STON.fi v2 Crypto Exchange Review: Fast, Cheap, and Built for TON
Dec, 19 2024
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Most crypto exchanges try to be everything to everyone. They support dozens of blockchains, hundreds of tokens, and complex interfaces that feel like trading terminals from 2017. But STON.fi v2 does the opposite. It doesn’t care about Bitcoin, Ethereum, or Solana. It only cares about one thing: making trading on The Open Network (TON) as fast, cheap, and simple as possible.
What Is STON.fi v2?
STON.fi v2 is a decentralized exchange built entirely for the TON blockchain. It launched in 2022 as a basic AMM (automated market maker) and got completely rebuilt in 2024. This isn’t a tweak. It’s a full rewrite. The team removed every piece of code that wasn’t native to TON. No bridges. No wrappers. No cross-chain hacks. Just pure TON.That means if you’re holding TON, USD₮, NOT, MAJOR, or STON tokens, this is the fastest, cheapest place to swap them. You don’t need to bridge from Ethereum or wrap your assets. You connect your Tonkeeper or OpenMask wallet and trade directly on TON’s blockchain.
The whole thing runs in your browser. No app download. No KYC. No email signup. You don’t even need to know what DeFi means to use it. That’s the point.
How Fast and Cheap Is It?
Let’s cut to the chase: STON.fi v2 is fast. Like, stupidly fast.Most swaps finish in under 10 seconds. That’s faster than loading a webpage on a slow phone. On Ethereum, you’re waiting 30 seconds to 5 minutes for a swap, paying $1 to $5 in gas. On STON.fi, you pay fractions of a cent. Officially, the platform lists fees at 0.00%. In practice, you’re paying around $0.001 to $0.003 per trade - barely enough to matter.
That’s not marketing fluff. It’s a direct result of TON’s architecture. TON handles 100,000+ transactions per second with instant finality. STON.fi v2 taps into that. There’s no congestion. No priority fees. No waiting for miners. You click swap, and it’s done.
Compare that to Uniswap on Ethereum, where a $500 swap might cost you $2 in gas. Or PancakeSwap on BSC, where fees are low but still 0.1% per trade. STON.fi v2 beats both on speed and cost - if you’re trading TON tokens.
What Tokens Can You Trade?
Here’s the trade-off: speed and low fees come with a narrow selection.STON.fi v2 lists around 20 to 30 tokens. That’s it. You won’t find Shiba Inu, Chainlink, or Polygon here. You won’t even find most meme coins from other chains. The list is focused: TON, USD₮, NOT, MAJOR, STON, and a handful of other TON-native tokens like JET, GEM, and TONCOIN.
Why so few? Because the team isn’t trying to be the biggest DEX. They’re trying to be the best DEX for TON. Every token listed is part of the TON ecosystem - built by teams working with Telegram, Tonkeeper, or TON Foundation. It’s a curated list, not a dump.
If you’re holding NOT tokens from the Telegram mini-app ecosystem, or MAJOR from the TON-based gaming project, this is your only real place to trade them without bridging. For TON users, that’s a huge advantage.
How Does It Work?
Using STON.fi v2 is easier than ordering coffee online.- Go to ston.fi in your browser (Chrome, Safari, Firefox - doesn’t matter).
- Click “Connect Wallet” and pick Tonkeeper, OpenMask, or another TON wallet.
- Choose the token you want to swap (e.g., TON to USD₮).
- Enter the amount.
- Click “Swap.”
- Confirm in your wallet.
- Done. In 5 seconds.
No slippage settings to adjust unless you’re trading a tiny pool. No price impact warnings screaming at you. The interface is clean, white, and silent. It doesn’t overwhelm you. It doesn’t need to.
The only advanced feature is the impermanent loss calculator - something most DEXs hide behind layers of menus. STON.fi puts it right on the swap screen. If you’re providing liquidity, you can see exactly how much you might lose if prices swing. That’s thoughtful design.
Liquidity and Slippage: The Catch
Here’s where STON.fi v2 starts to show its limits.As of October 2024, daily trading volume sits between $300,000 and $500,000. That’s tiny compared to Uniswap’s $2 billion+ daily volume. Most of that volume is in the TON-USDT pair. Other pools - like NOT-USD₮ or STON-TON - are shallow.
What does that mean for you? If you try to swap more than $5,000-$10,000 in a less liquid pair, you’ll get hit with slippage. Like, 2% to 5% slippage. That’s a $200-$500 loss on a $10,000 trade. Not ideal.
STON.fi v2 isn’t built for big traders. It’s built for people swapping $10, $50, or $200 worth of TON ecosystem tokens. If you’re trying to move $50,000, this isn’t the place. Use a centralized exchange or a multi-chain aggregator like 1inch.
But if you’re holding NOT tokens from Telegram’s mini-apps and want to turn them into USD₮ to buy more TON? Perfect. It’s the fastest, cheapest way to do it.
Security: Audited and Simple
STON.fi v2’s smart contracts were audited by Trail of Bits - one of the most respected names in blockchain security. That’s a big deal. Most small DEXs skip audits. This one didn’t.The audit didn’t find critical vulnerabilities. No backdoors. No fund-draining bugs. That’s the good news.
