A quick reference for the terms you'll meet across the STON.fi protocol.
- AMM (Automated Market Maker). The smart-contract model STON.fi uses to price swaps automatically, based on the ratio of tokens in a pool rather than an order book.
- AMM protocol. A non-custodial swap protocol built around an AMM design — what STON.fi is.
- APR (Annual Percentage Rate). An estimate of a pool's annualized rate based on recent swap activity. It changes daily and is not a guaranteed rate.
- Arbitrary Provision. A way to add liquidity to a STON.fi pool with only one of the two tokens (or in any ratio you choose) — STON.fi automatically does the internal swaps to balance your contribution before depositing.
- ARKENSTON. A soulbound NFT you receive when you stake STON. It represents your voting power in the STON.fi DAO.
- Blockchain fee. The network cost — paid in Gram — required to execute a transaction. Usually under 0.3 Gram per swap.
- DAO. Short for "decentralised autonomous organisation" — the on-chain governance body for STON.fi. ARKENSTON holders use it to vote on protocol changes at dao.ston.fi.
- dApp. Short for "decentralised application" — a website or interface (like app.ston.fi) that lets you interact with smart contracts directly from your wallet, without an account or central operator.
- Fake token. A token that impersonates a legitimate project by copying its name, ticker, or logo. Always verify the contract address before swapping.
- Farm. A contract that lets you stake your LP tokens so they accrue extra incentive rewards on top of swap fees.
- GEMSTON. The reward token paid to users who stake STON. Freely usable.
- Gram. The native coin of the TON blockchain (formerly Toncoin; previously traded under the ticker TON, now GRAM). Used to pay network fees and as a base asset in many pools.
- Honeypot (token). A scam token deliberately designed so users can buy it but cannot sell it. STON.fi blacklists known honeypots and flags suspected ones.
- Impermanent loss (IL). The temporary loss a liquidity provider can experience when the prices of the two pooled tokens diverge. See What is impermanent loss?
- Jetton. The standard for fungible tokens on TON (similar to ERC-20 on Ethereum).
- Liquidity pool. A smart contract that holds two tokens and enables swaps between them.
- LP tokens. Tokens you receive when you provide liquidity. They represent your share of the pool and can be redeemed for the underlying assets.
- Minimum received. The lowest amount you're guaranteed to receive in a swap, given your slippage tolerance.
- Price impact. How much your swap moves the pool's price. Big swaps in small pools have high price impact.
- Slippage tolerance. The maximum price movement you'll accept between confirming a swap and it landing on-chain.
- Stableswap. A pool type designed for pairs of tokens that should trade roughly 1:1 (e.g. USDT/USDC). It uses a flatter pricing curve than the standard AMM formula, so swaps suffer much less price impact near the peg. See Pool types & strategies.
- Staking. Locking STON for a fixed period to receive rewards and ARKENSTON voting power.
- sUSDe. The staked form of USDe — holding sUSDe accrues Ethena's reward stream. Available on STON.fi as a Jetton.
- TON. The blockchain STON.fi runs on. You'll always need a small amount of Gram in your wallet to pay network fees.
- TON Connect. The standard protocol used to connect a TON wallet to a dApp like STON.fi.
- TVL (Total Value Locked). The total value of assets currently held in a pool or across the protocol.
- USDe. A synthetic dollar-pegged token issued by Ethena, available on TON as a Jetton and tradable on STON.fi.
- V2 pools. The current generation of STON.fi liquidity pools, deployed on the V2 contracts. Earlier V1 pools still exist but are no longer the default for new deployments.
- WCPI / WStableswap. Pool types that let the creator set custom weights for the two tokens (e.g. 80/20 instead of 50/50). WCPI uses a weighted version of the standard AMM curve; WStableswap is the weighted variant of Stableswap. See Pool types & strategies.