swap.coffee
swap.coffee is a DEX aggregator on TON that also runs its own liquidity pools. Depositing into those pools means holding both sides of a trading pair: when one asset moves against the other, the pool sells the winner into the loser and the provider exits with less than a plain hold would have returned. That impermanent loss cannot be explained to a client in two sentences, which is why the rule rejects AMM liquidity provision as a category. TVL was about $4.3M across four pools at the 2026-08-14 survey.
- 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
swap.coffee documents both an aggregator and its own open-source TON-native DEX. Its liquidity-provisioning interface requires amounts for asset 1 and asset 2, issues a user LP position against a pool, and later burns a specified LP amount to withdraw. The tracked TVL therefore belongs to paired DEX liquidity rather than to the route-only aggregator interface, establishing membership in the shared v1 AMM-LP class.
Current observation and perimeter
The DefiLlama protocol API read on 2026-08-15 labeled swap.coffee a DEX Aggregator, reported only TON, and showed approximately $0.12M core pool TVL, plus separately labeled staking and pool2 balances. Current primary documentation still lists Coffee DEX among the aggregator’s live liquidity sources and exposes pool creation, provision, LP-position, and withdrawal endpoints.
Control and exit applicability
The DEX supports multiple AMM strategy variations and routes trades across Coffee and external TON sources. A Coffee LP commits two asset amounts and receives a pool share; withdrawing submits an LP amount and returns the reserve claim produced by the pool state. Relative-price trading changes that reserve mix, so exit can realize divergence from simply holding the two assets even if fees and incentives partially offset it.
Why the class rule decides
The shared v1 AMM-LP dossier controls the tracked pool exposure because paired liquidity and reserve-ratio exit are fundamental, regardless of the aggregator’s route quality or current size. Reopen only if swap.coffee ships a materially separate investable product without LP-token, paired-asset, or impermanent-loss exposure; then review its contracts, control, liquidity, incidents, exit mechanics, and named TON alternatives independently.
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.
- swap.coffee — Coffee DEX introduction · primary · accessed 2026-08-15
Supports: TON-native DEX, open source, AMM strategies, liquidity providers, audit - swap.coffee API — provide pool liquidity · primary · accessed 2026-08-15
Supports: pool liquidity, asset 1 amount, asset 2 amount, minimum LP amount, reserve ratio - swap.coffee API — LP position · primary · accessed 2026-08-15
Supports: user LP position, pool address, LP amount, LP wallet - swap.coffee API — withdraw pool liquidity · primary · accessed 2026-08-15
Supports: liquidity withdrawal, LP amount, pool address, exit transaction - DefiLlama — swap.coffee survey record · secondary · accessed 2026-08-15
Supports: current TVL, TON perimeter, DEX Aggregator category, staking and pool2 labels
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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