STON.FI vs DeDUST

3 min readDec 16, 2024

A Comparative Analysis of DEX Solutions on TON

As the TON ecosystem grows, decentralized exchanges (DEXs) like STON.fi and DeDust play pivotal roles in shaping user experience and liquidity. Here are some of my observations and thoughts, based on their on-chain metrics on Defillama:

STON.fi

STON.fi is a decentralized exchange operating on the TON blockchain, emphasizing liquidity aggregation, user-friendly interfaces, and broad accessibility. It is known for its deep liquidity pools and a robust ecosystem, making it the go-to platform for traders seeking high efficiency and minimal slippage in trades

Metrics

TVL: $152 million
STON.fi holds a commanding position in Total Value Locked, nearly double that of DeDust. This indicates stronger liquidity, more user trust, and a larger ecosystem of assets interacting on the platform.
Mcap/TVL Ratio: 0.06
A low Mcap/TVL ratio suggests undervaluation, making STON.fi an intriguing choice for investors and builders seeking growth potential.
30-Day Revenue: $288,166
The higher revenue reflects significant trading activity and possibly better fee structures that attract consistent users.
Cumulative Volume: $7.001 billion
STON.fi’s cumulative trading volume dwarfs DeDust’s, emphasizing its established dominance and appeal to high-frequency traders.

DeDust: The Challenger

TVL: $81.31 million
DeDust’s lower TVL hints at smaller liquidity pools and less capital efficiency, but it may still cater to niche use cases within the TON network.
30-Day Revenue: $128,549
While lower than STON.fi’s, this revenue shows promising user engagement, albeit on a smaller scale.
Cumulative Volume: $2.298 billion
DeDust’s cumulative volume is significantly lower than STON.fi’s, which indicates that it has a smaller user base or sees less trading activity overall.

Financial Advantage

Based on the data above, here’s what we can deduce:

Revenue Efficiency:
STON.fi generates $288,166 in 30-day revenue compared to DeDust’s $128,549. This indicates a higher revenue yield relative to its platform usage and liquidity. For liquidity providers (LPs) or token holders, this makes STON.fi a more attractive option for consistent earnings through fees.
Earnings Per Dollar of TVL:

STON.fi’s revenue relative to TVL ($288,166 / $152M) equates to approximately 0.19% return on TVL over 30 days.
DeDust’s revenue relative to its TVL ($128,549 / $81.31M) equates to 0.16% return on TVL over 30 days.

STON.fi demonstrates higher efficiency in turning locked capital into platform revenue.

3. Cumulative Volume Profitability:
With $7.001 billion in cumulative volume, STON.fi has a higher turnover of funds on its platform, resulting in higher fee revenue over time. This positions it as the more financially sustainable DEX for both traders and LPs. DeDust, with $2.298 billion in cumulative volume, lags behind significantly, which may limit its ability to attract larger market participants.

Personal Verdict based on the Facts and Figures

From a financial perspective, STON.fi outpaces DeDust in terms of liquidity efficiency, revenue generation, and investment appeal. While DeDust has potential for growth, its current metrics suggest it lags in delivering financial returns compared to its rival.