4Swap Review 2026: Mixin DEX Now in Sunset

4Swap, also called Pando Lake, is a decentralized exchange protocol from Pando, a group of DeFi products on the Mixin network. DefiLlama lists it under DEXs on Mixin and notes two audits. The site's own description calls it a decentralized protocol for automated liquidity provision built with the Mixin Trusted Group.

The current homepage leads with a service update: Pando is beginning its sunset, Mixin now maintains the protocol, and DeFi services are moving to maintenance-only access. A news item dated 8/15/2026 is titled Pando Protocol Sunset and Service Transition. Earlier notices cover a swap service address integration in 2023 and the discontinuation of side products such as Talkee, Catkin and Botastic.

Pando also offered Leaf, for minting stablecoins, and Rings, for lending and borrowing. A dashboard page once noted that instability on the Mixin mainnet had stopped Pando protocols from syncing transactions. TVL data is not currently available for 4Swap.

4Swap is an automated market maker. Instead of matching buyers and sellers, it uses pools that hold two or more tokens. Liquidity providers deposit tokens into a pool and receive a share of the pool. Traders swap one token for another, and the pool's price moves according to a formula as its balance changes.

The protocol is built with the Mixin Trusted Group (MTG). The MTG is a group of nodes that jointly process transactions on the Mixin network, so the protocol does not run on a standard smart-contract chain. One search result describes a Broker mechanism that governs how users interact with it.

The homepage now says Mixin maintains the protocol and that DeFi services are moving to maintenance-only access. That means the protocol is being wound down rather than developed.

The project does not publish swap fee rates or the liquidity provider fee split on its homepage. Users would normally see the fee before confirming a swap in the dApp or in the Pando wallet.

Mixin transactions may carry network-level costs, but the project does not set out amounts in its public pages. With the sunset under way, check the transition plan for any changes to fees or withdrawal terms.

DefiLlama lists two audits for the project, but the homepage does not link to detailed reports in the text available here. The Mixin Trusted Group model means safety depends on the Mixin network and its node set as well as on Pando's code. The project has had operational issues: Mixin mainnet instability previously left Pando protocols unable to synchronise transactions, and collateral redemption and withdrawal resumed in late 2023 after a pause.

The sunset adds a further risk. Maintenance-only access suggests no new development and possibly reduced support. Users should follow the official transition plan, watch for phishing around the announcement, and not deposit new funds into a protocol that is winding down. Regulatory status is not stated by the project.

4Swap now mainly concerns existing Mixin users who hold liquidity, collateral or balances in Pando protocols and need to follow the transition plan. It is not a good fit for people looking for a growing DEX with active development.