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Swaap Maker V1 Review 2026: A Market-Neutral AMM on Polygon

Swaap Maker V1 is an early market-neutral automated market maker on Polygon, run by a research-driven team. It holds a small amount of liquidity, so it suits experienced users more than newcomers.

Polygon

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.5/10

Mixed

Visit Swaap Maker V1

Our verdict on Swaap Maker V1

5.5/10

Swaap Maker V1 suits experienced DeFi users who want to study a research-driven AMM design on Polygon and are comfortable with a small pool. Its main strength is the published research and listed audits behind the market-neutral pricing approach. The main caveat is thin liquidity and unpublished fees, along with a team focus that has moved to newer products. Newcomers should start with a small trade and read the docs before adding liquidity.

Score breakdown

How Swaap Maker V1 scores

Security: 5.5/10
Ease of use: n/a
Fees: n/a
Features: n/a

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 Swaap Maker V1?

Swaap Maker V1 is a decentralised exchange protocol on Polygon, described as a market-neutral automated market maker. It has been listed since September 2022 and holds about $106K in total value locked.

Swaap presents itself as a group of scientists and technologists building and operating onchain trading systems. Its homepage cites 20 networks, 15 people and proprietary trading since 2024. It also lists several research papers on AMM design, including work on pegged assets and price-aware market makers.

V1 is the earlier generation of the protocol. The team has also published a v2 whitepaper and launched other products, so V1 is one part of a wider and changing product line rather than the team's only focus.

How Swaap Maker V1 works

An automated market maker lets users swap tokens against a pool of funds instead of an order book. Liquidity providers deposit tokens into the pool and earn a share of trading revenue, but they also take on the risk that prices move against their holdings.

Swaap describes its AMM as market neutral. Its published research looks at liquidity provider payoffs and at pricing functions designed around them, rather than a simple fixed-curve model. The aim is to improve the risk and return trade-off for the people who fund the pools.

The exact pricing mechanics, fee settings and parameters are in the whitepaper and docs, not on the homepage. Anyone using V1 should read them first, since the model differs from familiar pools such as Uniswap-style ones.

6 features

Key features

Market-neutral AMM design

The protocol is described as a market-neutral AMM, aiming to give liquidity providers a steadier return profile than a basic constant-product pool.

Published research

The team has published papers on AMM pricing functions and liquidity provider payoffs, which underpin the design.

Audits listed

Two audits are listed for the protocol, which gives users something to review before depositing.

Public docs and whitepapers

Swaap provides documentation and whitepapers for both v1 and v2, helping users understand the pricing model.

Polygon deployment

V1 trades and holds liquidity on Polygon, where gas costs are generally low.

Operating since 2022

The protocol has been listed since September 2022, so it has a longer track record than many newer AMMs.

Pros and cons

What we like

Research-led design, with several published papers and whitepapers on AMM pricing.
Two audits are listed for the protocol.
Listed since 2022, so it has a longer history than many newer AMMs.
Runs on Polygon, where transaction costs are typically low.
Documentation is public, so users can study the model before depositing.

Watch out for

TVL of roughly $106K is small, so large trades may meet thin liquidity.
It runs only on Polygon, while the team's current focus has moved to a wider set of networks.
The project does not publish fee levels on its homepage, so costs are hard to compare in advance.
Team members are not named on the homepage, so accountability is harder to judge.
No native token is listed, so there is no governance or incentive layer to align users.
Two audits are listed, but audit reports do not rule out bugs or oracle and pricing-model risk.

Swaap Maker V1 fees

Swap fees and liquidity provider fee splits for Swaap Maker V1 are not published on the homepage. Users would see the actual fee and price quote in the trading interface and in the documentation before confirming a trade.

On Polygon, users also pay network gas in the chain's native token. Liquidity providers should check how fees, spreads and any protocol cut are applied before depositing.

Is Swaap Maker V1 safe?

Two audits are listed for the protocol, but the project does not state who performed them or what they found. Users should read the reports in the documentation. As with any AMM, smart-contract bugs, pricing-model errors and oracle issues remain possible, and liquidity providers can lose value when prices move.

The protocol is non-custodial, meaning users keep control of funds through their own wallet until they deposit into contracts. The team does not publish individual names on the homepage, and no regulatory status or insurance cover is stated. No security incident is mentioned, but that is not a guarantee of safety.

6 steps

How to get started with Swaap Maker V1

1
Read the documentation and the v1 whitepaper to understand how pricing and liquidity provision work.
2
Review the listed audit reports and note any open findings.
3
Set up a Polygon-compatible wallet and fund it with a small amount of MATIC for gas.
4
Open the Swaap app, connect the wallet and check the quoted price and fees on a small trade.
5
If providing liquidity, start small and monitor the position, since pool value can move against deposits.
6
Check whether a newer Swaap version better fits your needs.

Open Swaap Maker V1

Who Swaap Maker V1 is for

This product suits DeFi users who are comfortable reading whitepapers and who want exposure to a market-neutral AMM on Polygon. It is less suited to traders needing deep liquidity, or to beginners who want a simple, widely used swap venue.

Swaap Maker V1 FAQs

What is Swaap Maker V1?

Swaap is described as a market-neutral automated market maker. Users trade tokens against pools and liquidity providers fund them, with the pricing design aimed at managing the risks liquidity providers face.

Which blockchain does Swaap Maker V1 run on?

The tracked listing shows Polygon only. The Swaap team says it now operates across 20 networks, but this V1 deployment is listed on Polygon.

How much liquidity does Swaap Maker V1 have?

The tracked data shows about $106K in total value locked and a 1% change over seven days. That is small compared with major DEXes.

Does Swaap have a token?

The project does not publish a token for this product, and none is listed. Public reporting mentions that a token has been discussed, but nothing here confirms one.

Has Swaap Maker V1 been audited?

Two audits are listed for the protocol. Audits reduce risk but do not remove it, so read the reports in the project's documentation and only commit funds you can afford to lose.

How does V1 relate to Swaap v2?

Swaap's later work, including a v2 whitepaper and a yield product called Swap Earn, has been publicised. V1 is the earlier generation, so check the docs to see which version suits your needs.

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