DEXs are often faced with a lack of liquidity. One of the factors influencing the emergence of this problem is the existence of several DEX that share liquidity among themselves. There are two major DEXs on the $TON blockchain: STON.fi and DeDust, which share liquidity at a ratio of approximately 3/2.

STON.fi is developing the #Omniston protocol to solve this problem and create pooled liquidity. The protocol creates an off-chain Request-For-Quote and sends it to all DEXs and resolvers, among the received responses Omniston selects the best rate and generates a Quote. Thanks to this, the swap rate is known in advance, and after the swap is completed, the user will receive exactly the amount specified. This ensures zero slippage and the best possible rate.

Omniston is currently in beta with a limited number of tokens. But in the long term, this product may expand to other blockchains, as STON.fi is actively developing Cross-Chain between TON and other networks without wrapped-tokens and bridges. There is already progress - a test swap with the Tron network ( $TRX ) has been made. After Tron network it is planned to create Cross-Chain with EVM networks ( $ETH ).

Here we are in 2025, which I believe will be an extremely important year for the entire $TON blockchain.

At the end of last year, it was announced that TON was moving into the United States. Attracting new users is almost always a good thing. For example, along with users, the volume of swaps on the main DEX of the TON blockchain will increase, which will lead to higher APRs for liquidity providers.

It is also important that new users can bring new developers, for whom good conditions have already been created. For example, the STON.fi SDK is an elaborate tool for developers, and the recently created demo-app will further simplify interaction with it. Also, for developers there is a grant program STON.fi, thanks to which a developer can get up to 10000$ for the development of his project.

New developers are certainly good, but old projects continue to develop. For example, the recently released beta version of the #Omniston protocol will be developed and improved further, and I hope that it will be fully released this year. The Omniston protocol selects the best course for swap among all resolvers and DEXes, and generates a Quote. Thanks to this, the swap happens at the best rate and with zero slippage, which is a very modern and revolutionary solution for DEXes.

And the main development in my opinion is Cross-Chain. Everything is just as good here. The first test swap between #TON and Tron ( $TRX ) networks has already been done. In the future it is also planned to cross-chain with EVM ( $ETH ) networks.

The end of the year is fast approaching and the TON blockchain never fails to attract attention. On December 30, #PAWS will take a snapshot, and due to the high volatility of $BTC , TON also reacted with good volumes. The main DEX on $TON - STON.fi - also doesn't stop being happy. At the moment there are pools with additional rewards for providing liquidity. For example:

$STON/$USDT is the native coin of the main DEX of the TON blockchain. The exchange is developing the #Omniston protocol, which will provide swaps at the best rate among all resolvers and DEXes with zero slippage. Also in development is Cross-Chain without bridges and wrapped-tokens, at the moment a test swap with the Tron network ( $TRX ) has already been made. APR of the pool - 45%

MAJOR/TON is the coin of the last released major TapTap game in Telegram. It has high volatility due to relatively small market cap among other large projects on #TON (NOT, DOGS). APR of the pool - 79%

STORM/TON - token of another DEX on TON, which provide USDT-backed gold and oil with leverage.

To participate in the liquidity pool farming:
• At STON.fi site connect your TON wallet
• Select the pool you are interested in
• On the Swap tab swap the coins of pool in price equivalent
• Provide liquidity on the pool's page
• Scroll down, to put your LP-tokens to farming

The #TON blockchain has become very usable after announcing integration into Telegram, passing the whole year of TapTap ( $NOT $HMSTR ) game, announcing the expanding to the United States.
So, there are 2 major DEXes on the blockchain that run only on the #TON blockchain. Let's compare them in three main categories:
1. Metrics:
• TVL:   STON.fi - $148M; DeDust - $88M
• Unique active wallets:  STON.fi - 353K; DeDust - 118K
2. User inteface
DeDust welcomes the user with an interface made in dark and orange colors. From a PC everything looks good. But if you check from some mobile device, the result will be quite different - for many months, the icons of tokens simply do not load on some smartphones, by the way, even on a PC in some places this problem remains.

On  STON.fi the interface is made in light and blue colors (dark theme available), and in my opinion looks more soft and calm than on DeDust. In addition, the interface of liquidity pools conveniently describes farming programs, and the Trust Score is present on the swaps tab.

