There are only two DEXs on TON with meaningful liquidity — STON.fi and DeDust. If you ask “where do I trade”, you are effectively choosing between these two. The differences are real and show up in concrete scenarios, not in marketing copy. Below is a practical comparison along the parameters that actually move the final cost of a trade.
The numbers up front
For perspective, as of May 2026.
| Parameter | STON.fi | DeDust |
|---|---|---|
| TVL (DeFiLlama) | ~$50–65M | ~$3–8M |
| All-time volume | ~$3.7B | ~$0.6B |
| Unique users | 5.3M+ | 0.6M+ |
| Base pool fee | 0.30% (V1) / variable (V2) | 0.20% volatile / 0.04% stable |
| AMM versions | V1 (CPMM) + V2 (concentrated) | Volatile + Stable |
| Limit orders | No | Yes |
| Governance token | STON | DUST |
STON.fi wins on liquidity depth and volume. DeDust wins on pool-type breadth (stable + limits) and the base volatile fee.
Where STON.fi wins
Depth on base pairs. On TON-USDT and TON-NOT a large swap ($5000+) on STON.fi clears with noticeably less slippage. The same trade on DeDust can cost an extra 0.5–2% because of a thinner pool.
API ubiquity. Most Telegram mini-apps, Tonkeeper Swap, and the MyTonWallet built-in swap default to the STON.fi API. As a user you do not care; as a developer you do.
Farming programmes. STON.fi is more aggressive with STON incentives in LP pools. APR in active pools is often 5–10 percentage points higher thanks to bonus drops.
Recognition and support. Big team, active Telegram support, regular upgrades (V2). For a newcomer STON.fi is the default entry point.
Where DeDust wins
Stable pools. This is the main technological edge. Swaps inside pegged pairs — USDT-USDC, stTON-TON, tsTON-TON — clear at 0.04% with sub-percent slippage on DeDust. On STON.fi those are more expensive.
Lower base fee. 0.20% vs 0.30% — small but real. On $10K monthly volume that is ~$10 saved.
Limit orders. If you do not want to camp the order book, you can leave a limit on DeDust and walk away. STON.fi has no equivalent.
Analytics. The /pools page on DeDust is better structured, with transparent APR and LP composition. Useful for picking a pool to LP into.
Niche jettons. Some GameFi tokens list on DeDust first, and arrive on STON.fi late or not at all.
Scenarios: what to pick
iThe main hack
Connect both DEXs to the same wallet via TON Connect. Compare the rate manually on every trade — a 0.3–0.5% delta on big swaps pays for the 30 seconds of clicking. Tonkeeper Swap automates this, but it still pays to verify.
Case 1: bought $200 in TON, want USDT. Pick STON.fi V1 or V2 stable pool. DeDust works too, but liquidity in that pair is lower — final slippage will be worse.
Case 2: want to exit liquid staking stTON to plain TON. DeDust stable pool with 0.04% fee. STON.fi is worse here because of higher slippage.
Case 3: bought a small jetton for $5000. Check STON.fi first. If the pool is below $50K, switch to DeDust and check there. If both pools are too thin, split the trade into 5–10 chunks at intervals.
Case 4: liquidity provider for a year. STON.fi V2 with farming — higher base APR, more liquidity flowing into the pool. DeDust — for niche pairs where there is local demand and less LP competition.
Case 5: want to buy token X at price Y, no higher. DeDust only — limit orders. The STON.fi alternative is to set a manual reminder or wait via a DCA bot.
Where you should not trade
Sometimes newcomers try to use Wallet in Telegram for swaps — that is a custodial service with off-chain market-making, not a DEX. The rate is worse and there is no transparency. If you are used to Wallet, move TON to Tonkeeper / MyTonWallet first and connect to STON.fi or DeDust directly.
Security: shared rules
Both DEXs are non-custodial smart contracts. That means:
- Signing a transaction does not deposit anything. Swaps are atomic — either the token arrives at the agreed rate or the transaction reverts and funds stay in the wallet.
- TON has no perpetual approve allowances like Ethereum — every transaction is signed individually.
- The main risk is a smart contract bug. Mitigated by audits and time — both platforms have run since 2022–2023 without major exploits.
What neither STON.fi nor DeDust will do for you:
- Verify that the jetton you are buying is not a scam.
- Stop you from buying a token with 99% “tax on transfer”.
- Warn you that slippage in the chosen tiny pool will eat half the trade.
That is your job. Basic check: open the token on tonscan.org, look at holder count, pool liquidity, and the contract author.
CTA on both
STON.fi
Liquidity depth and farming. The base DEX for most TON swaps.
→
DeDust
Stable pools, limit orders, niche pairs. Fits special scenarios.
→
Quick takeaway
- Universal TON-USDT swap and large amounts — STON.fi.
- Staking derivatives and stable arbitrage — DeDust.
- Limit orders — DeDust (STON.fi has none).
- LP for max APR — STON.fi (more active farming programmes).
- LP in niche pairs without competition — DeDust.
Detailed individual reviews — see the STON.fi guide and the DeDust review.
Sources
- DeFiLlama TON ecosystem.
- ston.fi and dedust.io — own dashboards.
- docs.ston.fi, docs.dedust.io — technical docs.
