DEXes · Review

ctez Review 2026: Tez–cTez Swaps on Tezos

ctez is a Tezos AMM for swapping tez and cTez, a tez-backed token designed for use in DeFi. Its role is clear, but access details, fees and security documentation are limited.

Tezos

By the DappsAtlas editorial team · Updated Nov 6, 2026

DappsAtlas score

4.5/10

Weak

Our verdict on ctez

4.5/10

ctez may suit Tezos users who need to swap tez for cTez, a token designed for use in DeFi contracts. Its main strength is a focused AMM offering for that pair, backed by a described tez-holding minting contract. The main caveat is the lack of established access, fee and security details: no audits are listed, and cTez’s target peg does not ensure a stable market price. Verify the contract and transaction terms before interacting.

Score breakdown

How ctez scores

Security: 3.0/10
Ease of use: 4.0/10
Fees: n/a
Features: 5.0/10

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 ctez?

ctez is an automated market maker on Tezos that supports trading between tez and cTez. cTez is a token backed by tez and designed to be used in DeFi contracts.

The project combines a contract for minting cTez against tez backing with a constant-product market-making contract for swaps. The homepage, current access route, fees and team details are not established.

How ctez works

ctez combines a Tezos AMM with cTez, a tez-backed token designed for DeFi use. The cTez contract is described as holding tez and allowing new cTez to be minted when the backing meets a target relationship to the token supply. This is intended to make tez usable in contracts that need a token representation.

For swaps, a constant-product market-making contract matches tez and cTez through a pool. In this common AMM model, trades change the pool’s token balances and therefore its exchange rate. The market price can differ from cTez’s target peg, and public sources do not establish current liquidity conditions or any route for redeeming cTez.

4 features

Key features

Tez–cTez swaps

The AMM supports swaps between tez and cTez on the Tezos network.

Tez-backed token

The cTez contract is described as holding tez and allowing cTez to be minted against that backing, subject to a target peg.

AMM pricing

The swap contract is described as using a constant-product market-making design, a common AMM model where prices adjust as pool balances change.

Tezos DeFi use

The project is built for Tezos DeFi, where cTez is intended for use in contracts that work with the token rather than native tez.

Pros and cons

What we like

Provides a specific tez-to-cTez swap venue on Tezos.
cTez is designed to make tez usable in DeFi contracts that work with tokens.
The described constant-product AMM model is familiar to users of decentralized exchanges.

Watch out for

The project’s homepage and current interface are not established, making it harder to verify how to access it.
Fees are not published.
No audits are listed, and security documentation is not established.
CTEZ’s target peg and the market price of cTez can differ, so swapping or providing liquidity carries price risk.

ctez fees

Fees are not published. If you can verify the intended ctez interface or contract, check the transaction details before swapping or adding liquidity; Tezos network transaction costs may also apply.

Is ctez safe?

No audits are listed. The available security documentation, contract upgrade controls and custody arrangements are not established, so users should treat smart-contract risk as unresolved. A token’s intended backing or target peg does not guarantee that its market price will remain at that level; liquidity and price divergence can affect swaps and liquidity positions. Licensing information is not established.

4 steps

How to get started with ctez

1
Confirm that ctez is accessible and identify its intended Tezos contract address through a trustworthy project source.
2
Use a Tezos-compatible wallet and make sure it holds tez for the swap and network transaction costs.
3
Review the token, exchange rate, price impact and any displayed fees before confirming a swap.
4
If considering liquidity provision, check the pool’s balances and understand that price changes and a divergence from cTez’s target peg can affect your position.

Who ctez is for

ctez is aimed at Tezos users who specifically need cTez for DeFi activity or want to trade between cTez and tez. It is a less suitable choice for newcomers who need clear documentation, published fees or established security information before using a DeFi contract.

ctez FAQs

What is ctez?

ctez is an automated market maker on Tezos for trading tez and cTez. cTez is a tez-backed token designed to make tez usable in DeFi contracts.

How does ctez work?

The cTez contract is described as holding tez and allowing cTez to be minted against it, subject to a target peg. A constant-product market-making contract supports swaps between tez and cTez.

What fees does ctez charge?

Fees are not published. Check the swap or liquidity interface before confirming a transaction, if you can verify that you are using the intended contract.

Is ctez safe to use?

No audits are listed, and the project’s current security documentation is not established. Smart-contract bugs, changes in cTez’s market price relative to its target peg, and low liquidity can all create risks.

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