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MantisSwap Review 2026: Single-Sided Stablecoin AMM

MantisSwap is a stablecoin-focused AMM from Mantissa Finance that takes single-sided deposits and uses a loss protection mechanism. Its tiny TVL and beta label mean it suits cautious experimenters only.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.2/10

Mixed

Visit MantisSwap

Our verdict on MantisSwap

5.2/10

MantisSwap suits experienced DeFi users who want to explore a single-sided stablecoin AMM with built-in depeg protection and who accept beta-level risk. Its main strength is the design: one-asset deposits and a loss protection mechanism aimed at pegged assets. The main caveat is scale. TVL is around $11,000 and falling, the site shows signs of limited updates, and fee rates are not published, so start small and verify everything yourself.

Score breakdown

How MantisSwap scores

Security: 5.0/10
Ease of use: 6.5/10
Fees: 4.5/10
Features: 6.0/10

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 MantisSwap?

MantisSwap is a decentralized exchange developed by Mantissa Finance for trading pegged assets such as stablecoins. It calls itself a next-generation stableswap and is labelled as beta on its homepage.

The pitch is capital efficiency and low slippage for traders, plus single-sided deposits and loss protection for liquidity providers. DefiLlama lists it on Polygon, Polygon zkEVM and Mode, with listing dating from March 2023.

Activity is small. TVL is about $11,000 and fell around 19% in the past week. The homepage footer carries a 2022 date, and the project's X account mentions recovering control of its Discord from impersonators. These are signals to weigh before depositing.

How MantisSwap works

MantisSwap is an automated market maker (AMM) built for pegged assets, meaning tokens that should trade near the same price, like different dollar stablecoins. Instead of a user trading against a counterparty, they swap against pooled liquidity. The multi-asset pool design is meant to give deeper liquidity to each token and keep slippage low.

Unlike many AMMs, liquidity providers deposit one asset rather than a pair, and the project says they can claim their deposit 1:1 on withdrawal. To handle the risk of a stablecoin losing its peg or being exploited, the protocol uses an autonomous loss protection mechanism that aims to reduce principal losses for providers.

Providers can stake LP tokens for yield, and staking the native token gives a boosted APR. The project documents a token called MNTS and a vote-escrowed version, veMNTS, used for governance and reward boosting.

6 features

Key features

Single-sided liquidity

Liquidity providers deposit a single asset instead of a pair, and the project says deposits can be claimed 1:1 on withdrawal.

Depeg loss protection

An internal autonomous mechanism aims to minimise losses to liquidity providers during a depeg or exploit.

Multi-asset pools

Multi-asset pools are designed to give deeper liquidity to all listed tokens, supporting low-slippage swaps between similar-value assets.

LP staking rewards

LP tokens can be staked for yield, and staking the native token gives a boosted APR.

MNTS and veMNTS

The token is described as used for governance voting, liquidity rewards and boosting rewards, with a vote-escrowed version documented.

Simple app layout

The app has Swap, Pools and Stake sections, aimed at doing less to earn interest on stablecoins.

Pros and cons

What we like

Single-sided deposits remove the need to hold token pairs
Autonomous loss protection aims to reduce principal losses in a depeg or exploit
Design focused on pegged assets targets low slippage for stablecoin swaps
Two audits are listed on DefiLlama and the project has a security page
Documented token model with governance and reward boosting

Watch out for

Very low TVL of about $11,000, so liquidity is thin and large swaps could move prices
TVL fell about 19% over the past seven days
Homepage footer is dated 2022 and the app is labelled beta, which suggests limited maintenance signals
The team posted about regaining control of its Discord from impersonators, a social engineering risk for users
Mobile version is described as under development; a desktop browser is needed
Fee levels and audit details are not published on the homepage

MantisSwap fees

The homepage promises minimal fees and low slippage for traders but does not publish a specific swap fee rate. Users would see the exact fee and expected output in the Swap section of the app before confirming a trade.

Liquidity providers earn rewards from staking LP tokens, with a boosted APR for staking the native token. Rates are not stated, so check the Pools and Stake pages. Network gas fees on Polygon, Polygon zkEVM or Mode apply on top.

Is MantisSwap safe?

DefiLlama lists two audits for MantisSwap, and the project has a security page saying it takes several measures to protect the protocol. The audit firms and reports are not named in its homepage, so readers should look for the reports in the official docs before depositing.

Risks include smart-contract bugs, stablecoin depegs, and the thin liquidity implied by a TVL of about $11,000. The loss protection mechanism is the project's own design and not insurance. The team has also reported impersonators in its Discord, so verify links and never share seed phrases. No team identities or regulatory status are published in the material reviewed.

7 steps

How to get started with MantisSwap

1
Check that DeFi trading is permitted where you live and use a desktop browser.
2
Open the app only from the official Mantissa Finance website, since impersonators have targeted the community.
3
Connect a wallet and switch to Polygon, Polygon zkEVM or Mode.
4
Hold a supported pegged asset, such as a stablecoin, plus a little native gas token.
5
In Swap, review the quoted output and fees, then confirm a small test trade.
6
To provide liquidity, deposit a single asset in Pools and read the loss protection terms first.
7
Optionally stake LP tokens in Stake for rewards, and review the risks of any boosted APR.

Open MantisSwap

Who MantisSwap is for

MantisSwap is for stablecoin holders and liquidity providers comfortable with beta DeFi software who want to try single-sided liquidity on Polygon, Polygon zkEVM or Mode. It is less suited to large traders who need deep liquidity, or to newcomers who want a long, well-documented track record.

MantisSwap FAQs

What is MantisSwap?

MantisSwap is a decentralized exchange built by Mantissa Finance for swapping assets that trade at similar prices, such as stablecoins. It uses a multi-asset pool design and single-sided liquidity provision.

Which chains does MantisSwap support?

DefiLlama lists it on Polygon, Polygon zkEVM and Mode. Project material says it launched on Polygon PoS and then added Polygon zkEVM during its public beta.

How does single-sided liquidity work on MantisSwap?

Liquidity providers deposit one token rather than a pair and, according to the project, can claim deposited assets 1:1 on withdrawal. An internal autonomous loss protection mechanism is meant to limit losses during a depeg or exploit. This reduces some risks but does not remove them.

Does MantisSwap have a token?

The project describes MNTS as its native token, used for governance voting, liquidity rewards and boosting rewards. The homepage refers to staking the native token for boosted APR; the token is not tracked with a price on the data source used here.

Is MantisSwap safe?

No protocol is risk-free. DefiLlama lists two audits, and the project has a security page, but TVL is very small and the app is labelled beta. Smart-contract bugs, stablecoin depegs and phishing are all possible, so only use funds you can afford to lose.

Can I use MantisSwap on mobile?

The homepage states the mobile version is under development, so use a desktop browser with a compatible wallet.

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