DEXes · Review
ActiveQuipuSwap V1 Review 2026: Tezos DEX with Pools and Farms
QuipuSwap V1 is a Tezos-based decentralized exchange with liquidity pools, stable swaps and farming. It has two listed audits but only a small amount of value locked.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.2/10
Mixed
Our verdict on QuipuSwap V1
6.2/10QuipuSwap V1 suits Tezos users who want to swap tokens, provide liquidity or farm QUIPU on a long-standing, audited DEX. Its strengths are the range of tools in one interface and audits from two named firms. The main caveat is low liquidity, with about $341,000 in TVL and a recent decline, so large trades may suffer heavy slippage. Check fees and price impact before every swap, and treat unlisted tokens with care.
Score breakdown
How QuipuSwap V1 scores
- Security
- 6.5/10
- Ease of use
- 7.0/10
- Fees
- n/a
- Features
- 6.5/10
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 QuipuSwap V1?
QuipuSwap V1 is a decentralized exchange built on Tezos. It lets users swap Tezos-based tokens, provide liquidity and stake in farms. The homepage describes it as a Tezos DEX with on-chain governance for baking rewards.
The smart contracts were developed by the MadFish team and audited by Least Authority and Runtime Verification. The protocol has its own token, QUIPU, used for governance and farming rewards.
Total value locked is about $341,000, and it fell 8.9% over the last seven days. That is small for a DEX, so liquidity is likely shallow.
How QuipuSwap V1 works
QuipuSwap uses liquidity pools instead of an order book. Liquidity providers deposit tokens, usually a token paired with TEZ, or two tokens, into a pool. Traders swap against that pool at a price set by the ratio of assets inside it.
Providers receive LP tokens that represent their share. They may earn trading fees, and because pools hold TEZ, they may also receive baking rewards. Baking is the Tezos term for staking-based block validation.
Farming adds another layer. LP shares or single assets can be staked in farming contracts to earn QUIPU tokens. A stable swap feature handles assets that should trade near the same price. QUIPU holders take part in governance.
7 features
Key features
01
Token swaps
Swap Tezos-based tokens through pool-based markets, including Token/TEZ and Token/Token pairs.
02
Liquidity pools
Users can add liquidity to pools and receive LP tokens that represent their share.
03
Baking rewards
Liquidity providers may earn trading fees and baking rewards from the pooled TEZ.
04
Farming
Stake LP shares or single assets in farms to earn QUIPU tokens.
05
Stable swap
A stable swap design for assets of similar value, described as including dividends.
06
Unlisted token swaps
Tokens that are not on the default list can be swapped by entering a contract address.
07
Open source and audited
The code is open source, and the contracts were audited by Least Authority and Runtime Verification.
Pros and cons
What we like
- Two listed audits, by Least Authority and Runtime Verification.
- Open-source code.
- Offers swaps, liquidity pools, stable swap and farming in one place.
- Liquidity providers may earn baking rewards on top of trading fees.
- Supports swapping unlisted tokens by contract address.
- Documentation covers connecting a wallet, adding liquidity and collecting rewards.
Watch out for
- TVL is small at roughly $341,000, which points to thin liquidity and potentially high slippage on larger trades.
- TVL fell 8.9% over the past seven days in the data.
- Limited to the Tezos ecosystem, so it is no help for assets on other chains.
- The V1 label suggests an older generation of contracts; the project does not state here how it relates to newer versions.
- Fees are not published in the sources reviewed, so users must check the interface before trading.
- Unlisted tokens can be swapped, which carries a higher risk of scam or low-quality assets.
QuipuSwap V1 fees
QuipuSwap does not publish a fee schedule in the sources reviewed. As with most pool-based exchanges, expect a trading fee on each swap that goes to liquidity providers, plus Tezos network fees on every transaction.
The swap interface shows the expected output and price impact before you confirm. With low liquidity, price impact can be the largest cost, so check it before trading.
Is QuipuSwap V1 safe?
The contracts were audited by Least Authority and Runtime Verification, according to the protocol description. Audits reduce risk but cannot rule out bugs, and the audit reports and dates are not detailed here.
The exchange is non-custodial, so you keep your keys but bear the contract risk. Low liquidity, impermanent loss for providers and the chance of fraudulent unlisted tokens are real risks. The project does not publish team details beyond the MadFish name in the sources reviewed.
6 steps
How to get started with QuipuSwap V1
- 1
Install a Tezos-compatible wallet and create or import an account.
- 2
Buy some TEZ on an exchange and send it to your wallet address.
- 3
Open the QuipuSwap site and click Connect to choose your wallet and account.
- 4
Pick the tokens to swap, review the price impact and fees, then confirm in your wallet.
- 5
To provide liquidity, use the Liquidity section, choose the Add tab and select the token pair.
- 6
To farm, stake LP shares or supported tokens in a farm and collect QUIPU rewards.
Who QuipuSwap V1 is for
This is for Tezos users who already hold TEZ or Tezos-based tokens and want to swap them, provide liquidity or farm QUIPU. It is less suited to traders who need deep liquidity or assets on other chains.
QuipuSwap V1 FAQs
What is QuipuSwap V1?
QuipuSwap V1 is a decentralized exchange on Tezos. It lets users swap Tezos-based tokens through liquidity pools, add liquidity to earn rewards, and stake tokens in farms.
Which blockchain does QuipuSwap use?
It runs on Tezos. You need a Tezos-compatible wallet and some TEZ to pay for transactions and to trade against.
How do liquidity providers earn on QuipuSwap?
Liquidity providers may earn trading fees and baking rewards from the pooled assets. They can also stake tokens in farms, which pay rewards in QUIPU. Returns vary and are not guaranteed.
Is QuipuSwap audited?
The smart contracts were developed by the MadFish team and audited by Least Authority and Runtime Verification, according to the protocol description. An audit lowers risk but does not remove it, so only commit funds you can afford to lose.
What is the QUIPU token?
QUIPU is the protocol's governance token. It is also the reward token paid out by the farming contracts, and it has been used in staking promotions.
Compare
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How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.