DEXes · Review
ActiveEnosys AMM V2 Review 2026: Flare and Songbird DEX
Enosys AMM V2 is the constant-product DEX in the Enosys DeFi suite on Flare and Songbird. Liquidity is small at roughly $137,000 TVL, so it suits ecosystem users more than large traders.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.0/10
Mixed
Our verdict on Enosys AMM V2
6.0/10Enosys AMM V2 suits users already active on Flare or Songbird who want a native DEX and access to L1 liquidity rewards. Its strength is the connected suite of lending, farms and bridge tools. The main caveat is thin liquidity, about $137,000 TVL, plus unclear audit details and unpublished fees. Treat it as an experimental venue, size positions carefully and read the audit reports first.
Score breakdown
How Enosys AMM V2 scores
- Security
- 5.5/10
- 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 Enosys AMM V2?
Enosys AMM V2 is a decentralized exchange built by Enosys, which describes itself as a blockchain research and development lab. It runs on Flare and Songbird, and DefiLlama has tracked it since November 2021.
The DEX is part of a larger DeFi suite that includes V3 concentrated liquidity, collateralized loans, farms, a bridge, an NFT gallery and infrastructure tools. The homepage says Experimental Finance on the Songbird Canary Network is its live testing platform.
Total value locked is about $137,000, down 2.6% over seven days, and the protocol token is EXFI. That is a small pool of liquidity, so the main appeal is access to Flare and Songbird rewards rather than deep trading markets.
How Enosys AMM V2 works
Enosys AMM V2 is an automated market maker. Instead of matching buyers and sellers, it holds pools of two tokens. Traders swap against a pool, and the price moves according to the pool's balance.
Liquidity providers deposit both tokens into a pool and receive rewards. The homepage says these include L1 rewards on Flare and Songbird. Providers can lose value compared with simply holding the tokens if prices diverge, a risk known as impermanent loss.
The DEX is one piece of a wider suite. The same team runs a collateralized lending protocol, yield farms with a token launchpad and a cross-chain bridge, all part of what it calls Experimental Finance on Songbird.
6 features
Key features
01
AMM token swaps
Users swap tokens against liquidity pools on Flare and Songbird rather than through an order book.
02
Liquidity provision rewards
Liquidity providers earn rewards for supplying assets, and the homepage says these include L1 rewards.
03
Wider DeFi suite
The same team runs a V3 concentrated liquidity DEX, a collateralized debt position lending protocol, farms and a cross-chain bridge.
04
Experimental Finance platform
Experimental Finance on Songbird is described as the live market testing platform for new developments.
05
NFT and infrastructure tools
The homepage lists an NFT gallery, oracles, multi-signature vaults and an indexing tool as further products.
06
APYCloud governance layer
APYCloud links products in the ecosystem, collects fees and rewards long-term holders who take part in governance.
Pros and cons
What we like
- Part of a broad, connected suite covering swaps, lending, farms, a bridge and NFTs.
- Earns L1 rewards for liquidity providers on Flare and Songbird, according to the homepage.
- Long-running, with a listing dating back to November 2021.
- The homepage says code and audits are public, and that releases go through testing in 11 environments.
- Focused on the Flare and Songbird ecosystem, which is useful for users already there.
Watch out for
- TVL is only about $137,000, which points to thin liquidity and likely higher slippage on larger swaps.
- DefiLlama lists no audits for this listing, even though the homepage says audits are publicly available.
- Limited to Flare and Songbird, so its reach is narrow.
- The platform is tied to the Songbird experimental network, which is a testing environment and carries more risk than a main network.
- The homepage says user data is logged, which may matter to privacy-focused users.
- Fee levels and the team are not clearly stated on the homepage.
Enosys AMM V2 fees
Swap fees and the split between liquidity providers and the protocol are not given on the homepage. Users would see the exact fee on the swap interface before confirming a trade.
On top of any swap fee, users pay network gas fees on Flare or Songbird. APYCloud is described as collecting fees across the ecosystem, but no rates are published.
Is Enosys AMM V2 safe?
DefiLlama lists no audits for this entry. The homepage says audits and code are publicly available and that each release is tested in 11 environments, but the page does not name auditors. Verify the reports independently before depositing.
As an on-chain AMM, funds sit in smart contracts, so bugs, price manipulation and impermanent loss are real risks. Low TVL can make prices easier to move. The homepage notes user data is logged and refers to a privacy policy and terms of service. The team and regulatory status are not stated.
6 steps
How to get started with Enosys AMM V2
- 1
Install a wallet that supports Flare or Songbird and add the network.
- 2
Fund the wallet with the network's native token for gas, plus the tokens you want to trade.
- 3
Open the DEX V2 app from the Enosys homepage and connect the wallet.
- 4
Check the pool liquidity and quoted price impact before swapping.
- 5
Review the fee and slippage settings, then confirm the swap.
- 6
To earn rewards, add liquidity to a pool, and read the risks of impermanent loss first.
Who Enosys AMM V2 is for
This review fits users already on Flare or Songbird who want a native swap venue and liquidity rewards. It is less suited to traders needing deep liquidity or those who want a long audit trail visible up front.
Enosys AMM V2 FAQs
What is Enosys AMM V2?
It is the V2 automated market maker from Enosys, a blockchain R&D lab. It lets users swap tokens and earn rewards by providing liquidity on Flare and Songbird.
Which blockchains does Enosys AMM V2 support?
DefiLlama lists the protocol on Flare and Songbird. The homepage describes its Experimental Finance platform as running on the Songbird Canary Network.
Does Enosys have a token?
DefiLlama lists EXFI as the protocol token, tied to the Experimental Finance platform on Songbird. The homepage also describes an APYCloud layer that rewards long-term holders who take part in governance.
Is Enosys AMM V2 audited?
The homepage says audits and code are publicly available, but DefiLlama lists no audits for this listing. Check the audit reports yourself before depositing, and remember that all DeFi carries smart-contract risk.
What is the difference between DEX V2 and V3?
Yes. The homepage describes DEX V3 as a concentrated liquidity market maker, while V2 is the standard AMM. Both mention L1 rewards for liquidity providers.
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How we checked
Sources
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