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QuipuSwap V2 Review 2026: A Small Tezos DEX With Baking Rewards

QuipuSwap V2 is a Tezos decentralized exchange built on liquidity pools, with on-chain governance tied to baking rewards. Its liquidity is small and one search result carries a deprecation notice, so check which version you are using.

Tezos

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.4/10

Mixed

Visit QuipuSwap V2

Our verdict on QuipuSwap V2

5.4/10

QuipuSwap V2 suits Tezos users who want a non-custodial way to swap XTZ and Tezos tokens or provide liquidity, especially those interested in baking-linked governance. Its main strength is its native Tezos focus, with farms, a stable-swap contract and two listed audits. The main caveat is size and status: TVL is only about $51,800, fees are not published, and a deprecation notice appears in public reporting, so confirm the supported version and start with small amounts.

Score breakdown

How QuipuSwap V2 scores

Security: 5.5/10
Ease of use: 6.5/10
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 QuipuSwap V2?

QuipuSwap V2 is a decentralized exchange on Tezos. It describes itself as a platform for better and more powerful trading and aims to give Tezos what Uniswap gave Ethereum. The homepage tagline highlights on-chain governance for baking rewards.

It is a small venue. DeFi Llama lists about $51,800 in total value locked, down 5.1% over the past week, with the product listed since June 2023. It carries the QUIPU governance token and two listed audits.

The status of this version is unclear. One search result shows a deprecation notice saying a version of QuipuSwap is no longer supported and advising users to migrate liquidity to v1.2. The homepage still presents a working DEX, so check which contracts the interface uses before depositing.

How QuipuSwap V2 works

QuipuSwap V2 is an automated market maker. Instead of matching buyers and sellers, users trade against pools of tokens held in smart contracts, and the price moves with the ratio of assets in the pool. A swap changes the ratio, so larger trades relative to pool size cost more in slippage.

People who add tokens to a pool are liquidity providers. They receive shares that track their portion of the pool and can redeem them later by removing liquidity. They earn a part of trading fees but face impermanent loss if token prices diverge.

The homepage describes the exchange as having on-chain governance for baking rewards, which reflects Tezos's proof-of-stake model where bakers validate blocks. Project materials also describe farming incentives and a separate stable-swap contract for assets of similar value.

6 features

Key features

Token swaps on Tezos

Users swap XTZ and Tezos tokens against liquidity pools rather than an order book. Prices follow the pool balances.

Liquidity pool shares

Liquidity providers deposit assets into pools and receive shares that represent their stake. The contract exposes an invest-liquidity function that issues these shares.

Baking governance

The homepage describes governance linked to baking rewards. Pooled XTZ can be tied to bakers, and a guide on the project's help pages covers collecting baking rewards.

Farming rewards

QuipuSwap Farms aim to raise liquidity in pools such as Token/TEZ by rewarding providers.

Stablecoin swap contract

A separate stable-swap contract is built for assets of equal value, with the aim of low slippage between Tezos stablecoins such as uUSD, kUSD and USDtz.

Unlisted token support

Help guides explain swapping unlisted tokens, seeing LP tokens in your wallet and removing liquidity. This lowers the barrier for newcomers.

Pros and cons

What we like

Native to Tezos, with a stated focus on that ecosystem.
Pool-based swaps and liquidity provision need no account or custody by the exchange.
On-chain governance tied to baking rewards gives holders a role in Tezos staking.
Two audits are listed for the product.
Help guides cover wallet connection, unlisted tokens, LP tokens and removing liquidity.
A stable-swap contract targets low slippage between Tezos stablecoins.

Watch out for

TVL is only about $51,800 and fell 5.1% over seven days, so liquidity is thin and large trades will likely move prices.
A search result carries a deprecation notice telling users to migrate liquidity to an earlier version, so the status of this version is unclear.
Trading fees are not published in the information available, so costs have to be checked in the interface.
Only two audits are listed and their scope and dates are not stated.
Activity is limited to Tezos, so it suits few users beyond that ecosystem.

QuipuSwap V2 fees

The project does not publish a fee schedule in the information available. On a pool-based DEX, traders usually pay a small percentage of each swap, which goes to liquidity providers, plus the network fee for the Tezos transaction.

To see the cost of a trade, check the swap preview in the interface before confirming. Because pools here are small, slippage may cost more than the stated fee.

Is QuipuSwap V2 safe?

DeFi Llama lists two audits for QuipuSwap V2, but the auditors, dates and findings are not given in the information available. An audit lowers but does not remove smart-contract risk, and the contracts have no insurance or user compensation scheme that is published. The team behind it is not named in the information available, though the code repositories belong to the Madfish Solutions organization.

Trading is non-custodial, so you keep your keys, and risks come from the contracts, thin liquidity, impermanent loss and wallet security. A deprecation notice seen in public reporting means you should confirm the version is supported and withdraw liquidity from any unsupported contracts. Regulatory status is not published.

6 steps

How to get started with QuipuSwap V2

1
Install a Tezos wallet and fund it with XTZ for trading and network fees.
2
Open the QuipuSwap site and check the notices to confirm which version is supported.
3
Click the Connect button, then choose the wallet and account to use.
4
Select the tokens to swap, enter an amount and review the price impact and fees shown.
5
Confirm the transaction in your wallet and wait for it to finalize on Tezos.
6
To provide liquidity, deposit a pair into a pool, then keep track of your LP tokens and the option to remove liquidity later.

Open QuipuSwap V2

Who QuipuSwap V2 is for

This is for Tezos holders who already have a Tezos wallet and want to swap tokens, provide liquidity or take part in baking-related governance. It is less suited to traders needing deep liquidity or users who want to trade on several chains.

QuipuSwap V2 FAQs

What is QuipuSwap V2?

QuipuSwap V2 is the second version of QuipuSwap, a decentralized exchange on Tezos. It lets users swap XTZ and Tezos tokens and provide liquidity to pools. Its stated aim is to do for Tezos what Uniswap did for Ethereum.

Which blockchain does QuipuSwap V2 use?

It runs on Tezos. You connect a Tezos wallet through the Connect button and choose the account you want to use.

What is the QUIPU token?

QUIPU is the governance token of the QuipuSwap ecosystem. Its use extends to staking and farming campaigns on the platform.

Is QuipuSwap V2 still supported?

A search result shows a notice that one version of QuipuSwap is deprecated and no longer supported, and it advises migrating liquidity to v1.2. The project's homepage still describes a working Tezos DEX. Check the notices in the interface before adding funds, and withdraw liquidity from any version marked as unsupported.

What are the fees on QuipuSwap V2?

The project does not publish a fee schedule in the information available. Swaps carry a pool fee and Tezos network fees. The interface should show the figures before you confirm a trade.

Is QuipuSwap V2 safe?

DeFi Llama lists two audits for QuipuSwap V2, but the auditors and scope are not stated. As with any DEX, smart-contract risk, impermanent loss and low liquidity remain, so use only money you can afford to lose.

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