DeDust
DeDust is a decentralised exchange on TON where returns come from supplying tokens to liquidity pools. Each pool holds two assets and rebalances against the market, so a price move in either one leaves the provider with less than holding would have. That impermanent loss is the mechanism behind our rejection of the whole AMM category: the client sees a loss they were never warned about, in a position we recommended. DeDust held about $4.51M on TON at the August 15, 2026 survey. The file reopens if the protocol ships a product without that exposure.
- Ships a product line without impermanent-loss exposure that merits its own review
Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.
The research file
Applicability to the surveyed record
DeDust documents a TON-native DEX whose volatile pools use the constant-product x*y=k invariant and whose stable pools use a two-reserve stableswap curve. A liquidity provider supplies both pool assets and receives LP tokens, while swaps change the two reserves. This directly establishes the v1 AMM-LP mechanism.
Current observation and perimeter
The DefiLlama protocol API read on 2026-08-15 classified DeDust as a DEX, reported only TON, and showed approximately $4.51M protocol TVL plus about $898,000 separately tagged as staking. Primary documentation and the mainnet factory identify the live settlement perimeter as TON.
Control and exit applicability
The Pool contract tracks asset0 and asset1 reserves and trade fees; asset-specific Vault contracts hold incoming inventory and execute pool payouts. LPs enter by transferring both target assets and exit by burning LP tokens, receiving the then-current quantities. Their result therefore depends on the path of pool trades, the invariant, contract execution, TON settlement and the liquidity of both returned assets.
Why the shared dossier decides
The shared v1 AMM-LP dossier controls because DeDust trading fees require two-asset reserve exposure whose composition changes against price moves. Reopen only for an economically separate DeDust product without AMM inventory, then review its mechanism, TON and asset dependencies, contracts and control, audits and incidents, executable liquidity, stressed exit and named non-AMM alternatives.
Class rule
The amm lp class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- DeDust — protocol concepts · primary · accessed 2026-08-15
Supports: TON DEX, volatile pool, constant-product invariant, stable pool, two reserves, vault custody - DeDust — liquidity provisioning · primary · accessed 2026-08-15
Supports: two-asset deposit, LP token, liquidity deposit contract, LP-token burn, withdrawal - DeDust — Pool reference · primary · accessed 2026-08-15
Supports: asset0 and asset1, pool reserves, stable-pool flag, trade fee, swap output - DeDust — mainnet factory · primary · accessed 2026-08-15
Supports: TON mainnet, factory contract, pool address, vault address - DefiLlama — DeDust survey record · secondary · accessed 2026-08-15
Supports: current TVL, TON-only perimeter, DEX category, staking tag
Inherited controls
The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.
| Chain | Verdict | Control | Control constraint |
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