrastructure.
Security
Audit History
STON.fi has been audited by CertiK and TON-specialized security firms. However, the TON smart contract auditing ecosystem is far less mature than Ethereum's. Fewer security researchers specialize in FunC/Tact, meaning the depth of security review is inherently less thorough than for equivalent EVM protocols.
Asynchronous Execution Risks
TON's asynchronous execution model introduces unique security considerations. Cross-contract calls are non-atomic, meaning partial failures can leave states inconsistent. STON.fi must handle these edge cases correctly — a class of vulnerability that doesn't exist in EVM AMMs. The protocol has addressed known patterns but the novelty of the architecture means undiscovered vulnerability classes may exist.
Track Record
STON.fi has operated without a major exploit, though its operational history is shorter than established EVM DEXs. The protocol has handled significant volume spikes during Telegram token launches (Notcoin, etc.) without incident, demonstrating operational resilience under load.
Liquidity
Dominant TON Liquidity
STON.fi holds the majority of DEX liquidity on TON, with deep pools for TON/USDT, TON/major tokens, and Telegram-native meme tokens. During major token launches (Notcoin, DOGS, Hamster Kombat), STON.fi has been the primary trading venue, handling massive volume spikes.
Liquidity Growth
Total liquidity has grown rapidly alongside TON ecosystem expansion. The protocol's first-mover advantage and Telegram integration have made it the default venue for new TON token launches, creating a self-reinforcing liquidity cycle.
Limitations
Liquidity is confined to TON-native assets. Cross-chain liquidity is limited to bridged assets (primarily USDT and USDC via TON bridges). The depth of markets for long-tail TON tokens varies significantly, with meme tokens often experiencing high volatility and thin books.
Adoption
Market Dominance on TON
STON.fi commands the largest share of DEX volume on TON, typically 50-70% of all on-chain swap volume. The protocol benefits from deep integration with TON wallets, Telegram mini-apps, and the broader TON ecosystem. For many Telegram users entering crypto for the first time, STON.fi is their first DEX experience.
Telegram-Driven Growth
The Telegram user base of 900+ million represents the largest potential onboarding funnel in crypto. As Telegram deepens its TON integration — with in-app wallets, mini-app games, and social features — STON.fi stands to benefit as the primary liquidity layer. The 2024-2025 wave of Telegram mini-app tokens drove massive volume through STON.fi.
User Experience
STON.fi has invested in UX optimized for mobile-first Telegram users, including simplified swap interfaces, Telegram bot integration, and mini-app compatibility. This accessibility focus differentiates from more complex EVM DEXs.
Tokenomics
STON Token
The STON governance token provides protocol governance, fee sharing, and liquidity mining incentives. The token launched with initial distribution to early users and liquidity providers. Tokenomics details are still evolving as the protocol matures.
Revenue Model
Trading fees (typically 0.3% per swap) generate protocol revenue, split between LPs and the protocol treasury. Volume-driven revenue has grown significantly alongside TON ecosystem adoption.
Early-Stage Considerations
STON tokenomics are still developing. The token's value proposition depends on sustained TON ecosystem growth and STON.fi's ability to maintain dominant market share against competitors like DeDust. Emission schedules and long-term value accrual mechanisms are less proven than established EVM DEX tokens.
Risk Factors
- TON ecosystem dependency: STON.fi's success is entirely coupled to TON blockchain adoption. If Telegram shifts focus or TON loses momentum, STON.fi suffers directly.
- Nascent smart contract infrastructure: FunC/Tact tooling and auditing are less mature than EVM, introducing unknown vulnerability risk.
- DeDust competition: DeDust is a credible competitor on TON that could capture market share.
- Regulatory risk: Telegram's regulatory interactions (past and future) could impact TON ecosystem development.
- Meme token volatility: A significant portion of volume comes from volatile meme tokens with ephemeral interest.
- Centralization concerns: TON's validator set and Telegram's influence over the ecosystem raise decentralization questions.
- Asynchronous execution novelty: Non-atomic swap execution introduces a class of risks unique to TON.
Conclusion
STON.fi is the dominant DEX on TON and stands to benefit enormously from Telegram's ongoing crypto integration. The protocol has executed well — building a functional AMM on a novel blockchain architecture, capturing majority market share, and handling explosive growth from Telegram-native token launches. For the TON ecosystem, STON.fi is essential infrastructure.
The 6.2 score reflects strong adoption and liquidity within its ecosystem, balanced against the inherent risks of building on a newer, less proven blockchain. TON smart contract infrastructure is less mature than Ethereum's, the auditing ecosystem is shallower, and STON.fi's fate is tightly coupled to Telegram's strategic decisions regarding TON. The potential upside is massive — access to Telegram's 900M+ user base — but the risks of a nascent ecosystem are real.