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LiquidSwap Review 2026: Early Aptos AMM DEX

Liquidswap is an automated market maker on Aptos that launched in 2022 and calls itself the first DEX on that chain. It remains live, but its TVL is modest at roughly 1.16 million USD.

Aptos

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.0/10

Mixed

Visit LiquidSwap

Our verdict on LiquidSwap

6.0/10

Liquidswap suits Aptos users who want a straightforward AMM to swap APT, USDT and other tokens, and who value an early, audited-on-paper venue. Its main strength is its status as one of the first DEXs on Aptos, with a listing history back to 2022. The main caveat is size: TVL of about 1.16 million USD means limited liquidity, and fee and audit details are not published. Check the audit reports and fees first.

Score breakdown

How LiquidSwap scores

Security: 6.0/10
Ease of use: 7.0/10
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 LiquidSwap?

Liquidswap is a decentralized exchange on the Aptos blockchain. DefiLlama describes it as the first AMM on Aptos, and the homepage calls it the first DEX on that chain. It has been listed since 21 October 2022.

The homepage says users can swap APT, USDT and other tokens on Aptos mainnet. DefiLlama files it under Dexs and lists an LSD token and two audits. The Twitter handle on record is PontemNetwork.

Current TVL is about 1.16 million USD, up 0.4 percent over seven days. That is small, so the protocol's value is mostly as an early Aptos venue rather than a deep liquidity hub.

How LiquidSwap works

Liquidswap is an automated market maker. Instead of matching buyers and sellers, it holds pools of two tokens, and a pricing formula sets the exchange rate based on the pool's balance. When you swap, you add one token to the pool and take the other out.

Pools are funded by liquidity providers, who deposit token pairs and usually earn a share of trading fees. The risks are impermanent loss, which occurs when relative token prices move, and smart-contract bugs.

The protocol runs on Aptos mainnet, so trades settle on-chain and are signed from your own wallet. Liquidswap does not take custody of your funds for swaps.

5 features

Key features

AMM token swaps

Swaps are executed against on-chain liquidity pools instead of an order book. Prices are set by the pool's pricing formula.

APT and stablecoin trading

The homepage says users can swap APT, USDT and other tokens on Aptos mainnet.

Early Aptos DEX

The project is described as the first AMM on Aptos and has been listed on DefiLlama since October 2022.

Listed audits

DefiLlama shows two audits listed for the protocol, though details are not given publicly.

LSD token

DefiLlama lists an LSD token for the project. Its exact role is not detailed publicly.

Pros and cons

What we like

Live on Aptos mainnet and described as the first AMM on that chain
Listed on DefiLlama since October 2022, which shows a multi-year presence
Two audits are listed on DefiLlama
Non-custodial swaps signed from your own wallet
Simple token swap flow for APT, USDT and other Aptos assets

Watch out for

Total value locked is about 1.16 million USD, small next to leading DEXs, which can mean thin liquidity and higher slippage on larger trades
Limited to the Aptos chain, so it is no use for assets on other networks
Homepage is minimal, so fee tiers, pool types and governance details are not confirmed
Only two audits are listed, and the audit scope and dates are not stated publicly
As with any AMM, liquidity providers face impermanent loss and smart-contract risk
The LSD token's current utility and distribution are not described

LiquidSwap fees

Liquidswap's fee structure is not given. AMM swap fees are normally set per pool and shown in the trading interface before you confirm a swap, so check there for the current rate.

You will also pay Aptos network gas fees in APT on each transaction. Liquidity providers typically earn a share of swap fees, but the exact split for Liquidswap is not stated here.

Is LiquidSwap safe?

DefiLlama lists two audits for Liquidswap, but the auditors, dates and findings are not public. Audits reduce but do not remove smart-contract risk, and readers should check the reports and whether the deployed code matches them.

Swaps are non-custodial, so your main exposure is to contract bugs, pool price swings and phishing sites. The project does not mention hacks or incidents. With TVL near 1.16 million USD, thin liquidity can mean notable slippage on larger trades. Always confirm the official address before connecting a wallet.

6 steps

How to get started with LiquidSwap

1
Install an Aptos-compatible wallet and create or import an account, keeping the recovery phrase offline.
2
Fund the wallet with some APT for gas and the tokens you want to trade.
3
Open the official Liquidswap site, checking the address carefully to avoid imitations.
4
Connect your wallet and choose the tokens to swap.
5
Review the quoted price, slippage and fees, then confirm the transaction in your wallet.
6
If you want to add liquidity, read the pool details and the risk of impermanent loss first.

Open LiquidSwap

Who LiquidSwap is for

Liquidswap is for Aptos users who want to swap tokens on-chain and are comfortable with a self-custody wallet. It may also interest liquidity providers who accept impermanent loss and smart-contract risk. Traders needing deep liquidity for large orders may prefer larger venues.

LiquidSwap FAQs

What is Liquidswap?

Liquidswap is a decentralized exchange built on the Aptos blockchain. It uses an automated market maker model, so users swap tokens against liquidity pools rather than an order book. DefiLlama describes it as the first AMM on Aptos.

Which blockchain does Liquidswap run on?

Public sources list Aptos only. Liquidswap runs on the Aptos mainnet, and no other chain is mentioned.

Does Liquidswap have a token?

DefiLlama lists a token with the ticker LSD for the project. The project does not describe its supply, utility or governance role, so check the project's official channels for details.

Is Liquidswap audited?

DefiLlama lists two audits for Liquidswap, but the auditors, dates and scope are not given publicly. An audit lowers risk but does not remove it, so read the reports before depositing funds.

What are the fees on Liquidswap?

Liquidswap's fee schedule is not published. Swap fees and pool details should appear in the app's interface before you confirm a trade. Network gas fees on Aptos also apply.

Who is behind Liquidswap?

Liquidswap is associated with Pontem Network, based on the Twitter handle listed on DefiLlama. The project does not describe the team beyond that.

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