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Meridian Swap Review 2026: A Small Telos AMM in a DeFi Incubator

Meridian Swap is an automated market maker on the Telos Network, part of the wider Meridian Finance ecosystem. Liquidity is very thin, so it suits small, experimental swaps rather than size.

Telos

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

4.3/10

Weak

Visit Meridian Swap

Our verdict on Meridian Swap

4.3/10

Meridian Swap is a small AMM on Telos that belongs to the Meridian Finance ecosystem and its MST token. It may interest Telos users who already use Meridian Lend or Mint and want a nearby venue for small swaps. The main caveat is size and transparency: about $7,300 in liquidity, no listed audits and unpublished fee tiers. Anyone trading should keep amounts small and check the price impact before confirming.

Score breakdown

How Meridian Swap scores

Security: 3.5/10
Ease of use: 6.0/10
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 Meridian Swap?

Meridian Swap is an automated market maker on the Telos Network. It is described as an AMM for the Telos ecosystem and forms part of Meridian Finance, a project that markets itself as a DeFi product incubator.

The broader Meridian site shows products across several chains: Meridian Mint (the USDM stablecoin), Meridian Lend, a perpetuals platform on Taraxa, and TelosPump, a memecoin launchpad on Telos. The business model on the homepage is selling mainnet-ready products and marketing packages to other teams. Its docs also describe helping networks grow liquidity and TVL.

The swap itself is small. Total value locked is about $7,300, and no audits are listed. It has been tracked since August 2024. Anyone considering it should treat it as a niche venue on a smaller chain.

How Meridian Swap works

Meridian Swap is an automated market maker. Instead of matching buyers and sellers, it holds pools of two tokens. A formula sets the price from the ratio of tokens in the pool, and each trade shifts that ratio.

Liquidity providers deposit tokens into pools and earn a share of trading fees. The swap fee tiers and reward split are not published on the homepage. Small pools see large price moves on even modest trades, which is the situation here with about $7,300 locked.

The swap is one product in the Meridian ecosystem. According to the homepage, 10% of protocol fees across the ecosystem buy back and burn the MST token, and MST holders vote on upgrades and treasury use.

6 features

Key features

AMM token swaps on Telos

Swaps run against on-chain liquidity pools on the Telos Network, so no order book or account is needed.

Part of a product suite

The swap sits beside Meridian Lend, Meridian Mint (the USDM stablecoin) and TelosPump, a memecoin launchpad, all deployed on Telos.

MST governance

MST holders are described as voting on upgrades, parameters, proposals and treasury allocation.

Fee-funded buyback and burn

The homepage says 10% of protocol fees buy back and burn MST, tying fee income to token supply.

MST bridging

The project docs reference a Meridian Bridge for moving MST between supported networks.

Incubation platform

Meridian sells a package that includes branded products, price feeds and a frontend to other teams, so the swap sits inside a broader launch platform.

Pros and cons

What we like

Native AMM on Telos, giving users a place to swap tokens on that network
Linked to a wider ecosystem with lending, a stablecoin and a launchpad on the same chain
MST has a stated fee-funded buyback and burn and governance role
Docs, bridge and token-purchase guidance are published by the project
No account or sign-up is needed to swap, as with other non-custodial DEXs

Watch out for

Very small liquidity: roughly $7,300 in total value locked, so larger swaps are likely to move the price a lot
No audits are listed for the swap contracts
Swap fee tiers and liquidity-provider rewards are not published on the main site
Runs on a single chain, Telos, which has far less liquidity and tooling than larger networks
The parent project's main business is selling incubation packages, so the AMM may not be its priority
TVL slipped about 3.8% over the past week, and the team behind the project is not named on the homepage

Meridian Swap fees

Swap fee tiers and the share paid to liquidity providers are not published on the main Meridian site. Users would see the exact fee and price impact in the swap interface before confirming a trade, and the project docs are the place to look for pool-level detail. Network gas on Telos also applies.

One fee-related detail is stated: 10% of protocol fees are used to buy back and burn the MST token. The homepage's separate incubation pricing ($15K per product, with a 25% bundle discount) applies to teams hiring Meridian, not to people swapping tokens.

Is Meridian Swap safe?

No audits are listed for Meridian Swap, and the main site does not publish an audit report or bug bounty. Smart-contract risk therefore cannot be assessed from published information. Users keep custody of their tokens in their own wallet, but pooled funds sit in contracts that could contain bugs.

Liquidity is very thin, which raises the risk of heavy price impact and manipulation. The homepage names no team, and the project does not state a regulatory status. Liquidity providers also face impermanent loss. Use only funds you can afford to lose and check the rules in your own jurisdiction.

6 steps

How to get started with Meridian Swap

1
Check that using DeFi protocols is permitted where you live and that you are comfortable with the risks.
2
Set up a wallet that supports the Telos Network and add Telos to it.
3
Fund the wallet with TLOS for gas and the token you want to swap.
4
Open the Meridian Swap interface from the official Meridian Finance site and connect the wallet.
5
Pick the token pair, review the quote, price impact and fee, and set a conservative slippage limit.
6
Start with a small test swap before trading larger amounts, given the shallow liquidity.

Open Meridian Swap

Who Meridian Swap is for

Meridian Swap suits Telos users and MST holders who want to swap small amounts inside the Meridian ecosystem and accept the risks of an unaudited, low-liquidity venue. It is a poor fit for large trades or anyone who needs published audits and fee schedules.

Meridian Swap FAQs

What is Meridian Swap?

Meridian Swap is an automated market maker (AMM) on the Telos Network. It lets users swap tokens against liquidity pools instead of an order book. It belongs to the Meridian Finance ecosystem, which also includes a lending market, a stablecoin protocol and a memecoin launchpad.

Which blockchain does Meridian Swap use?

It is listed as running on Telos. The Meridian homepage also shows other products on Taraxa and a planned one on Avalanche, but those are separate products, not the swap.

What is the MST token?

MST is the governance token of the Meridian ecosystem. The homepage says holders vote on upgrades, parameters and treasury use. It also says 10% of protocol fees are used to buy back and burn MST.

Is Meridian Swap safe?

No audits are listed for it, and the project does not publish an audit report on its main page. As with any DEX, smart-contract risk, impermanent loss for liquidity providers and low-liquidity price impact all apply. Only use funds you can afford to lose.

What are the fees on Meridian Swap?

The homepage does not state swap fee tiers or how fees are split with liquidity providers. The only fee detail given is that 10% of protocol fees go to MST buybacks and burns. Check the in-app quote and the project docs before trading.

How do I get MST tokens?

The homepage says MST can be swapped on supported DEXs and bridged to other networks using the Meridian Bridge. The exact venues and pairs are listed in the project docs rather than on the main page.

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