Ashswap

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Ashswap's governance or utility token carries a market capitalisation of $219.4K based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($219.4K) is small relative to deposits secured by the protocol ($1.1M); a mcap/TVL multiple of 0.20× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token. A further $75.3K sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Feb 18, 2023
   Listed on DeFiLlama

Ashswap is a DEX — a decentralised exchange where users swap assets against on-chain liquidity pools rather than a central order book. It is deployed on Elrond. The codebase has been independently audited (1 report on file).

Ashswap is a single-chain protocol, deployed exclusively on Elrond — this concentrates execution risk but simplifies the trust model. Roughly 100% of its on-chain value sits on just three networks (Elrond, Elrond-staking, staking), so a fault on any one of them would affect a large slice of users. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap ($219.4K) is small relative to TVL ($1.1M) — a mcap/TVL ratio of 0.20 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for Ashswap — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Ashswap is one of 7 DEX protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Curve DEX, Uniswap V3, PancakeSwap AMM, and 3 more. These peer protocols collectively secure $8B in deposits, giving you a frame of reference for whether Ashswap's own TVL is at the top, middle, or tail of the category.

Curve DEX

TVL $1.9B · 24h +0.39%

Uniswap V3

TVL $1.8B · 24h -0.67%

PancakeSwap AMM

TVL $1.7B · 24h +0.14%

Raydium AMM

TVL $1.1B · 24h +0.66%

Uniswap V2

TVL $872.4M · 24h -0.17%

Uniswap V4

TVL $670.6M · 24h -0.47%