TONCO

TONCO is a concentrated-liquidity decentralized exchange on TON. Providers post two tokens inside a price range, and concentration sharpens the AMM problem: when the price leaves the range, the position sits entirely in the losing asset and stops earning fees. That impermanent-loss mechanism is why the registry rejects the AMM category for advised money regardless of protocol quality: the client sees a loss they were never warned about. TONCO held $3.42 million on TON at the 2026-08-15 survey. A product line without two-sided pool exposure would earn its own review.

Review triggers: events that reopen the verdict
• Ships a separately identifiable product without AMM inventory or 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

Mechanism and class applicability

TONCO documents concentrated-liquidity pools in which an LP chooses a price range and supplies the token amounts required by that range. Swaps move pool inventory, only in-range liquidity earns fees, and withdrawal returns the then-current quantities of both jettons. Concentration changes capital efficiency but retains the inventory-rebalancing exposure governed by the shared v1 AMM-LP dossier.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 reported approximately $3.42M, all on TON, and classified TONCO as a DEX. This replaces the stale $10.3M observation; size is context only because the AMM-LP rule applies at any scale.

Control and exit applicability

The LP owns a transferable position NFT and may burn it to remove liquidity, but price range, pool inventory and then-current price determine the assets returned. TONCO identifies administrator, pool-administrator and controller powers over locking, protocol fee, tick spacing and swap fee; burn operations remain available while a pool is locked. Exit remains exposed to token liquidity, TON execution and the realized post-swap inventory mix.

Why the class rule decides

The shared v1 AMM-LP dossier controls because TONCO LP positions retain two-sided or range-order inventory conversion and impermanent-loss risk. Reopen only for a separately identifiable TONCO product without AMM inventory exposure, then verify its mechanism, TON settlement, contracts and authority, audits and incidents, fees, liquidity and stressed exit against holding the assets directly.

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.

• TONCO Docs — liquidity and positions · primary · accessed 2026-08-15
  Supports: concentrated liquidity, paired inventory, range mechanics, fee allocation, withdrawal composition
• TONCO Docs — pool controls · primary · accessed 2026-08-15
  Supports: position mint and burn, administrator roles, pool lock, fee and tick controls, TON settlement
• DefiLlama — TONCO survey record · secondary · accessed 2026-08-15
  Supports: current TVL, TON-only perimeter, DEX category, survey perimeter

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.