The bad news? There’s no insurance. No customer support team. No way to reverse a mistake. If you send your tokens to the wrong address? Gone forever. That’s the nature of DeFi. But STON.fi doesn’t hide that. It’s transparent: you’re in full control. No one holds your keys. No one can freeze your funds. That’s the trade.
Who Is This For?
STON.fi v2 isn’t for everyone. But it’s perfect for three types of people:- TON holders who want to swap TON, NOT, or USD₮ without paying $2 in gas.
- Telegram users who use mini-apps and earn NOT or other TON tokens and need to cash out or swap.
- New DeFi users who want to try decentralized trading without getting lost in 10 confusing tabs and 15 pop-up warnings.
If you’re an institutional trader, a crypto investor holding 200 different tokens, or someone who needs deep liquidity - skip it. Go to Binance or Kraken.
If you’re just trying to turn your NOT tokens from Telegram games into stablecoins without paying $3 in fees? This is your best option.
How Does It Compare to Other DEXs?
| Feature | STON.fi v2 | Uniswap (Ethereum) | PancakeSwap (BSC) | Raydium (Solana) |
|---|---|---|---|---|
| Blockchain | TON only | Ethereum | Binance Smart Chain | Solana |
| Fees | ~$0.001-$0.003 | $0.50-$5.00 | $0.05-$0.20 | $0.01-$0.10 |
| Speed | <10 seconds | 30 sec-5 min | 5-15 sec | 2-5 sec |
| Tokens Available | 20-30 (TON ecosystem) | 10,000+ | 1,000+ | 500+ |
| KYC Required | No | No | No | No |
| Best For | TON users, small swaps | General DeFi, big liquidity | BSC users, low fees | Solana traders, speed |
STON.fi v2 doesn’t compete with Uniswap. It competes with nothing - because it’s the only DEX built for TON. It’s like comparing a sports car to a tractor. One’s for the highway. The other’s for the field.
The Future of STON.fi v2
The roadmap isn’t flashy. No NFT marketplace. No lending. No derivatives. Just: more TON tokens. Better liquidity. Fewer bugs.The team is focused on growing the TON ecosystem, not chasing trends. That’s smart. If TON keeps growing - and Telegram keeps pushing it - STON.fi will grow with it. More users mean more liquidity. More liquidity means less slippage. Less slippage means more traders.
Right now, STON.fi is a niche tool. But in a world where most crypto platforms are bloated and slow, sometimes being small and fast is the biggest advantage.
Final Verdict
STON.fi v2 isn’t the biggest, flashiest, or most feature-packed exchange. But if you’re in the TON ecosystem, it’s the best place to trade.It’s fast. It’s cheap. It’s simple. And it’s built for one thing: making TON tokens easy to swap.
For under $100 trades? No better option. For big trades? Look elsewhere. For TON users who want to skip the noise? This is it.
It’s not a replacement for centralized exchanges. It’s a better alternative for small, daily swaps within the TON world. And that’s enough.
Is STON.fi v2 safe to use?
Yes, for what it is. STON.fi v2’s smart contracts were audited by Trail of Bits, a top blockchain security firm. No critical vulnerabilities were found. However, it’s a decentralized exchange - meaning you control your own keys. If you send funds to the wrong address or lose your wallet seed phrase, there’s no customer support to help you recover them. Always double-check addresses and never share your private keys.
Do I need to do KYC to use STON.fi v2?
No. STON.fi v2 requires no personal information, email, or ID verification. You only need a TON-compatible wallet like Tonkeeper or OpenMask. This is typical for decentralized exchanges and gives you full privacy.
What’s the minimum amount I can trade on STON.fi v2?
You can start with as little as $1. The platform doesn’t enforce a minimum deposit. Even small swaps of $5 or $10 work fine. This makes it ideal for beginners or people testing the TON ecosystem.
Can I trade Bitcoin or Ethereum on STON.fi v2?
No. STON.fi v2 only supports tokens native to the TON blockchain. You can’t trade Bitcoin, Ethereum, Solana, or any other chain’s tokens directly. If you want to trade those, you’ll need to use a centralized exchange or a cross-chain bridge first.
Why is liquidity so low on STON.fi v2?
STON.fi v2 is focused exclusively on the TON ecosystem, which is still growing. While TON has seen rapid adoption, especially through Telegram, its DeFi ecosystem is smaller than Ethereum’s or Solana’s. As more users join and liquidity providers are incentivized, depth will improve. For now, stick to major pairs like TON-USDT and avoid large trades on smaller tokens.
Does STON.fi v2 have a mobile app?
No, STON.fi v2 doesn’t have a dedicated mobile app. It’s a web-based platform that works perfectly in mobile browsers like Chrome or Safari. Just open ston.fi on your phone and connect your TON wallet. It’s optimized for mobile use, so you don’t need an app.
What’s the STON token used for?
The STON token is the native governance token of the platform. Holding STON lets you vote on future upgrades and fee structures. It also earns you GEMSTON rewards - a secondary token given to liquidity providers and long-term holders as an incentive to support the platform’s growth.
If you’re using Telegram’s mini-apps or holding TON ecosystem tokens, STON.fi v2 is the most efficient way to trade them. No bridges. No fees. No fuss. Just fast, cheap swaps. For everyone else? It’s not relevant. But for TON users? It’s essential.
Brian Bernfeld
November 27, 2025 AT 13:02