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What is DEX exchange?
A DEX exchange is an asset trading exchange where transactions take place directly between users. This is a rather old definition, and nowadays they work a bit differently: in Ston.fi users deposit their funds into liquidity pools, providing the automated systems of the exchange with their funds, and earning a percentage from their investments, due to the difference in buy/sell rates.
Unlike centralized exchanges (CEX), decentralized exchanges do not have access to the user’s funds, which provides greater security and anonymity. No one can guarantee you that CEX exchanges can not sell your personal data, or block accounts, and DEX exchanges, fortunately for us there is no such possibility.
Ston.fi is a DEX exchange that provides anonymity, convenience and security of cryptocurrency exchange, as well as access to liquidity pools and staking programs for multiplying funds.
Let's speak about liqiudity pools and staking programs. How much can you earn in Binance's staking programs? 10 APR? 20? It's all immaterial. You can earn much more at Ston.fi. For example let's look on stable liquidity pool - TON/USDT.

67.64% Farm APR for safe tokens. That's a lot more than Binance offers. Okay, now let's figure out what a liquidity pool is.
What is a liquidity pool?
Aliquidity pool is funds fixed in a smart contract to accelerate transactions and stabilize prices. Liquidity pool providers are automated market makers (AMMs), such as STON.fi.
It’s still too complicated. Let’s make an analogy: you have 10 TON and you want to buy STON with them. At the current exchange rate (1 STON = 2.0591 TON), you would get 4.856 STON as a result of the exchange. If AMM did not exist, during the exchange you could buy out the last best offer for 1 TON at the price (2.0591 TON), and because of that, the other 9 TON would be sold at the worst and most importantly unpredictable price, let’s say 2.18 TON. STON.fi solves this problem by automatically providing an offer at the original price, and thanks to this, each of your STONs is bought at 2.0591 TON, and the amount of cryptocurrency received is known in advance.
To realize the operation described in the previous paragraph, funds are needed to create new offers at the old price for a particular user. These funds are invested by users in liquidity pools.
As a rule, users can earn on liquidity pools, so how is it that the exchange creates new offers at an unprofitable price for it?
Unfavorable price in this case is a wrong expression, because in liquidity pools the user provides the exchange with both currencies of the pair (TON/STON) in the price equivalent of 1 to 1. This means that they control both sides of the transaction, and losing on one half, they earn on the other. The user’s earnings, in turn, come from AMM commissions.

Guide to making money from STON.fi liquidity pools
Dowload a TON wallet. For example MyTon Wallet
Go to Ston.fi website. In the upper panel, select the Pools tab.

Choose the pool you like and click on it.

Click on the Connect Wallet button and follow the prompts on the screen. Only non-custodial wallets are suitable: TonKeeper, Ton Space, MyTonWallet.
After connecting the wallet, press the Add liquidity button.
Enter the amount of cryptocurrency you want to deposit into the pool. Remember that you need to have both cryptocurrencies of the pair and funds to pay for the transfer of both cryptocurrencies to the liquidity pool account.
Add liquidity and confirm transactions in the wallet.
If the pool you have selected has the Farm scroll down the pool page and provide your LP tokens (LP tokens - tokens that confirm your participation in the liquidity pool, transferred to your account automatically and hidden by the wallet) to Farm position.
Done!
Recommended reading:
https://guide.ston.fi/en/what-is-liquidity-pool
https://guide.ston.fi/en/how-to-withdraw-funds-from-a-liquidity-pool

[1] | A Distinctive Platform
Through its years of development, the $TON blockchain has become a truly unique platform. While its speed is different from Solana's and its adoption level is not the same as Ethereum's, its distinctive nature is clear.

[2] | A Unique Ecosystem
The network is home to a vibrant and unusual ecosystem. Think of the activity from Hamster Combat and Notcoin, along with the many mini-apps and markets for Telegram items. It also includes features like NFT gifts and stickers, creating an environment not found on other chains.

[3] | Handling Network Demand
STONfi, the main DEX, plays a crucial role in managing the technical demands of this activity. It ensures swap functionality remains stable even during significant surges in usage on the network.

[4] | Adaptive Technology
This is possible due to its use of adaptive smart contract sizes. The system estimates how many swaps are required in a specific period and then adjusts the size of the contracts to handle that load effectively.

[5] | Proven Reliability
This approach was demonstrated during the DOGS listing event. Even though a part of the network experienced a temporary slowdown, the smart contracts on STONfi continued their operations without stopping, highlighting their dependable design on the $TON blockchain.

[1] | Flexible Participation
Providing liquidity on the $TON blockchain can be more adaptable than it first appears. It is not always necessary to possess both assets in a trading pair to take part. STONfi has implemented specific functions to make this process more approachable.

