DEXes · Review

WagyuSwap Review 2026: A Small DEX on Velas

WagyuSwap is a decentralized exchange on the Velas chain with its own WAG token. Its liquidity is now very small, so treat it as a niche, high-risk venue.

Velas

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

4.5/10

Weak

Our verdict on WagyuSwap

4.5/10

WagyuSwap suits people already active on the Velas chain who want a native DEX and WAG exposure. Its main strength is that it is an established name there, with listed audits and a V2 upgrade. The main caveat is scale: about $113K in TVL and a tiny token market cap mean thin liquidity, high slippage and uncertain upkeep. Verify the official site and read the audits before connecting a wallet, and use only money you can afford to lose.

Score breakdown

How WagyuSwap scores

Security: 4.5/10
Ease of use: n/a
Fees: n/a
Features: 5.0/10

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 WagyuSwap?

WagyuSwap is a decentralized exchange on the Velas blockchain. DefiLlama describes it as the leading DEX on Velas, and it has been tracked since December 2021. It has its own token, WAG, and a Twitter presence under the handle WagyuSwap_app.

Current scale is modest. DefiLlama shows total value locked of roughly $113K, and a market-data page lists the WAG market cap at about $17K. Those numbers suggest a small, low-activity venue today.

The project's homepage could not be fetched, so this review relies on DefiLlama data and search snippets. Those snippets mention a V2 launch announcement, a 30 million WAG burn in December 2021 and third-party WAG staking listings. Whether the product is fully maintained now is not confirmed from public sources.

How WagyuSwap works

WagyuSwap is an automated market maker (AMM), the standard design for most DEXs. Instead of an order book, users deposit pairs of tokens into liquidity pools. Traders swap against those pools, and prices adjust according to the ratio of tokens in each pool.

Liquidity providers receive a share of trading fees in return for supplying tokens, and may also earn WAG rewards through staking or farming. They are exposed to impermanent loss when the relative price of the pooled tokens moves.

The exact mechanics, such as fee tiers or V2 changes, are not detailed, so check the live app before you rely on specific numbers.

5 features

Key features

Token swaps on Velas

Swap tokens on the Velas chain directly from a self-custody wallet, using a liquidity-pool model typical of DEXs.

V2 release

Public reporting indicates that a V2 version of the exchange was announced, though the details were not available to us.

WAG token and staking

WAG is the native token, and public reporting shows staking options for WAG are listed by third-party sites.

Token burn history

Results mention a 30 million WAG burn in December 2021, a supply-reduction step.

Listed audits

DefiLlama lists two audits for the protocol, although details were not available.

Pros and cons

What we like

Early DEX on Velas, listed on DefiLlama since December 2021
Has its own WAG token with staking options listed by third-party sites
DefiLlama lists two audits
Self-custody trading with no account needed, as with other DEXs
Announced a V2 version according to search snippets

Watch out for

TVL is only about $113K, so liquidity is thin and large trades would likely move prices a lot
Runs only on Velas, a small chain with limited users and tooling compared with major ecosystems
Homepage could not be fetched, so current status and features could not be confirmed from the project's own site
Market cap of the WAG token appears very small (about $17K on one aggregator), which points to low market interest
Fee levels, audit providers and team details are not

WagyuSwap fees

WagyuSwap's trading fee, liquidity-provider share and any WAG staking rates are not published, and the homepage could not be fetched. Users would normally see the swap fee and price impact in the swap interface before confirming a trade.

Beyond protocol fees, you pay network gas in VLX on Velas. With low liquidity, slippage can cost far more than the stated fee, so check price impact on every trade.

Is WagyuSwap safe?

DefiLlama lists two audits, but the auditors, dates and findings are not public. Smart-contract risk remains even for audited code, and small DEXs on niche chains often have thin liquidity, which raises the risk of price manipulation and exit difficulty.

As a non-custodial DEX, users keep control of their funds in their own wallets, but they must trust the contracts they approve. Revoke token approvals you no longer need. No incidents are mentioned publicly, though the lack of a fetched homepage means current operating status could not be verified. Regulatory status is not stated.

6 steps

How to get started with WagyuSwap

1
Confirm the official WagyuSwap address through its verified social account and DefiLlama, not through search ads or unknown links.
2
Set up an EVM-compatible wallet and add the Velas network.
3
Acquire some VLX for gas fees.
4
Connect the wallet to the exchange and review the swap fee and price impact for a small test-sized trade.
5
Before adding liquidity or staking, read the audit reports and understand impermanent loss.
6
Only use funds you can afford to lose, given the low liquidity.

Who WagyuSwap is for

WagyuSwap is for experienced DeFi users who already hold VLX or Velas assets and are comfortable with small, illiquid markets. It is a poor fit for beginners, large traders or anyone who needs deep liquidity and clear published fee information.

WagyuSwap FAQs

What is WagyuSwap?

WagyuSwap is a decentralized exchange (DEX) on the Velas blockchain. DefiLlama describes it as the leading DEX on Velas. Users trade tokens from their own wallets and can provide liquidity or stake WAG.

Which blockchain does WagyuSwap use?

WagyuSwap runs on Velas, an EVM-compatible chain. No other chains are listed.

What is the WAG token?

WAG is the project's own token. Public reporting mentions a burn of 30 million WAG in December 2021 and staking options for WAG. Details on the token's current utility were not available.

Is WagyuSwap audited?

DefiLlama lists two audits for the protocol, but the project does not name the auditors or the scope. Check the audit reports yourself, and remember that an audit does not remove smart-contract risk.

How much liquidity does WagyuSwap have?

DefiLlama shows about $113K in TVL, which is small. A 7-day rise of 80.2% from such a low base says little about long-term health. Small pools mean high slippage and a greater chance of being left with illiquid tokens.

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