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Swop.fi Review 2026: Small Waves-Ecosystem AMM DEX

Swop.fi is an automated market maker exchange built for the Waves ecosystem, with a small but active TVL of about $358,000. It suits Waves users who want swaps and passive income, but liquidity is thin.

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

5.8/10

Mixed

Visit Swop

Our verdict on Swop

5.8/10

Swop.fi is a small, Waves-focused AMM exchange for users who already hold assets on that network and want swaps or passive income without leaving it. Its strengths are native integration, pair-specific swap formulas and two listed audits. The main caveat is thin liquidity, with only about $358,000 TVL, plus unpublished fee details and limited visible documentation. Check fees, pool risks and slippage in the app before committing meaningful funds.

Score breakdown

How Swop 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 Swop?

Swop.fi is a decentralized exchange built for the Waves ecosystem. Its homepage calls it an exchanger dApp with constant liquidity for Waves, and DefiLlama describes it as a service for instant crypto exchange and for investing assets to earn passive income.

DefiLlama tracks about $358,114 in total value locked across Waves and Unit0, up 5.4% over seven days. That is a small figure next to major DEXes, so users should expect shallower liquidity. A SWOP token is listed, and DefiLlama notes two audits.

the public information available are limited. The site is a JavaScript app with almost no static text, so details such as fee tiers, pool types and token utility are not confirmed here.

How Swop works

Swop.fi is an automated market maker. Instead of matching buyers and sellers, it holds tokens in liquidity pools, and a pricing formula sets the exchange rate based on the pool's balances. When you swap, you trade against the pool and the balances shift.

Liquidity providers deposit tokens into pools and, in a typical AMM, earn a share of trading fees. Swop.fi says it uses swap formulas tailored to each token pair, which suggests that different kinds of assets use different pool designs. The project does not give the exact formulas.

The exchange runs on the Waves blockchain, where transaction processing is described as fast and cheap, and DefiLlama also lists a presence on Unit0.

6 features

Key features

Instant token swaps

Users can swap supported tokens directly in the dApp against on-chain liquidity pools instead of using an order book.

Pair-specific swap formulas

Swop.fi describes itself as offering the most profitable swap formulas for each token pair, implying different pool designs for different asset types.

Passive income options

DefiLlama describes the service as letting users invest assets to receive passive income, which in AMM terms generally means providing liquidity.

Waves-native focus

The homepage presents the product as an exchanger dApp with constant liquidity for the Waves ecosystem.

Multi-chain presence

DefiLlama lists Swop on both Waves and Unit0, so the protocol is not limited to a single network.

Native SWOP token

DefiLlama shows a SWOP token tied to the project.

Pros and cons

What we like

Focused on the Waves ecosystem, giving Waves users a native place to swap
Non-custodial AMM design means users keep control of their wallets
Offers swap formulas described as tuned for each token pair
DefiLlama lists two audits for the protocol
Has a native SWOP token and a public Twitter presence
TVL grew 5.4% over the past week

Watch out for

TVL is small at about $358,000, which usually means limited liquidity and wider slippage on larger swaps
Tied mainly to the Waves ecosystem, whose size and activity are limited compared with major chains
Fee levels are not published publicly available, so costs are hard to check beforehand
The homepage needs JavaScript and shows little static information, so documentation is hard to assess from outside the app
Only two audits are listed on DefiLlama, and public sources give no details on scope, auditor or date

Swop fees

Swap fees, liquidity provider fee shares and any protocol fees are not stated publicly available. They are normally shown in the swap interface or on each pool's page before you confirm a transaction.

Google snippets mention minimal network fees on the Waves blockchain, but that is a third-party description and gives no figure. Check the quoted price impact and fee in the app before you swap.

Is Swop safe?

DefiLlama lists two audits for Swop, but the project does not say who performed them, when, or what they found. Treat that as a positive signal rather than a guarantee. No hacks or incidents are mentioned publicly, though that is not proof that none occurred.

Using any AMM involves smart-contract risk, impermanent loss for liquidity providers and price impact on low-liquidity pairs. With a TVL of roughly $358,000, large trades can move prices noticeably. Funds stay in your own wallet until you interact with a pool, so protect your keys and verify the website address before connecting.

6 steps

How to get started with Swop

1
Check that you are on the official Swop.fi site and enable JavaScript, since the app will not load without it.
2
Set up a Waves-compatible wallet and keep a small amount of WAVES for network fees.
3
Connect the wallet to the dApp.
4
Pick the tokens to swap and review the quoted rate, fee and price impact.
5
Start with a small trade to confirm the process works as expected.
6
If you want to earn income, read each pool's details and the risks of providing liquidity before depositing.

Open Swop

Who Swop is for

Swop.fi suits existing Waves users who want a native place to swap tokens or provide liquidity. It is less suited to traders who need deep liquidity for large orders, or to anyone looking for a broad multi-chain DeFi platform.

Swop FAQs

What is Swop.fi?

Swop.fi is a decentralized exchange and AMM-type dApp for the Waves ecosystem. DefiLlama describes it as a service for instant cryptocurrency exchange and for investing assets to earn passive income.

Which blockchains does Swop.fi support?

DefiLlama lists Swop on Waves and Unit0. The homepage itself describes the product as an exchanger dApp for the Waves ecosystem, so Waves is the core network.

Does Swop.fi have a token?

Yes. DefiLlama lists a token with the ticker SWOP. The project does not describe its exact utility, supply or distribution, so check the project's own documentation.

Is Swop.fi safe?

DefiLlama lists two audits, but the project does not name the auditors or give dates or findings. Like any DeFi protocol, it still carries smart-contract risk, so audits do not remove the possibility of loss.

How does Swop.fi make money for liquidity providers?

Swop.fi's own description says it offers swap formulas tuned for each token pair, and that it provides constant liquidity for Waves assets. Specific fee tiers and reward rates are not public, so confirm them in the app.

How do I swap on Swop.fi?

Swop.fi is a non-custodial dApp, so you connect a compatible Waves wallet and select the tokens you want to swap in the exchange interface. The project does not list supported wallets, so check the app for current options.

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