3. Development
STON.fi is actively developing Cross-Chain between $TON nd other blockchains. With the first planned network - Tron ($TRX) a test swap has already been done. In the future it is planned to create a Cross-Chain without bridges and wrapped tokens with the above blockchain and EVM-compatible networks, e.g. $ETH and $BNB.
Also, in the future, the #Omniston protocol will be compatible with these networks, which is already in beta and improves the classical swap system by preparing quotes from different liquidity sources in advance

At the beginning of the year, $TON was $2 and didn't get much attention. But when the blockchain was integrated into Telegram, TON reached $5 and attracted a lot of attention. Telegram introduced Telegram Wallet and Telegram Mini Apps. And more recently, along with the new ATH $BTC , TON also reached its peak.

With Telegram Mini Apps, a whole era of TapTap games was born. The first was $NOT , which attracted several tens of millions of users, and after listing, the coin's capitalization broke through the threshold of 1 billion capitalization. Obviously, the success of NOT could not be the only case, other TapTap games appeared, the biggest ones being $DOGS, $HMSTR, $X. And $CATI became the second largest TapTap game in terms of capitalization, also reaching 1 billion. All these coins had such a TVL to volume ratio in the first couple of days that the APR in the liquidity pools on STON.fi was over 300% for several days.

A huge number of developers appeared on #TON , for example, the largest blockchain DEX - STON.fi has already developed a beta version of the #Omniston protocol, which will provide the best rate among all DEX and resolvers, due to the revolutionary decentralized protocol.

Cross-Chain is also in development. STON.fi developers have already made the first test swap between two blockchains - TON and Tron ($TRX).

On TON appeared DEX with some functionality of CEX - $STORM, the main feature of which is leverage. Not only cryptocurrencies, but also gold and oil are available in it. To maintain the liquidity of its token, STON.fi has added dynamic farming to the STORM/TON pair, with an APR currently at 55%.

On this warm day for many, I want to summarize the premature results of the month on the $TON blockchain. It has become a tradition for me and I wait for the end of the month to enjoy myself and you with warm memories, but this time, there are more year-end results ahead.

There were many offline events, such as TON Czechia in Prague, TON France in Paris, where we talked about TON blockchain technology and the future of its development, and STON.fi speaker Martin talked about #DeFi and the #Omniston protocol and the development of STON.fi.

The Emerging TON Gaming Ecosystem is another major event that took place in Dubai, bringing together representatives from major blockchain projects like $CATI and TON.

The month did not stand out with major listings on $TON , I can only remember $GOATS, but now the project has only about 17 million capitalization, but it did not even appear on STON.fi.

#Memcoins on TON have finally gained popularity, I see them more and more often on STON.fi. They come from Blum Memepad, and the best ones end up on STON.fi. The one I remember the most is $VILARSO, who by the way has half a million TVL on STON.fi.

This month, just recently $BTC broke a new ATH, and all month long it has been pleasing liquidity providers with high APRs in pools throughout the pool. On top of that, some pairs on STON.fi have been constantly maintained. For example, in $JETTON/$USDT APR is about 60% for several months already. At the moment, there is still farming in:
$STON/USDT, APR - 48%
$MAJOR/TON, APR - 76%
$HPO/TON, APR -- 212%.

Swap.Coffee is a DEX aggregator that selects the best offer among several DEXs to provide the best rate. And for large swaps, the swap can be split into multiple swaps with multiple DEXes at once to increase stability. STON.fi in turn is the largest DEX on the #TON blockchain, actively developing solutions to improve the quality of the platform and Cross-Chain.

1. Swaps
It would seem that DEX aggregators should provide a better exchange rate than DEXes, but there are caveats here as well.
For example, when swapping $1M $NOT to $USDT on Swap.Coffee, a user will get $7653, while on STON.fi only $7641. But when swapping a smaller amount, for example 10000 $HMSTR to $TON the results will be similar: 5.44 TON on STON.fi and 5.4 TON on Swap.Coffee. But, you have to spend 0.4 TON for a swap on Swap.Coffee and only 0.2 on STON.fi. Thus, DEX aggregator shows itself better at swaps for larger amounts, and STON.fi - for smaller amounts.
By the way, STON.fi is developing the #Omniston protocol, which also chooses the best rate among liquidity aggregators, but it also provides zero slippage.

2. Interface
Both products are oriented to end users, so it is quite appropriate to compare their interfaces. Swap.Coffee has a sharper and more aggressive interface, and additional functions are not obviously located. STON.fi is the opposite: the interface is made in soft colors, which is a plus for me personally.

3. DEX vs DEX aggregator
The main function of both products is the same - swap. But the ways to achieve it are different: Aggregators take liquidity from different sources, and DEX are those sources. This is the main functional difference - liquidity pools. They are available only on DEX and provide quite high APRs for liquidity providers. Also, some liquidity pools participate in farming, providing even higher APRs. For example, for the $MAJOR/TON pair the APR is 72% and for the $DOGS/$X pair it is 66%.