DEXes · Review

Active

Puzzle Swap Review 2026: A Waves DEX Built Around Mega Pools

Puzzle Swap is a decentralized exchange on Waves that describes itself as DEX 2.0 with mega pools. Public facts are limited, TVL is modest and no audits are listed.

Waves

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

—/10

Not rated

Visit Puzzle Swap

Our verdict on Puzzle Swap

Puzzle Swap suits Waves users who want a native DEX and are interested in its mega pool design. Its main strength is a focused, non-custodial trading venue with a long listing history on DefiLlama. The main caveat is the lack of listed audits, modest TVL of about 431,000 USD and sparse public detail on fees and mechanics. Verify the contracts and fees yourself and keep exposure small.

Score breakdown

How Puzzle Swap scores

Security: 4.0/10
Ease of use: n/a
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 Puzzle Swap?

Puzzle Swap is a decentralized exchange on the Waves blockchain. DefiLlama describes it as a DEX 2.0 built to support mega pools, and the homepage calls it a decentralized exchange of a newer generation.

DefiLlama has listed it since March 2022. It currently shows about 431,000 USD in total value locked, a 7-day change of 0.1 percent and a native token, PUZZLE. No audits are listed.

The public information is brief, so this review sticks to what is established: a small, Waves-only DEX with its own token. Details on fees, pool mechanics and governance should be checked directly with the project.

How Puzzle Swap works

Puzzle Swap is a decentralized exchange. Instead of matching buyers and sellers in an order book, it uses liquidity pools, which are smart contracts holding tokens that users deposit. Traders swap against the pool and prices adjust based on the pool's balances.

DefiLlama describes the project as DEX 2.0 built to support mega pools. The project does not specify the design, but the name suggests pools that can hold many assets rather than just two. Check the project's documentation for how weights, fees and rewards work.

Liquidity providers deposit tokens and typically earn a share of trading fees. They take on risks including impermanent loss and smart-contract bugs.

4 features

Key features

Mega pool design

DefiLlama describes it as a DEX 2.0 built to support mega pools. The project does not explain how these pools are structured.

Waves-native DEX

The protocol is built on Waves, so it uses that network for swaps and liquidity provision.

Non-custodial swapping

Users can trade tokens directly from their wallets via smart contracts, without handing funds to a centralized exchange.

PUZZLE token

The PUZZLE token is listed on DefiLlama as the project's own token. Its exact role is not stated publicly.

Pros and cons

What we like

Non-custodial swaps through smart contracts rather than a centralized intermediary.
Focused on Waves, giving that ecosystem a native DEX option.
Mega pool concept aims at more flexible liquidity than simple two-asset pools.
Listed on DefiLlama since 2022, so it has a multi-year public presence.
Has its own token, PUZZLE, which may be used for incentives or governance.

Watch out for

No audits are listed on DefiLlama, so smart-contract risk is not independently documented publicly.
TVL is small, at about 431,000 USD, which can mean thin liquidity and higher slippage on larger trades.
It runs only on Waves, so it depends on that chain's health, tooling and ecosystem size.
Fees, pool parameters and token utility are not described publicly, so users must check them in the app.
Homepage is minimal, which leaves little public detail to verify claims about mega pools.

Puzzle Swap fees

Swap fees, pool fees and any protocol fee are not published publicly available for this review. Users would see the exact fee and expected price impact in the trading interface before confirming a swap.

On any DEX, liquidity providers typically earn a share of swap fees, and users also pay network transaction fees on Waves. Check the pool details in the app for the specific figures.

Is Puzzle Swap safe?

DefiLlama lists no audits for Puzzle Swap. As with any DEX, funds in pools are exposed to smart-contract bugs, and liquidity providers face impermanent loss. Wallet security is the user's responsibility because the exchange is non-custodial.

The project does not mention past incidents, bug bounties or team details. With TVL around 431,000 USD and a single-chain footprint, treat it as a higher-risk venue and size positions accordingly.

6 steps

How to get started with Puzzle Swap

1
Install or open a Waves-compatible wallet and secure the seed phrase offline.
2
Fund the wallet with WAVES for network fees and the tokens you want to trade.
3
Open the official Puzzle Swap site and check that the address matches the official one.
4
Connect the wallet and review the pool or pair, the fee shown and the price impact.
5
Start with a small test swap before moving larger amounts.
6
If you provide liquidity, read the pool's composition and the risk of impermanent loss first.

Open Puzzle Swap

Who Puzzle Swap is for

This review is for DeFi users already on Waves who want to swap tokens or provide liquidity and are comfortable with small-cap protocols. It is less suited to users who need audited contracts, deep liquidity or multi-chain support.

Puzzle Swap FAQs

What is Puzzle Swap?

Puzzle Swap is a decentralized exchange built on the Waves blockchain. DefiLlama describes it as a DEX 2.0 designed to support mega pools. Users trade tokens and provide liquidity through smart contracts rather than an order book run by a company.

Which blockchain does Puzzle Swap use?

DefiLlama lists Puzzle Swap on Waves only. The project does not mention deployments on any other chain.

Does Puzzle Swap have a token?

Yes. DefiLlama lists a token with the ticker PUZZLE. The project does not describe its supply, utility or distribution, so check the project's own documentation.

Has Puzzle Swap been audited?

DefiLlama lists no audits for Puzzle Swap. That does not prove the contracts are unsafe, but it means no audit report is documented publicly. Treat it as higher risk and use only amounts you can afford to lose.

How big is Puzzle Swap?

Public sources say it has been listed on DefiLlama since late March 2022 and that TVL is about 431,000 USD. They do not state whether the project is still developing new features, so look at its official channels for current activity.

Compare

Puzzle Swap alternatives

All alternatives

Uniswap V3

DEXes

Uniswap V3 is a non-custodial decentralized exchange protocol for token swaps and concentrated liquidity provision across 40+ chains.

TVL $1.52B−1.8%Ethereum · Base · Arbitrum +38

Uniswap V4

DEXes

Uniswap V4 is the latest Uniswap DEX version with hooks and concentrated liquidity, running on 22 chains for self-custody token swaps and liquidity provision.

TVL $1.18B+3.6%Ethereum · Robinhood Chain · Base +19

Uniswap V2

DEXes

Uniswap V2 is a non-custodial automated market maker DEX on 17 chains for token swaps and liquidity provision, with about $938M TVL.

TVL $870M−3.6%Ethereum · Base · Polygon +14

PancakeSwap AMM V3

DEXes

PancakeSwap AMM V3 is a multichain decentralized exchange using concentrated liquidity pools, for traders and liquidity providers, led by BNB Chain.

TVL $684M−1.3%BNB Chain · Ethereum · Base +8

Project X

DEXes

Project X is a DEX on Hyperliquid offering token swaps and liquidity provision with advertised 0% fees, aimed at DeFi users in that ecosystem.

TVL $35.3M−2.5%Hyperliquid L1

Fluid DEX

DEXes

Fluid DEX is the trading layer of Instadapp's Fluid protocol, where LP positions can also serve as collateral on a shared liquidity layer.

TVL $217M−2.6%Ethereum · Arbitrum · Base +2

Same category

More DEXes

DEXes rankings

Curve

DEXes

Curve is a decentralized exchange on Ethereum built for low-slippage swaps of stablecoins and similar assets, with CRV governance and a crvUSD stablecoin.

Ethereum