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Swaap Maker V2 Review 2026: Algorithmic Market Making

Swaap Maker V2 is an automated market maker that uses algorithmic pricing to try to earn yield for liquidity providers across 11 chains. Current liquidity is very small and fell sharply in the past week.

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By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.5/10

Mixed

Visit Swaap Maker V2

Our verdict on Swaap Maker V2

5.5/10

Swaap Maker V2 suits technically minded liquidity providers who want to study an algorithmic approach to market making and are comfortable with small, experimental pools. Its main strength is the published research behind the pricing design and its multi-chain reach. The main caveat is size: TVL is about $44,900 and dropped roughly 90% in a week, so depth is thin and fees are not published up front. Treat it as a high-risk, small-scale venue.

Score breakdown

How Swaap Maker V2 scores

Security: 6.0/10
Ease of use: 6.0/10
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 Swaap Maker V2?

Swaap Maker V2 is the second-generation market maker from Swaap, a group that describes itself as scientists and technologists building and operating onchain trading systems. The homepage cites 20 networks, 15 people and proprietary trading since 2024. The protocol has been listed since July 2023.

The product is categorized as a DEX. It is tracked on Polygon, Arbitrum, Ethereum, Mode, Base, Optimism, BNB Chain, Scroll, Linea, Mantle and Monad. It has no token, and two audits are listed.

At the time of writing, total value locked is about $44,900 and fell around 90% over seven days. That makes it a small, possibly shrinking venue. Its main interest is the research-led approach to market making rather than scale.

How Swaap Maker V2 works

A DEX lets users swap tokens directly from their wallets using on-chain liquidity. In an automated market maker, liquidity providers deposit tokens into pools, and a pricing rule sets the exchange rate as trades happen.

Swaap focuses on algorithmic market making. Its research describes price-aware models that go beyond static pricing curves, with the goal of reducing losses that liquidity providers suffer when informed traders trade against stale prices. The v2 whitepaper and papers on pegged assets and mean-variance analysis set out the approach.

The project's own description says the goal is to earn real yield from that market making. How much yield actually results depends on trading volume, pool depth and market conditions, none of which are guaranteed.

6 features

Key features

Algorithmic market making

Pools use a pricing model that adjusts quotes dynamically instead of relying on a fixed formula alone. The aim is to protect liquidity providers from losses to better-informed traders.

Multi-chain deployment

The protocol is tracked on 11 networks, including Ethereum, Arbitrum, Base, Optimism and Monad. Users can pick the network with the cost profile they prefer.

Published research

Swaap publishes whitepapers for v1 and v2 and several arXiv papers on AMM design, covering pegged assets and non-Brownian price models.

Yield for liquidity providers

The listing describes the goal as earning real yield from trading activity for liquidity providers, rather than relying on token emissions.

Audits and docs

Two audits are listed for the protocol, and documentation is available at a dedicated docs site.

No native token

The project has no token of its own, so there is no emissions program or governance token to track.

Pros and cons

What we like

Research-driven design with published whitepapers and arXiv papers on AMM pricing
Deployed across 11 tracked chains, including major Ethereum layer-2s
Two audits are listed for the protocol
No token, so no emissions-driven yield or inflation to price in
Aims to earn yield from trading activity instead of incentives
Documentation is available at a dedicated docs site

Watch out for

TVL is very small at about $44,900, which limits the size of trades the pools can absorb
TVL fell roughly 90% over seven days, a sign of liquidity leaving or a major withdrawal
No native token, so there are no governance or incentive mechanics for users
Fees are not published on the homepage, so costs are hard to compare before trading
Algorithmic market making adds model risk on top of ordinary smart-contract risk
Team members and audit reports are not named

Swaap Maker V2 fees

Swap fees and liquidity provider fee terms for Swaap Maker V2 are not published on the homepage. Users would see current fee levels in the app's swap and pool interfaces and in the project docs.

As on any DEX, expect network gas fees on top of protocol fees, and slippage that depends on pool depth. With TVL near $44,900, larger trades may see meaningful price impact.

Is Swaap Maker V2 safe?

Two audits are listed for the protocol, but the auditors and findings are not detailed, so readers should review the reports in the docs. The protocol is non-custodial in the usual DEX sense, so users keep assets in their wallets until they supply liquidity or swap, but smart-contract and pricing-model risk remain.

The protocol's TVL is very low and dropped about 90% in a week, which can mean thin liquidity and larger slippage. The team's regulatory status and any insurance or bug-bounty arrangements are not published on the homepage. No hacks are mentioned.

6 steps

How to get started with Swaap Maker V2

1
Read the Swaap v2 whitepaper and the docs to understand how the pricing model and pools work.
2
Check the audit reports listed in the docs and confirm which contract addresses are official.
3
Choose a supported network such as Arbitrum, Base or Ethereum and fund a compatible wallet with that chain's gas token.
4
Start with a small swap to see quoted prices, fees and slippage before committing larger amounts.
5
If providing liquidity, deposit a small amount first and monitor pool performance against simply holding the assets.
6
Keep track of TVL and liquidity changes, since depth has recently dropped sharply.

Open Swaap Maker V2

Who Swaap Maker V2 is for

This is for DeFi users and liquidity providers who read research papers and want exposure to a non-standard AMM design. It is less suitable for traders who need deep liquidity or for anyone who wants clearly published fees and a long track record of large pools.

Swaap Maker V2 FAQs

What is Swaap Maker V2?

Swaap Maker V2 is a decentralized exchange protocol built around algorithmic market making. Liquidity providers deposit assets, and the pool's pricing model adjusts quotes dynamically. The project describes its aim as earning real yield for those providers.

Which chains does Swaap Maker V2 support?

The listing shows Polygon, Arbitrum, Ethereum, Mode, Base, Optimism, BNB Chain, Scroll, Linea, Mantle and Monad. The Swaap homepage mentions 20 networks overall, so the full list may be wider than what is tracked here.

Does Swaap have a token?

No. The data lists no token for Swaap Maker V2. Users interact with the protocol through the assets they trade or supply.

Has Swaap Maker V2 been audited?

Two audits are listed for the protocol, but the reports and auditor names are not detailed. Audits reduce but do not remove smart-contract risk, so read the reports in the project docs before depositing.

Is Swaap Maker V2 safe to use?

Any liquidity provision carries risk, including smart-contract bugs, pricing-model risk and impermanent loss. TVL is small and dropped about 90% in a week, so liquidity may be thin. Only commit funds you can afford to lose.

Where can I learn how the pricing model works?

The project publishes whitepapers for Swaap v1 and v2 and several research papers on automated market making, including work on pegged assets and price-aware market makers. These are the best source for how the pricing works in detail.

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