DEXes · Review
ActiveKlaySwap V1 Review 2026: A Small Kaia AMM DEX
KlaySwap V1 is an automated market maker on Kaia that lets users swap tokens and earn from liquidity pools. Its TVL is modest and has been falling recently.
By the DappsAtlas editorial team · Updated
DappsAtlas score
5.8/10
Mixed
Our verdict on KlaySwap V1
5.8/10KlaySwap V1 suits users already active on Kaia who want a basic AMM for swaps and liquidity mining with the KSP token. Its main strength is a simple, established pool-based model with two listed audits. The main caveat is size: TVL is about 2.6 million dollars and fell roughly 20.5% in a week, so liquidity is thin and activity may be fading. Fees, team and audit details are not published in the material reviewed, so verify them in the app before depositing.
Score breakdown
How KlaySwap V1 scores
- Security
- 5.5/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- 5.5/10
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 KlaySwap V1?
KlaySwap V1 is a decentralized exchange on Kaia, the chain formerly known as Klaytn. A DeFi data tracker describes it as an AMM-based instant swap protocol, and the project says it extends the Klaytn DeFi ecosystem through pool-based swaps and liquidity mining.
The homepage names KLAY, ETH, WBTC, USDT and ORC as swappable assets. The protocol has its own token, KSP, and two audits are listed for it.
On size, total value locked is roughly 2.6 million dollars, and it dropped about 20.5% over the last seven days. That points to a smaller, shrinking venue rather than a growing one. The team, detailed fee structure and audit reports are not described in the material available.
How KlaySwap V1 works
KlaySwap V1 is an automated market maker. Instead of matching buyers and sellers, it holds pairs of tokens in liquidity pools, and a pricing formula sets the exchange rate based on the ratio of tokens in each pool. When you swap, you add one token to the pool and take the other out, and the ratio shifts.
Liquidity providers supply the tokens in these pools and earn a share of trading fees. The project also describes liquidity mining, where providers can receive extra rewards, with KSP as the protocol token.
Because everything runs in smart contracts on Kaia, users keep custody of their funds in their own wallet until they approve a transaction. Swap prices depend on pool depth, so smaller pools see larger price movements on bigger trades.
5 features
Key features
01
AMM instant swaps
Trades execute against on-chain liquidity pools rather than an order book, so swaps are available at any time.
02
Liquidity mining
Users deposit token pairs into pools to supply liquidity and earn rewards, described by the project as liquidity mining.
03
Major token pairs
The project highlights swaps involving KLAY, ETH, WBTC, USDT and ORC on the Klaytn ecosystem.
04
KSP token
KSP is the protocol's token, listed alongside the project in market data.
05
Listed audits
Two audits are listed for the protocol in a DeFi data tracker.
Pros and cons
What we like
- Straightforward AMM model for swapping tokens without an order book.
- Liquidity mining lets users earn rewards by supplying pools.
- Two audits are listed for the protocol.
- Supports pairs with widely held assets such as ETH, WBTC and USDT, per the project.
- Non-custodial: users trade from their own wallet.
Watch out for
- Total value locked is small, about 2.6 million dollars, which can mean thinner liquidity and more price impact on larger trades.
- TVL fell about 20.5% over the past seven days, a sign of shrinking activity or capital leaving.
- Tied to a single chain, Kaia (formerly Klaytn), so its fortunes follow that ecosystem.
- Fee levels, team details and audit reports are not described in the material available, so users must check them in the app.
- As a V1 product, it may be overshadowed by newer versions or competing DEXs.
- Liquidity providers face impermanent loss and smart-contract risk, as with any AMM.
KlaySwap V1 fees
The material available does not publish a fee schedule. As with most AMM DEXs, users typically pay a swap fee that goes mostly to liquidity providers, plus network gas fees on Kaia.
Check the swap and pool screens in the app for the exact fee and price impact before confirming any transaction.
Is KlaySwap V1 safe?
Two audits are listed for KlaySwap V1 in a DeFi data tracker, but the auditors and findings are not detailed here, so read the reports directly. The protocol is non-custodial, which removes exchange custody risk but leaves smart-contract risk. Liquidity providers should also expect impermanent loss.
The team, licensing and any past incidents are not published in the material available. A small and falling TVL means thinner liquidity, which raises slippage risk on larger trades. Check that using DeFi is permitted where you live and never deposit more than you can afford to lose.
6 steps
How to get started with KlaySwap V1
- 1
Set up a wallet compatible with Kaia and fund it with KAIA for gas.
- 2
Open the official KlaySwap site and connect your wallet.
- 3
Choose the tokens to swap and review the quoted rate, fee and price impact.
- 4
Confirm the transaction in your wallet and wait for it to finalize.
- 5
To provide liquidity, pick a pool, deposit both tokens in the required ratio and review reward details first.
- 6
Start with a small amount and monitor pool positions for impermanent loss.
Who KlaySwap V1 is for
KlaySwap V1 is for Kaia users who want to swap tokens or provide liquidity on a long-standing local DEX and are comfortable with smart-contract and impermanent-loss risk. It is less suited to traders needing deep liquidity for large orders.
KlaySwap V1 FAQs
What is KlaySwap V1?
KlaySwap V1 is a decentralized exchange built on an automated market maker model. Users swap tokens directly against liquidity pools and can supply liquidity to earn rewards.
Which blockchain does KlaySwap V1 use?
It runs on Kaia, the chain formerly known as Klaytn. No other chains are listed for this version.
Does KlaySwap have a token?
Its token is KSP. The material available does not describe its full utility, so check the project's own documentation for how it is used.
Is KlaySwap V1 audited?
Two audits are listed for the protocol in a DeFi data tracker. The audit reports themselves are not summarized here, so read them before depositing funds. An audit lowers risk but does not remove it.
Can I lose money providing liquidity?
Yes. Liquidity providers face impermanent loss when pool token prices diverge, plus smart-contract risk. Treat any deposit as capital that could lose value.
What tokens can I swap?
The project's own description mentions instant swapping of KLAY, ETH, WBTC, USDT and ORC, plus liquidity mining. Available pairs may change over time, so check the app for current listings.
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How we checked
Sources
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