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AshSwap Review 2026: MultiversX Stable-Swap DEX

AshSwap is a MultiversX DEX that describes itself as the first stable-swap AMM on the chain, now positioned as a broader DeFi hub. It is a niche venue with modest TVL, best suited to MultiversX users swapping similar-priced assets.

MultiversX

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.3/10

Mixed

Visit Ashswap

Our verdict on Ashswap

6.3/10

AshSwap suits MultiversX users who want to swap stablecoins or similar assets, or earn from liquidity pools, on a specialist DEX. Its main strengths are the stable-swap focus, two listed audits and a growing toolset including an SDK and points program. The main caveat is size: TVL is under $1 million, fees are not stated publicly, and it is limited to one chain. Check pool depth, read the audits and start small.

Score breakdown

How Ashswap scores

Security: 6.0/10
Ease of use: 6.5/10
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Ashswap?

AshSwap is a decentralized exchange on MultiversX, the chain formerly known as Elrond. DefiLlama describes it as the first DEX on that chain to follow the stable-swap model, which is built for trading assets of similar value with low slippage.

The project has since rebranded. Its own material now calls AshSwap a one-stop DeFi hub with swap routing across MultiversX, ways to earn in DeFi, and related products. The docs also reference AshPerp, an ASH token, an ASH point program for users and a developer SDK.

On the numbers, DefiLlama shows about $835,600 in TVL, up roughly 1% over seven days, with two audits listed and tracking since February 2023. That is a small protocol. It could suit users already on MultiversX who want stable-asset swaps, but liquidity depth is a factor to check on each pair.

How Ashswap works

AshSwap is an automated market maker. Instead of an order book, users trade against pools of tokens funded by liquidity providers. A swap changes the pool balance, and the pool's pricing formula sets the rate.

The stable-swap model uses a curve designed for assets that should trade close to one another, such as stablecoins. Near the peg, the curve is flatter than in a standard pool, so large trades move the price less. That is why stable-swap DEXs are usually used for stablecoin and similar-asset swaps.

AshSwap also advertises Auto-Concentrated Liquidity, intended to put liquidity where it is most useful so yields rise and slippage falls. Public sources give no technical detail, so check the docs for how it works and what risks come with it. Liquidity providers earn a share of trading fees, and may also receive token incentives.

7 features

Key features

Stable-swap pools

AshSwap is described as the first DEX on MultiversX to use the stable-swap model, aimed at trades between similarly priced assets with low slippage.

Auto-Concentrated Liquidity

The homepage says Auto-Concentrated Liquidity and a novel pool design are meant to improve yields and reduce slippage for liquidity providers.

Swap rate routing

Branding material says AshSwap offers the best swap rates across MultiversX, implying routing across venues. Exact routing details are not public.

Automatic pool listing

Docs mention automatic listing of newly created pools from xExchange, OneDex and AshSwap.

Developer SDK

A published SDK is meant to simplify smart contract interactions for developers building apps on the platform.

ASH point program

ASH Point rewards users for contributions to AshSwap by completing quests and reaching milestones.

AshPerp mention

The docs list AshPerp as part of the ecosystem. Public sources give no further detail on how it works.

Pros and cons

What we like

Early stable-swap specialist on MultiversX, per DefiLlama
Two audits are listed on DefiLlama
Documentation covers liquidity provision, token details and feature updates
Offers a developer SDK and automatic pool listing
Has its own token and a points program for user participation

Watch out for

TVL is small at about $836,000 on DefiLlama, which can mean thinner liquidity on some pools
Runs only on MultiversX, so it is not useful if you hold assets on other chains
Fee levels are not stated, so costs need to be checked in the app
Its homepage is minimal, so product details rely on docs and third-party summaries
Newer features such as AshPerp and the ASH point program are mentioned only briefly, so their maturity is unclear

Ashswap fees

AshSwap's trading fees, liquidity provider fees and any protocol fees are not stated. Users would normally see them in the swap interface before confirming a trade, and in the project's documentation for each pool.

On top of any protocol fee, users pay network transaction fees on MultiversX. Those are not quantified either.

Is Ashswap safe?

DefiLlama lists two audits, but the project does not name the auditors, dates or findings. Like any DEX, AshSwap carries smart-contract risk, and liquidity providers face impermanent loss and depeg risk, which matters especially in stable-asset pools. Trading is non-custodial in the usual DEX model, so you keep your keys, but a contract bug could still put funds at risk.

The project does not report any hacks or incidents, and they do not describe a regulatory status. With TVL under $1 million, the protocol is small, so check pool liquidity before trading size. Review the audit reports and use only the official app.

6 steps

How to get started with Ashswap

1
Read the AshSwap docs, including the Understand AshSwap and liquidity provision guide pages.
2
Set up a MultiversX-compatible wallet and fund it with the assets you plan to use plus a little for network fees.
3
Open the AshSwap app and connect your wallet.
4
Check the quoted rate, price impact and fees on a small swap before trading size.
5
If providing liquidity, review the pool's assets, rewards and risks, and start with a small deposit.
6
Review the audit reports and keep an eye on official channels for updates.

Open Ashswap

Who Ashswap is for

AshSwap is for MultiversX users who trade stablecoins or correlated assets and want lower slippage than a standard pool. It also fits liquidity providers comfortable with small-cap DeFi risk, and developers interested in the SDK. It is less suitable for anyone who needs deep liquidity or multi-chain access.

Ashswap FAQs

What is AshSwap?

AshSwap is a decentralized exchange on the MultiversX blockchain. DefiLlama describes it as the first DEX there to follow the stable-swap model, and its later branding calls it a one-stop DeFi hub.

Which blockchain does AshSwap use?

It runs on MultiversX. Public sources list no other chains, so it should be treated as a single-chain product.

Does AshSwap have a token?

AshSwap has its own token, ASH. Public sources also mention an ASH point program that rewards users for completing quests and contributing to development. Details of the rewards are not public, so check the docs.

Has AshSwap been audited?

DefiLlama lists two audits for AshSwap. The project does not name the auditors or the findings, so read the audit reports before depositing. An audit reduces risk but does not remove it.

What is a stable-swap AMM?

Stable-swap pools are built for assets that trade near the same price, such as stablecoins. The curve is flatter around the peg, which usually means lower slippage than a standard constant-product pool for those pairs.

How do I earn on AshSwap?

The homepage meta says AshSwap uses Auto-Concentrated Liquidity, aimed at improving yields and reducing slippage. Liquidity providers deposit assets into pools and earn from trading activity. Pool terms, fees and rewards are shown in the app and docs.

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