DEXes · Review
DuneSwap Review 2026: A Small Oasis Emerald AMM
DuneSwap is an automated market maker DEX built natively for the Oasis Emerald ParaTime, with a DUNE token earned through farming, staking or trading. It is a very small protocol with low liquidity and no listed audits.
By the DappsAtlas editorial team · Updated
DappsAtlas score
4.0/10
Weak
Our verdict on DuneSwap
4.0/10DuneSwap suits users already on Oasis Emerald who want a native AMM for swaps or to farm the DUNE token. Its strength is being a straightforward DEX built for that network. The main caveat is scale: about $22,000 in TVL, no listed audits and unpublished fees mean thin liquidity and elevated risk. Keep amounts small and check pool depth before any trade.
Score breakdown
How DuneSwap scores
- Security
- 3.0/10
- Ease of use
- n/a
- Fees
- n/a
- Features
- 4.0/10
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 DuneSwap?
DuneSwap is a decentralized exchange built for the Oasis Emerald ParaTime. It works as an automated market maker, and the project calls itself the first DEX on Oasis Emerald. Its native token, DUNE, can be earned by farming or staking, or bought through trading.
The protocol has been tracked since January 2022. It currently holds roughly $22,000 in total value locked, with a small decline over recent weeks. That makes it a very small venue even by niche-chain standards.
The project has a public code presence with two repositories and an official social account. The team, tokenomics, fee schedule and licensing are not published in the material reviewed, and no audits are listed.
How DuneSwap works
DuneSwap is an automated market maker. Instead of matching buyers and sellers, it holds pools of two tokens in smart contracts. A formula sets the price based on the ratio of tokens in the pool, so each trade moves the price a little.
Liquidity providers deposit pairs of tokens into pools and receive pool tokens that represent their share. They earn a portion of trading fees. On DuneSwap, farming and staking are also described as ways to earn the DUNE token, which acts as an incentive for supplying liquidity.
The protocol runs on Oasis Emerald, an EVM-compatible ParaTime of the Oasis Network, so it works with standard Ethereum-style wallets and tooling.
6 features
Key features
01
AMM token swaps
DuneSwap uses liquidity pools to price and execute token swaps, as other automated market makers do. No order book or counterparty is needed.
02
Oasis Emerald native
The exchange is built specifically for the Oasis Emerald ParaTime, an EVM-compatible environment within the Oasis Network.
03
Yield farming
Liquidity providers can stake pool positions in farms to earn the DUNE token as an incentive.
04
DUNE staking
DUNE can be staked on the platform, which is one of the ways the token is distributed.
05
Native DUNE token
DUNE is the platform's own token. It can be earned through farming or staking, or acquired by trading.
06
Public repositories
The project has a public code presence with two repositories listed, which lets developers inspect parts of its code.
Pros and cons
What we like
- Native to Oasis Emerald, giving users on that network a local AMM option
- Standard AMM model that is simple to understand
- Farming and staking give liquidity providers a way to earn the DUNE token
- Public code repositories allow some independent inspection
- Long-running listing since January 2022
Watch out for
- Total value locked is only about $22,000, so liquidity is thin and larger trades will likely move prices a lot
- No security audits are listed for the protocol
- Runs on a single chain, Oasis Emerald, which has a much smaller user base than the major EVM networks
- Fees, team and tokenomics details are not published in the material reviewed
- The DUNE token is the main reward, so farming returns depend on a token with limited liquidity
DuneSwap fees
DuneSwap's swap fee, liquidity provider share and farming reward rates are not published in the material reviewed. Most AMMs charge a small percentage on each swap, part of which goes to liquidity providers, but the exact figure for DuneSwap should be confirmed in the app before trading.
You will also pay network gas on Oasis Emerald for swaps, approvals, staking and farming transactions. Small pools mean price impact can be a larger hidden cost than the stated fee.
Is DuneSwap safe?
No security audits are listed for DuneSwap. Like any AMM, it exposes users to smart-contract risk, and liquidity providers face impermanent loss. Trades are non-custodial, so you keep control of your tokens through your own wallet, but a contract bug could still put funds at risk.
The team, governance and admin-key arrangements are not published in the material reviewed. With low liquidity, there is also a risk of high slippage and price manipulation in small pools. Treat any deposit as high risk and verify the official site and contract addresses through the project's verified social account before connecting a wallet.
6 steps
How to get started with DuneSwap
- 1
Set up an EVM-compatible wallet and add the Oasis Emerald network.
- 2
Acquire ROSE, the Oasis network's gas token, to pay for transactions.
- 3
Open the DuneSwap app from the project's official channels, checking the address against its official social account.
- 4
Connect your wallet and review the swap or pool screen, including fees and price impact.
- 5
Start with a small test swap before committing larger amounts.
- 6
If you add liquidity or farm, check the pool, the reward rate and the risk of impermanent loss first.
Who DuneSwap is for
DuneSwap fits experienced DeFi users who already use Oasis Emerald and are comfortable with small, unaudited protocols. It is a poor fit for people who need deep liquidity, large trades or audited contracts.
DuneSwap FAQs
What is DuneSwap?
DuneSwap is an automated market maker decentralized exchange that runs on the Oasis Emerald ParaTime network. Users swap tokens against liquidity pools rather than an order book. It describes itself as the first DEX on Oasis Emerald.
Which blockchain does DuneSwap run on?
DuneSwap operates on Oasis Emerald, the EVM-compatible ParaTime of the Oasis Network. The protocol is not listed on other chains.
What is the DUNE token?
DUNE is the platform's native token. It can be earned by farming or staking, or bought by trading for it on the exchange.
How much liquidity does DuneSwap have?
Total value locked is around $22,000, with a small decline over recent weeks. That is a low figure, so slippage on larger swaps is a real concern.
Is DuneSwap safe?
No audits are listed for DuneSwap. As with any DEX, users face smart-contract risk, impermanent loss when providing liquidity, and price risk on reward tokens. Only use funds you can afford to lose.
What fees does DuneSwap charge?
The trading fee, the share paid to liquidity providers and farming reward rates are not stated in the material reviewed. They would be shown in the app's swap and farm interfaces before you confirm a transaction.
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How we checked
Sources
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