[2] | The Arbitrary Provision Feature
A significant development is Arbitrary Provision. This technology manages the technical details on your behalf. If you have only one token from a pair, the smart contract will automatically perform a swap to create the required balance before depositing the liquidity for you.

[3] | Supporting Pools with Farming
For pools that see less frequent trading, STONfi employs farming. This mechanism offers an extra APR that is separate from the fees generated by swaps within the pair. The additional reward is given out daily to those providing liquidity for as long as the farming program is active on the $TON network.

[1] | Foundational Security Models
The security models for centralized and decentralized exchanges are built on different principles. On a CEX like Binance, user assets are custodied in the platform's wallets, and its internal systems monitor for potential issues. When using a DEX like STONfi, your tokens stay in your own wallet, and you interact directly with on-chain smart contracts for each action.

[2] | Functional Scope
A CEX typically provides a broad range of services, including various activities and trading tools beyond the core exchange function. Meanwhile, the utility of DEX platforms has expanded considerably. On STONfi, for instance, users can swap tokens, supply liquidity to pools, and participate in farming programs to earn rewards.

[3] | Advanced DEX Capabilities
A notable feature on STONfi is the use of the Omniston protocol for token swaps. This system finds the best available rates across the $TON ecosystem. This shows that while a CEX may offer more diverse services, a modern DEX provides a comprehensive and capable toolkit for asset management on the blockchain.

[1] | Post-Beta Availability
The Omniston protocol by STONfi is now fully operational beyond its beta testing period. The restriction limiting swaps to under $1000 has been removed, enabling users to process swaps of any size on the platform.

[2] | Core Advantages
This system has established itself as a fundamental tool for conducting swaps on the $TON network. It offers two primary improvements over traditional methods: it finds the best available rate and ensures the user experiences zero slippage on their transaction.

[3] | The Quote Process
The mechanism is both secure and effective. It starts when a user selects a pair to trade. The protocol then issues a Request-For-Quote to every solver operating on the blockchain. These solvers send back their proposed rates in response.

[4] | Securing the Rate
Omniston analyzes all the returned quotes to identify the one with the best final outcome for the swap. This selected rate is then presented to the user and becomes locked for a brief time window.

[5] | Guaranteed Execution
The locked price is protected by a Hashed-Timelock Contract (HTLC). This smart contract ensures that if the market rate changes even a small amount, the swap is canceled, safeguarding the user from a worse price. This process reliably delivers an optimal result for swaps on the $TON blockchain.

[1] | Core Concept
Omniston stands out by merging various liquidity sources into a single, efficient system. This approach creates a more resilient environment for all participants, enhancing the overall framework on the TON blockchain. It's a significant step for the $TON ecosystem.

[2] | Technical Backbone
The architecture is built around a sophisticated routing mechanism. This system is designed to locate the most favorable exchange rates across the entire network, ensuring that every interaction is optimized for the best possible outcome without manual effort.

[3] | The STONfi Connection
A key element of this structure is its integration with the STONfi decentralized exchange. By tapping into its deep liquidity pools, Omniston strengthens its capacity to support substantial activity, providing a reliable foundation for operations.

[4] | Looking Forward
This model paves the way for a more interconnected and robust future for decentralized systems on TON. It demonstrates a clear path toward sophisticated and user-friendly platforms, setting a new standard for what can be achieved.

[1] | Ethena's Focus
Ethena is actively building its presence within the TON ecosystem, largely through its collaboration with STONfi. The project is offering extra incentives for those who provide liquidity and hold its assets, strengthening its position on the $TON blockchain.
[2] | Farming Ethena Points
A current initiative allows you to farm Ethena points by providing liquidity or swapping tsUSDe and USDe tokens on STONfi. These points are expected to be part of a future distribution from the Ethena project.
[3] | A Potential Shift
While the familiar tether exists on TON, it doesn't see much active development. This leaves $TON as the main asset for activity. There is a possibility that USDe could grow into a leading stablecoin role on TON in the future, similar to USDC's use on other networks, though it is not the native stablecoin yet.

And if you're interested in TON ecosystem - check this list: ston_fi/tokens-dex

[1] | Current State of the Pool
The APR for the evaa/USDT pool on STONfi has adjusted to 200%. While this is a decrease from previous levels, it remains a considerable figure. This offers a solid opportunity for participants in the $TON network.
[2] | Market Context
Many alternative assets see initial surges after listing during positive market periods. evaa experienced a similar pattern with a rise followed by a correction. This current situation may present a more stable point for engagement with the pool.
[3] | The TON Audience
The TON ecosystem attracts a distinct user base, often newer to the digital asset space. This can lead to overlooked prospects that more experienced participants might capitalize on, allowing for the discovery of valuable positions that are harder to find on other networks.
[4] | A Comparative View
On other blockchains like Solana, the environment is highly competitive. A very knowledgeable community and automated systems quickly engage with every new opportunity, making it challenging to find undervalued options before they become widely recognized.

