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Most people meet STON.fi without realizing it. You swap on TON. It’s fast. Fees feel invisible. Nothing breaks. That’s the point. STON.fi isn’t chasing attention — it’s building the liquidity rails that TON moves on. Deep pools, smart routing, escrow-style execution, all working quietly in the background. No noise. Just reliability. When infrastructure is done right, users don’t talk about it. They trust it. They return to it. Ecosystems grow on top of it. TON DeFi doesn’t scale through hype. It scales through systems that hold under pressure. STON.fi is one of those systems.

A Weekly Look at STON.fi Stability One of the most telling signs of a maturing protocol is how it behaves during quiet weeks. STON.fi didn’t post dramatic metrics this week. Volume remained within expected ranges, and liquidity didn’t evaporate during minor market pullbacks. For analysts, this stability is far more interesting than sudden spikes. It suggests that liquidity providers are increasingly long-term aligned rather than chasing short-lived incentives. This behavior reduces volatility and improves execution quality for everyday users. In early-stage ecosystems, liquidity tends to be fragile. STON.fi showing resilience indicates the TON DeFi layer is moving past its experimental phase. Sometimes progress isn’t acceleration it’s consistency.

STON.fi is a $TON based DEX designed for simplicity. Low fees, fast swaps, no custodians, and Telegram integration make it beginner-friendly while still fully decentralized. A good example of how DeFi UX is evolving beyond complicated bridges. #TON #DeFi

Speaking to Andrew Sorkin on CNBC's "Squawk Box" program on Monday, Pantera Capital founder and Managing Partner Dan Morehead revealed that Solana is the venture capital firm's largest crypto position. Responding to a question comparing the outperformance of different blockchains and asking if it's a winner-take-all market, "No, it isn't," Morehead said. "It's not like there's not a winner-take-all on the internet, right? We have lots of different internet companies. There will be lots of blockchains that are important, but our biggest position is Solana. We have $1.1 billion of Solana on our books." That represents around 23% of the firm's total $4.7 billion in assets under management, according to its website. While there are lots of internet companies, there are not a lot of protocols, Sorkin highlighted, pushing the Pantera founder on how many crypto protocols he thought would survive long term. "I think there's a single-digit number of Layer 1s, things like Bitcoin, Ethereum, Solana, not thousands, but definitely not one," Morehead said. In May 2024, Pantera made what it described at the time as its "largest-ever investment" in TON, the native cryptocurrency of the TON blockchain, closely linked to the messaging app giant Telegram. However, the amount was not disclosed, and since the mini-game hype cycle surrounding Telegram and TON blockchain came to an end around the same time, TON is down around 60%, according to The Block's price page. Pressed on whether any better crypto technologies were emerging, "Well, right now it's Solana," Morehead said. "We've had huge positions in Ethereum in the past; we used to be 100% Bitcoin, something could come out tomorrow. [But] Solana can do 9 billion transactions a day, which is more than all capital markets combined. So it's not obvious you need that next thing past Solana." Regarding long-term price action, Morehead said that Bitcoin remains a single-digit percentage of global wealth, anticipating it could reach $750,000 in the next four or five years. However, with Solana just 5% of Bitcoin's market cap, he believes it will outperform over time. Earlier on Monday, Pantera announced that it was leading a private investment in public equity offering alongside Summer Capital for Helius Medical Technologies to raise over $500 million to launch a Solana treasury company. The Nasdaq-listed micro-cap firm jumped 142% by Monday's close following the news. "For 12 years, we've been trying to provide access, but it's normally to very institutional investors," Morehead told Sorkin. "This is the first product we've ever offered that you can just go buy at your brokerage account. So it allows access to cryptocurrencies to kind of normal investors. And so far, Solana doesn't even have an ETF, so it's very, very difficult for a normal investor to get access to Solana." Bitcoin and Ethereum 'monster move' Later in the day, Tom Lee, Managing Partner at Fundstrat and Chair of Ethereum treasury firm BitMine, told CNBC's Dominic Chu on "Closing Bell" that if the Federal Reserve cuts rates as expected, Bitcoin and Ethereum are likely to be the biggest crypto beneficiaries, alongside the Nasdaq 100 and small caps. Describing the current bull market as mid-cycle, Lee said the next leg of the rally is contingent on the Fed cutting, helping the ISM manufacturing index to get back above 50 for the first time in 31 months, and bringing down mortgage rates, especially in an environment where the labor market has slowed. "I'm looking at September 98 and September 2024 as the playbook, because those are both years where the Fed was on an extended pause, and they cut in September," Lee said. "The number one trade is NASDAQ 100. So I think that's why the MAG-7 and the AI trade get a lot of liftoff." "The second is monetary liquidity sensitivity, global central banks' easing. That's Bitcoin and Ethereum. And seasonally strong, I think they could make a monster move in the next three months, like, huge," he added. "And the third, of course, is interest rate sensitives. That's really small caps and financials, but really the first two might be the standout trades." Bitcoin mainly reacts to monetary policy and liquidity, while Ethereum is both liquidity-sensitive and tied to broader innovation — from AI and Wall Street adoption to stablecoins, Lee said. He likened Ethereum to the post-1971 dollar era, calling it a "growth protocol," which is why BitMine is heavily accumulating it. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

To truly understand how Ston.fi works, you must understand the concept of Automated Market Makers (AMMs). AMMs are the engine behind most decentralized exchanges, including Ston.fi. Unlike centralized exchanges where buyers and sellers place orders in an order book, AMMs use smart contracts and mathematical formulas to determine prices automatically. On Ston.fi, every token pair (for example, TON/USDT) exists inside a liquidity pool. These pools are funded by users called liquidity providers. Instead of matching buyers and sellers, the AMM allows users to trade directly against the pool. When someone buys a token, its quantity in the pool decreases, and its price increases. When someone sells, the opposite happens. The most common pricing formula used by AMMs is: x × y = k Where: x = amount of token A y = amount of token B k = constant This formula ensures that liquidity is always available and prices adjust automatically based on supply and demand. One major advantage of AMMs on Ston.fi is continuous liquidity. Traders never have to wait for another trader to take the opposite side of a trade. As long as liquidity exists in the pool, swaps can happen instantly. Thanks to TON’s high throughput and low fees, these swaps are fast and affordable. However, AMMs also introduce an important concept called impermanent loss. This occurs when the price of tokens in a pool changes significantly compared to when you deposited them. While liquidity providers earn trading fees, price volatility can sometimes reduce overall returns. Impermanent loss is not a permanent loss unless you withdraw at the wrong time, and in many cases, fees and farming rewards can offset it. Understanding AMMs helps you make smarter decisions—whether you’re swapping tokens or providing liquidity. It explains why prices move, how pools work, and what risks exist. Mastering this concept is a big step toward becoming confident in DeFi on Ston.fi.