ArthSwap V2 Review 2026: A Small Astar DEX With Thin Activity

ArthSwap V2 is a decentralized exchange on Astar Network, the EVM-compatible chain in the Polkadot ecosystem. The project describes itself as a one-stop DeFi protocol for the chain, covering swapping, liquidity pools and staking. It has been tracked since February 2022, and its token is ARSW.

In its early days it presented itself as the largest DEX community on Astar, with high yields and a simple interface. The app today offers a plain interface for swapping tokens or providing liquidity.

Current activity is small. Total value locked is about $499,650, little changed over the past week. A price page reports an ARSW market cap under $10,000 and trading volume of about $1 in 24 hours. A December 2024 forum post asked for ArthSwap to be delisted from Astar's dApp staking, citing near-zero project revenue because all swap fees go to liquidity providers and stakers. Treat it as a small, low-liquidity venue.

ArthSwap is an automated market maker, the standard design for a DEX. Instead of matching buyers and sellers in an order book, it holds pools of two tokens and prices trades from the ratio between them. When you swap, you add one token to the pool and take the other out at a price set by a formula.

Liquidity providers fill those pools. They deposit both tokens in a pair and receive a share of the swap fees. The main risk is impermanent loss: if token prices diverge, the deposit can be worth less than simply holding the tokens.

ARSW is the native token. Earlier materials describe it being paid as a mining reward and used for staking. The project says swap fee revenue goes to liquidity providers and ARSW stakers.

ArthSwap does not publish a fee schedule in the material reviewed. Swap fees, pool fee tiers and any withdrawal costs would be shown in the app at the time of a swap or deposit, and in the project's wiki.

A December 2024 community post states that all swap fee revenue is allocated to liquidity providers and ARSW stakers, leaving the project itself with effectively no revenue. On top of swap fees, users pay Astar network gas in ASTR, and thin liquidity can add significant price impact on larger trades.

Two audits are listed for the protocol, but the auditors and reports are not detailed in the material reviewed, and an audit does not guarantee the absence of bugs. As a non-custodial DEX, funds in pools sit in smart contracts and carry contract risk, plus impermanent loss for liquidity providers.

The project's own forum post says revenue is effectively zero, which raises questions about ongoing development, monitoring and support. Token market data shows very little trading. The team and any regulatory status are not published in the material reviewed. Check the official site and Astar community channels for the latest status before depositing funds, and only use money you can afford to lose.

ArthSwap V2 is for existing Astar users who want a simple on-chain swap or small liquidity position and are comfortable with a low-liquidity venue. It is less suited to larger traders, who would face price impact, and to anyone who needs an actively developed protocol with a visible team.