Let's look at the main contrasts between centralized CEX and their decentralized counterparts (DEX), using Binance and STONfi as examples.
The approach to security is fundamentally different for each type. With a CEX like Binance, your assets are held in the exchange's own wallets. Their systems work to monitor for any unusual activity and provide warnings. On a DEX like STONfi, your tokens always remain in your personal wallet. Every action is performed directly with smart contracts, which provides a different kind of assurance.
In terms of features, CEX platforms traditionally offer a wider array of functions, including various activities and tools. However, DEX capabilities have grown significantly. On STONfi, you can swap tokens, provide liquidity, and engage in farming to earn rewards. For swapping, it uses Omniston to find the best available rates across the $TON blockchain.
So while a CEX might provide more extensive additional services, a modern DEX delivers a robust set of essential tools for managing your assets.

STONfi is now the established DEX on the $TON blockchain. Its total value locked has grown significantly, currently sitting at $63M. That is more than five times the TVL of its main competitor. According to Defillama, it holds the position of the second largest protocol by this measure on the network.
This leading status comes from a strong focus on the user experience and consistent development. For example, STONfi was already advancing with its Omniston protocol while other platforms were dealing with basic functionality issues. Development has been active, which contrasts with other projects that have shown less progress.
A look at the recent activity shows a notable difference in platform usage. Over the past month, the swap volume on other major DEXs has been considerably lower. This further highlights the community's preference for STONfi as the primary destination for exchanging tokens on the $TON blockchain.

While many people use a DEX like STONfi for swapping tokens, that is only one part of its operation. There is another important aspect, especially on the $TON blockchain, which involves the users who supply the liquidity that makes those swaps possible.
This process is managed through liquidity pools. Users contribute an equivalent value of two tokens to a pool and, in return, get a small portion from every swap that occurs in it. This is typically 0.01-0.2%, distributed to all providers relative to their share of the total value locked.

Arbitrary Provision
The pools on STONfi have some added features. One is Arbitrary Provision. With this, you only need to have one token from a pair to join a pool; a preliminary swap isn't necessary. The smart contract will handle everything else automatically.

Farming
Another feature is Farming. This is available on certain pools and offers a fixed daily reward on top of the standard earnings. It provides more stable returns. To join, you select a pool with Farming, provide liquidity, and then freeze your LP-tokens in its smart contract.

LP-Offset
There is also the IL Offset mechanism. Currently active in the STON/USDT pool, it fully compensates for Impermanent Losses for changes up to 2x in a token's price, covering up to 5.72% of the TVL. The maximum automatic refund provided is $100 worth of STON tokens. This applies to all liquidity providers in that pool, including those involved in Farming.

In the history of the $TON blockchain, there were only 2 large DEXs: DeDust, which was almost from the very beginning and occupied almost all of TVL among other DEXs, and STONfi, which appeared a little later, and at first lost to DeDust on TVL and Swap Volume.
But everything is changing. Days go by, and DeDust stands still and does not develop. Even to fix the error due to which token icons were not visible on mobile devices, it took about six months to repair.
At the same time, STONfi attracted users more and more with a much more convenient interface, no errors
Even then, STONfi was able to overtake DeDust in all respects. But at that time the overtaking was insignificant, only by 50%
But time passed. STONfi was developing, and DeDust stood still. STONfi created the Omniston protocol, but DeDust... didn't.
* Omniston protocol - liquidity aggregation protocol on the $TON blockchain with zero slippage and the best quote.
This has led to the fact that now TVL STONfi exceeds TVL DeDust by more than 4 times, and DeDust is slowly dying, holding solely on the support of the Ton Foundatio

STONfi has established itself over time as the leading DEX on the $TON blockchain. A major part of this success comes from the tools provided for builders. The platform offers its own SDK, giving developers straightforward access to its swap functions.
This SDK is integrated into popular wallets like TON Wallet and TonKeeper. They use it because it is a reliable and efficient solution. The same goes for the Omniston protocol SDK, which is just as practical to use. It interacts with the Omniston protocol, using a Request-For-Quote model to gather rates from major blockchain resolvers. This ensures the best possible swap rate and eliminates slippage.
Beyond user-facing apps, the SDK is also vital for internal software operations that require token swap features. This comprehensive utility for developers is a key reason STONfi has secured the majority of the network's liquidity. It now holds nearly four times the liquidity of its former main competitor.