Swop
Swop is an AMM whose live surveyed pool balances sit on Waves and UNIT0. Providers own pool-share tokens and earn swap fees plus any governance-directed farming rewards, but trading changes the assets represented by those shares. The 2026-08-16 survey measured about $0.24M of pool TVL, excluding separately reported staking, and the version-1 AMM-LP dossier controls regardless of incentives or pool formula.
- 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 2026-11-16.
The research file
Mechanism applicability
Swop describes itself as an AMM with constant-product and flat-curve pools. Users add paired assets, receive pool-share tokens and collect a portion of swap fees; eligible share tokens may also be staked for SWOP farming. Neither a stable curve nor incentive emissions prevents trading from changing the reserves represented by the LP claim.
Control and exit applicability
Published governance materials assign staked SWOP and gSWOP votes to pool weights and other system parameters, and votes can prevent unstaking until cancelled or reduced. A direct LP exits by redeeming pool-share tokens for current reserves; a farmed position first requires withdrawing those shares. Exit depends on reserve depth, token quality, Waves or UNIT0 settlement, contract operation and slippage.
Current observation and corrected perimeter
The DefiLlama API read on 2026-08-16 classified Swop as a DEX and reported approximately $0.24M of pool TVL: about $0.241M on Waves and $0.001M on UNIT0. A separately reported approximately $0.028M Waves staking balance is not added to pool TVL. This corrects the stale Waves-only perimeter.
Why the class rule decides
Swop LPs supply the inventory against which users trade, so their claim can be worth less than simply holding the deposited assets after relative prices change. Governance fees, SWOP emissions, pool-weight voting and alternate curves change compensation or parameters rather than the adverse-conversion mechanism. Reopen only for a separately measured product without pooled trading inventory.
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.
- Swop — live guide · primary · accessed 2026-08-16
Supports: live protocol lifecycle, pool interface, liquidity and farming access - Swop — live application · primary · accessed 2026-08-16
Supports: current application, swap and investment interface, Waves product identity - Swop — AMM launch and pool formulas · primary · accessed 2026-08-16
Supports: AMM identity, constant-product and flat pools, LP fees, pool-share mechanism, governance controls - Swop — governance and pool-weight voting · primary · accessed 2026-08-16
Supports: gSWOP voting, pool weights, farming rewards, vote cancellation before unstaking - Units Network Docs — UNIT0 tokens and Waves relation · primary · accessed 2026-08-16
Supports: UNIT0 chain perimeter, Waves ecosystem relation, token and settlement context - DefiLlama — Swop survey record · secondary · accessed 2026-08-16
Supports: current pool TVL, Waves and UNIT0 perimeter, DEX category, staking separation
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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