DEXes · Review
ActiveQuipuSwap V3 Review 2026: A Small Tezos DEX With Audits
QuipuSwap V3 is the concentrated-liquidity version of the Tezos DEX built by the MadFish team. Its pools are now small, at about $165,000 in TVL, so it suits Tezos users more than anyone chasing deep liquidity.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.0/10
Mixed
Our verdict on QuipuSwap V3
6.0/10QuipuSwap V3 is a reasonable option for Tezos users who want to swap Tezos-based tokens or earn fees and baking rewards from liquidity pools. Its main strength is that it is an established Tezos-native DEX from the MadFish team with audits listed. The main caveat is size: TVL is about $165,000 and fell 16.1% in a week, so expect thin liquidity, slippage and the usual impermanent-loss and smart-contract risks.
Score breakdown
How QuipuSwap V3 scores
- Security
- 6.5/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- 6.0/10
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 QuipuSwap V3?
QuipuSwap V3 is a version of QuipuSwap, a decentralized exchange on the Tezos blockchain. DefiLlama lists it in the DEX category with a start date of June 2023. The protocol is described as open source and built around swaps of Tezos-based tokens, stable swaps and farming.
The smart contracts were developed by the MadFish team. The DefiLlama description says they were audited by Least Authority and Runtime Verification, and the listing shows two audits.
As of the DefiLlama data, TVL for this V3 entry is about $165,000, down 16.1% over seven days. That is small next to major DEXs, so pools may be thin. The QUIPU governance token is tied to the wider QuipuSwap ecosystem.
How QuipuSwap V3 works
QuipuSwap is an automated market maker. Instead of an order book, users trade against pools of tokens funded by liquidity providers, and the pool sets the price from its balances.
Liquidity providers deposit tokens into pools and receive LP tokens in return. They may earn trading fees, baking rewards or farming rewards from staking, according to the DefiLlama description. The project does not describe how V3 pools are structured, so check the project's V3 guide for the details.
The homepage title mentions on-chain governance for baking rewards. Tezos supports delegating tokens to bakers, and QuipuSwap lets liquidity providers take part in that governance.
6 features
Key features
01
Tezos token swaps
QuipuSwap is described as a protocol for decentralized exchange of Tezos-based tokens. Users swap from their own wallets rather than depositing with a custodian.
02
V3 pool version
V3 is the third version of the DEX. The project does not describe its pool design in detail, so check the project's guides for mechanics.
03
Stable swap
The DefiLlama description mentions stable swap with dividends for assets that trade near the same price.
04
Farming
The project describes farming where liquidity providers can stake tokens for rewards. Public reporting points to a separate open-source farming contract system.
05
Baking rewards governance
The homepage title refers to on-chain governance for baking rewards, and liquidity providers may earn baking rewards on top of trading fees.
06
Open-source contracts
The project is described as open source, and its repositories are public on the MadFish Solutions GitHub.
Pros and cons
What we like
- Native DEX for Tezos-based tokens, with swaps and liquidity pools in one app.
- Smart contracts developed by the MadFish team and described as audited by Least Authority and Runtime Verification.
- Open-source code, with public repositories for parts such as farming.
- Liquidity providers can earn trading fees, baking rewards or farming rewards.
- Documentation and guides exist for swapping tokens, viewing LP tokens and collecting rewards.
Watch out for
- TVL is small, about $165,000 on the DefiLlama figure, so larger trades may face heavy slippage.
- TVL fell 16.1% over seven days, which points to shrinking or unstable liquidity.
- Limited to Tezos, so it offers no cross-chain trading.
- Audit listings refer to QuipuSwap smart contracts generally, and the project does not say which reports cover V3 specifically.
- Fee tiers, farming rates and V3 fee details are not stated publicly.
- The QUIPU token and small pools carry price risk and liquidity risk, as with most small DEXs.
QuipuSwap V3 fees
Fee tiers for QuipuSwap V3 are not stated publicly. Users should see the fee on the swap or liquidity screen on the QuipuSwap app before confirming.
Liquidity providers may earn trading fees, baking rewards or farming rewards, according to the DefiLlama description. Rates are not published publicly. Every transaction also costs a small Tezos network fee.
Is QuipuSwap V3 safe?
The DefiLlama description says the QuipuSwap smart contracts were audited by Least Authority and Runtime Verification, and DefiLlama lists two audits. The project does not say whether those reports cover V3 specifically. Audits reduce risk but do not remove it.
The protocol is non-custodial, so users keep their own keys and carry wallet risk. Liquidity providers face impermanent loss and smart-contract risk. Small TVL and a falling seven-day change add liquidity risk. Public sources mention no hacks or incidents. Check the official site yourself and be careful with unlisted tokens.
6 steps
How to get started with QuipuSwap V3
- 1
Install a Tezos-compatible wallet and keep your seed phrase offline.
- 2
Fund the wallet with XTZ for network fees and the tokens you want to trade.
- 3
Open the QuipuSwap app from the official website and connect your wallet.
- 4
Choose the tokens to swap and check the price impact and fee before confirming.
- 5
To provide liquidity, read the pool details first, since returns and impermanent loss depend on the pair.
- 6
Start with a small test amount before committing larger funds.
Who QuipuSwap V3 is for
QuipuSwap V3 suits Tezos users who want a native DEX for swaps, liquidity provision and farming, and who accept small pools and the risks of DeFi. It is a poor fit for large traders or anyone who needs deep liquidity or multiple chains.
QuipuSwap V3 FAQs
What is QuipuSwap V3?
QuipuSwap V3 is a version of QuipuSwap, a decentralized exchange on Tezos. DefiLlama lists it in the DEX category with a listing date of June 2023. It lets users swap Tezos-based tokens and provide liquidity.
Which blockchain does QuipuSwap V3 use?
Public sources say QuipuSwap runs on Tezos. DefiLlama lists only that chain for this V3 entry, so you need a Tezos-compatible wallet and a small amount of XTZ for network fees.
What is the QUIPU token?
QUIPU is the governance token of the QuipuSwap ecosystem, and DefiLlama lists it for this protocol. The project does not describe its full utility or supply, so check the project's own documentation for those details.
Has QuipuSwap been audited?
The DefiLlama description says the QuipuSwap smart contracts were developed by the MadFish team and audited by Least Authority and Runtime Verification. DefiLlama lists two audits for this entry. The project does not say whether those reports cover V3 specifically, and any audit leaves some risk.
Is providing liquidity on QuipuSwap V3 safe?
Providing liquidity carries risks including impermanent loss, smart-contract bugs and thin liquidity. DefiLlama's TVL figure for V3 is about $165,000, which is small. Only commit funds you can afford to lose and read the pool details before depositing.
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How we checked
Sources
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