Metropolis AMM Review 2026: Liquidity Book DEX on Sonic

Metropolis AMM is a decentralized exchange on the Sonic network that uses the Liquidity Book model, also called a DLMM. It lets users swap tokens and provide liquidity in price bins. DefiLlama lists it since December 2024.

The project's pitch is zero-slippage trades and higher real yield for liquidity providers, with fine control over where liquidity sits. A DEX aggregator listing shows 7 coins and 10 trading pairs, which points to a small market.

Total value locked is about $31,000, down 14.4% over the past week. No audits are listed. The protocol is a niche, early-stage venue rather than a deep liquidity hub. Its homepage reviewed gives little detail on fees, team or governance.

A traditional AMM spreads liquidity along one curve, so each trade shifts the price slightly. Liquidity Book instead divides the price range into discrete bins. Each bin holds liquidity at a single fixed price, and a swap that fits inside the active bin executes at that price with no slippage.

When a trade is larger than the liquidity in the active bin, it uses up that bin and moves into the next one, so the average price changes. Liquidity providers choose which bins to fund. They earn trading fees only while the market price is inside the bins they funded, which rewards precise placement and active management.

Metropolis brings this model to Sonic. The project says traders get zero-slippage swaps and providers get higher real yield and more control. Those benefits depend on how much liquidity sits near the current price, which is currently small.

Metropolis does not publish a fee schedule in the material reviewed. Swap fees, pool fee settings and any farm rewards are shown in the app when you choose a pool or add liquidity.

Beyond protocol fees, you pay Sonic network gas for swaps and for adding or removing liquidity. Check the quoted price impact and fee before confirming, especially in pools with little liquidity.

No audits are listed for Metropolis AMM, and the project does not publish audit reports in the material reviewed. Like any DEX, it relies on smart contracts, so a bug could put pooled funds at risk. Liquidity providers deposit into contracts rather than a custodian. Traders keep their tokens in their own wallets until they swap.

The protocol is small, with about $31,000 in TVL, and it sits on a single chain. One third-party scam-check site rates the project's token listing poorly, but the project does not publish a licence, team or incident history in the material reviewed. Use small amounts, verify you are on the official site, and review any token approvals you grant.

This DEX suits experienced DeFi users on Sonic who understand concentrated liquidity and want to choose their own price bins. It is less suitable for newcomers, for large traders who need deep liquidity, or for anyone who requires audited contracts before depositing.