What is STON.fi (STON) Crypto Coin? A Simple Guide to TON's Leading DEX Token
Jul, 25 2025
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STON.fi isn’t just another crypto coin. It’s the engine behind the fastest-growing decentralized exchange on The Open Network (TON) blockchain. If you’ve ever tried swapping tokens across different blockchains and got stuck with high fees, long waits, or broken bridges, STON.fi was built to fix that. Launched in 2022, it’s not trying to be another Uniswap or PancakeSwap. It’s doing something different - and it’s working.
What Exactly Is STON.fi?
STON.fi is a decentralized exchange (DEX) that lets you swap tokens directly on the TON blockchain without needing to wrap, bridge, or lock assets. Most DEXs require you to use a third-party bridge to move tokens from Ethereum to Solana or BSC. Those bridges have lost over $2 billion in hacks since 2022, according to Chainalysis. STON.fi avoids that entirely by using a system called Request for Quote (RFQ) with Hashed Timelock Contracts (HTLC). This means your swap happens atomically - either it completes fully or not at all. No middleman. No trust needed.
The platform’s native token, STON, powers everything. It’s not just a trading pair. It’s used for staking, governance, and paying for gas. And here’s the kicker: you don’t even need TON tokens to pay for fees. STON.fi lets you pay gas in any token it supports - whether it’s NOT, JETTON, or even USDT. That’s rare in the DeFi world.
How Does STON.fi Work?
STON.fi runs on TON’s blockchain, which is designed for speed. While Ethereum handles about 15-30 transactions per second and Bitcoin does 7, TON claims it can handle millions. STON.fi leverages that. Swaps often take under 3 seconds. Slippage? Usually under 0.3% for major pairs like TON/NOT. That’s better than most new DEXs.
Its architecture uses a unique model: instead of relying on automated market makers (AMMs) that pool liquidity like Uniswap, STON.fi uses RFQ. When you want to swap, the system finds the best price from liquidity providers in real time. This reduces slippage and makes large trades more efficient. It’s like ordering a custom coffee instead of grabbing whatever’s in the pot.
Phase 2 of its roadmap, rolled out in early 2024, added cross-chain swaps to EVM chains like Polygon and Arbitrum. You can now swap TON tokens for USDT on Polygon without leaving the STON.fi interface. That’s a big deal - it turns STON.fi from a TON-only tool into a true cross-chain hub.
What Is the STON Token?
The STON token has a fixed supply of 100 million. But only about 1 million are in circulation right now. The rest are locked for ecosystem growth, team incentives, and future distribution. This low circulating supply makes it volatile - and that’s intentional. The team plans to burn tokens regularly to reduce supply over time, which could push the price up if demand grows.
STON isn’t just a tradeable asset. When you stake it, you get two rewards: ARKENSTON and GEMSTON. ARKENSTON gives you a yield. GEMSTON gives you voting power in the protocol’s future. Want to decide if STON.fi should add a new blockchain? Stake STON, earn GEMSTON, and vote. That’s real decentralized governance.
As of November 2025, STON trades around $0.4161 USD. Its 24-hour volume is modest at under $20,000 - tiny compared to Uniswap’s $1.2 billion. But volume isn’t everything. STON.fi’s real strength is its user base.
Why STON.fi Is Different From Other DEXs
Compare STON.fi to Uniswap. Uniswap needs wrapped tokens for cross-chain swaps. That means extra steps, more risk, and higher fees - often $5 to $50 per swap. STON.fi does it in one click, for pennies.
Then there’s PancakeSwap. It’s fast and cheap on BSC, but it can’t swap TON for USDT without using a bridge. STON.fi can.
But the biggest advantage? Telegram. With 800 million monthly users, Telegram is the largest messaging app on Earth. STON.fi is built into Telegram’s wallet system. You don’t need a separate app. You don’t need to copy-paste wallet addresses. You can swap tokens right inside your Telegram chat.
That’s why 87% of users on Reddit and Telegram say ease of use is their top reason for choosing STON.fi. One user wrote: “Swapped TON to NOT in 3 seconds. No bridges. No headaches.” That’s the kind of feedback you don’t get from a DEX that feels like a bank website from 2010.
Who Uses STON.fi?
Most users are TON ecosystem fans - people who hold NOT, JETTON, or TON itself. But it’s growing beyond that. Developers are building apps that use STON.fi’s API to enable swaps inside their own Telegram bots. Retail traders love the low fees. Newcomers appreciate that you can get started in under 3 minutes with just a Tonkeeper or OpenMask wallet.
There are no big institutional players yet - only 3 verified integrations. But that’s changing. Telegram’s plan to roll out its own native wallet to all 800 million users could turn STON.fi into the default crypto exchange for half the planet. If even 5% of those users start swapping, volume could jump 15 to 20 times by 2025, according to the Blockchain Research Institute.
What Are the Downsides?
It’s not perfect. The biggest complaint? Limited token selection. Outside the TON ecosystem, you won’t find hundreds of tokens like on Uniswap. There are only about 200 supported assets - mostly TON-native tokens. If you want to swap Solana tokens for Cardano, you still need another platform.
Some users report occasional glitches during peak hours. GitHub issue #447 from October 2023 mentioned UI lag when 10,000+ users were swapping at once. But support responds in under 2.5 hours on average - much faster than the 8-12 hour norm for other DEXs.
And then there’s the tokenomics. Only 1% of STON tokens are circulating. That’s a red flag for some analysts. If the team dumps even a small portion, the price could crash. But the team says the rest is locked in multi-year vesting schedules for ecosystem development. Time will tell.
How to Get Started With STON.fi
It’s simple:
- Download a TON wallet: Tonkeeper, OpenMask, or WalletBot (built into Telegram).
- Buy some TON tokens (you’ll need them to start, even if you pay gas in other tokens later).
- Go to ston.fi on your phone or desktop.
- Connect your wallet. That’s it.
- Swap any supported token - TON to NOT, USDT to JETTON, or even TON to Polygon USDT.
Most users complete their first swap in under 10 minutes. There’s no KYC. No forms. No waiting. If you’ve used a DEX before, this feels like using a smartphone app instead of a fax machine.
What’s Next for STON.fi?
Phase 3 (late 2025) will expand cross-chain swaps to more chains, including Solana and Avalanche. Phase 4, starting in early 2026, will launch full DAO governance - meaning STON holders will vote on every major upgrade, fee structure, and new feature.
They’re also building a Telegram bot that lets you swap tokens just by typing a command in any chat. Imagine texting “/swap 1 TON to USDT” and getting it done in seconds. That’s the future they’re building.
Analysts are split. Some call it the most promising DEX in the TON ecosystem. Others warn it’s too dependent on one blockchain. But one thing’s clear: if Telegram’s wallet goes mainstream, STON.fi won’t just be a DEX. It could become the most used crypto exchange on Earth.
Final Thoughts
STON.fi isn’t trying to beat Uniswap. It’s trying to replace the whole bridge-and-wrapping mess that’s held DeFi back for years. It’s fast, cheap, and built for the real world - not just crypto nerds. The STON token isn’t just a coin. It’s a key to a new kind of finance: one that’s seamless, secure, and built into the apps people already use every day.
If you’re on TON, you’re already halfway there. If you’re not, but you want to try a DEX that actually works without headaches, STON.fi is worth a look. Just don’t expect it to have every token under the sun. It’s not about quantity. It’s about quality - and speed.
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