There's definitely no doubt Decentralized Finance (DeFi) has been gaining more recognition in the Web3 space and this has also made Automated Market Makers (AMMs) become indispensable whenever we talk about DeFi. Among the many Automated Market Maker (AMM) platforms, STON.Fi stands out as a unique decentralized exchange (DEX) built on the TON blockchain, offering a blend of cutting-edge technology, user-centric features, and unparalleled efficiency for TON users.
In my blog post today, I’ll be reviewing Ston.Fi, focusing on the essential and unique features of this decentralized exchange (DEX). This marks my first-ever contribution related to Ston.Fi as part of my participation in the ongoing Stonbassador program. You can look forward to more blog content about Ston.Fi in the future!
Before delving into what Ston.Fi is all about, it's best to understand the concept of Automated Market Maker (AMM) since it is one of the core aspect of Decentralized Finance (DeFi).
AUTOMATED MARKET MAKER (AMM)
An Automated Market Maker (AMM) is a self-executing protocol utilized by decentralized crypto exchanges (DEXs) to enable seamless trading of cryptocurrencies on a blockchain. Unlike traditional trading that requires a counterparty, AMMs allow users to exchange digital assets against liquidity stored in smart contracts, known as liquidity pools.
An AMM is essentially a robot programmed to always provide a price for asset swaps and with AMMs, anyone can contribute liquidity to pools, earning fees for their participation. This innovative model eliminates the need for centralized control, making Automated Market Makers (AMMs) a cornerstone of the broader DeFi ecosystem.
Since Automated Market Makers (AMMs) are known to be decentralized when it comes to transacting and providing liquidity, the good news is that users can now experience this same features on TON Blockchain through Ston.Fi.
INTRODUCING STON.FI
STON.fi is a decentralized exchange (DEX) built on the TON blockchain, leveraging the Automated Market Maker (AMM) model and the Constant Product Market Maker algorithm. Its web-based interface (accessible at app.ston.fi) provides users with a seamless way to interact with smart contracts deployed on the TON blockchain.
The platform is fully decentralized and non-custodial, meaning user funds are held securely within permissionless smart contract accounts. These contracts enforce strict rules for fund withdrawals, which are only possible in two scenarios: exchanging assets at the specified rate or redeeming liquidity by pool token holders. Since the smart contracts are permissionless, anyone can create a new pool by initiating the correct transactions, and no entity has authority over the pools' assets or operations.
STON.fi's contracts, aside from the router, are immutable, ensuring they cannot be updated, deleted, or exploited. Even in the case of user errors, transactions cannot be reversed or modified. For additional transparency, any router contract upgrades are subject to a seven-day time lock, during which users can withdraw their liquidity if they disagree with the changes.
Established in 2022, STON.Fi also serves as a decentralized Automated Market Maker (AMM) leveraging the innovative framework of the TON blockchain. Its goal is to offer seamless crypto exchange experience that drives mass adoption of blockchain technology. By integrating directly with Telegram's extensive user base, STON.fi stands out as a DEX with a community-centric approach, emphasizing user feedback, swift support, and accessibility. This design prioritizes security, transparency, and decentralization, making STON.fi a reliable DEX solution for the TON ecosystem.
KEY FEATURES OF STON.Fi
Decentralization and Security
STON.fi operates on a fully decentralized system where all transactions occur directly between traders without third-party intervention. The platform employs non-custodial, permissionless smart contracts, ensuring users maintain full control over their funds. Pool contracts are immutable and can only be updated via time-locked mechanisms, offering users the option to withdraw liquidity if they disagree with any changes.Virtually Zero Fees
Built on the TON blockchain, STON.fi offers significantly lower transaction costs compared to Ethereum or Bitcoin, making it a cost-efficient choice for traders.Low Slippage
The platform’s reliance on liquidity pools and advanced algorithms ensures token prices remain stable, minimizing slippage during transactions.Front-Running Prevention
Thanks to the TON blockchain’s advanced sharding and asynchronous architecture, front-running is not an issue on STON.Fi.Stake and Earn
Stake your STON tokens to gain governance power with ARKENSTON and earn GEMSTON rewards. By locking your STON in a smart contract, you actively participate in protocol decision-making while earning GEMSTON, which can be traded, transferred, or held. This process empowers you to shape the future of our platform and grow your holdings simultaneously.
GETTING STARTED WITH STON.Fi
In this section, I’ll guide you through participating in various activities on Ston.Fi, such as swapping and staking. We’ll also explore some of the additional features available on the DEX. This guide is designed to help you get started and make the most of the platform.
#1 Connecting Your TON Wallet
To get started with Ston.Fi, the first step is to connect a supported TON Wallet. Ston.Fi supports a variety of TON Wallets, allowing you to experience seamless decentralized trading on the TON Blockchain.
For this guide, I’ll be using TON Keeper, as it has been my favorite TON wallet for the past few years.
There are two methods to go about this when it comes to connecting your TON Wallet with Ston.Fi. The first method is to make use of an Internet browser such as Google Chrome, Firefox and other supported browsers while the second method is to make use of the TON Keeper Application directly (for mobile) while PC users can make use of TON Keeper extension.
Connecting Your TON Wallet with Ston.Fi via Internet Browser
The first step is to visit Ston.Fi DEX website and click on the "Connect Wallet" button as seen in the image below
Select the desired wallet of your choice but in this case I'm selecting TON Keeper because it's my favourite wallet.
You'll be redirected to authorise your wallet with Ston.Fi which requires you to confirm the wallet connection process as seen in the image below
Once the authorization is successful, the "Connect Wallet" button will be absent leaving your connected TON Wallet on the DEX as seen below;
You can now decide to explore Ston.Fi DEX by swapping, staking, taking part in providing liquidity and other activities.
Connecting Ston.Fi Via TON Keeper Application
My preferred method of exploring STON.Fi is through the TON Keeper mobile application. The best part is that TON Keeper already integrates the Ston.Fi DEX within its dApp browser, making it seamless to access and use.
Open your TON Keeper Application and click on the browser option as shown in the image below
From the browser option, you'll come across DeFi option which enables you access all Dapps supported by TON Blockchain of which Ston.Fi can never be left out. Click on Ston.Fi and connect your wallet directly within TON Keeper App.
Connect Ston.Fi DEX within TON Keeper by clicking on the "Connect Wallet" option as seen in the image below
Approve/authorize the wallet connection by clicking on the connect button
As you can see i now have my wallet connected as seen in the image below
At this stage, you can explore more activities on Ston.Fi, such as staking, swapping, providing liquidity, and more. For this tutorial, I’ll focus on how to make swaps on Ston.Fi. Stay tuned for more Ston.Fi tutorials, which I plan to share on my blog soon.
SWAPPING ON STON.FI
Let's get started with how you can swap on Ston.Fi after successfully connecting your TON Wallet with Ston.Fi. The first step is to ensure you are on the Swap page or interface as seen below
Choose the pair of coins you want to swap, ensuring they are supported and available on the TON Blockchain. For this tutorial, I’ll demonstrate by swapping a portion of TON into STON, as shown below
Click the Swap button and authorize the transaction by sliding the arrow to the right. One feature I appreciate about Ston.Fi is its minimal gas fees for swaps on the TON Blockchain, as shown in the image below
And that’s it! I now have my STON in my TON Wallet, thanks to Ston.Fi's user-friendly DEX interface. With Ston.Fi, you can easily and securely swap your TON assets anytime.
CONCLUSION
As the TON blockchain ecosystem matures, platforms like Ston.Fi will be instrumental in driving mass adoption, making DeFi accessible to millions worldwide.
Whether you’re a trader, liquidity provider, or someone curious about TON, Ston.Fi is a platform worth exploring. With its robust features and growing ecosystem, it promises to be a game-changer in the Web3 space.
REFERENCE LINKS
https://app.ston.fi/swap?chartVisible=false&chartInterval=1w&ft=TON&tt=STON
https://www.moonpay.com/learn/defi/what-is-an-automated-market-maker-amm
About Me
I'm Adebola, a proud graduate in Agricultural Engineering (BSC). My passion for self-development and productivity drives me to constantly seek knowledge and conduct research. Over the last five years, I've immersed myself in the world of cryptocurrency and blockchain, growing more enthusiastic by the day. My diverse hobbies include reading, writing, enjoying good food, participating in agricultural activities, traveling, designing, and blogging. I possess a range of skills, including content writing, graphic design, UI/UX design, copywriting, internet marketing, research, data analysis, and basic coding. Don't hesitate to connect with me through the links below;
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