What to know first
Liquidity is the inventory available for a trade, while volume measures past trading. Neither tells you the output for your order without a current quote. TON liquidity is spread across DEXs such as STON.fi and DeDust; aggregators such as Omniston compare connected sources. Gramium uses live Omniston quotes for supported swaps and asks the wallet to authorize the transaction.
Key takeaways
- Pool value is not the amount every holder could withdraw at the displayed token price.
- Price impact, execution slippage, trading fees, and network fees describe different costs or limits.
- A valuation estimate is not a measure of executable market depth.
Practical checks
- Identify the pool's two assets, venue, pool type, and source timestamp.
- Check whether liquidity is for one pool, a set of covered pools, or another aggregate.
- Use an amount-specific quote and compare expected output with minimum output.
- Read route expiry, trading and integrator charges, and the wallet's network-fee estimate.
- Treat unavailable price impact or liquidity as an evidence gap rather than assuming it is zero.
Pool reserves and usable depth
DeDust defines a pool as the component that tracks reserves and applies its pricing curve. It documents both constant-product and stable-swap pools. The same headline USD liquidity can produce different trade outcomes depending on pool type, asset composition, and order size.
Liquidity can also be split across venues. Omniston already aggregates connected liquidity sources and request-for-quote resolvers. It does not establish that every TON pool is included or that a route will remain available.
Price impact, slippage, and minimum output
Price impact describes the effect of the trade itself on its execution price relative to the market before that trade. Slippage describes a change between the expected and actual execution. The tolerance used by a swap interface helps set an acceptable output bound; it is not an additional trading fee.
A quote's expected output and minimum output answer different questions. The minimum is a settlement condition, not a promise that any submitted transaction succeeds. STON.fi's swap documentation carries the simulated minimum output into the transaction parameters.
A hypothetical minimum-output example
Illustration only, not a live quote or a recommended setting: suppose a route expects 100 units of a token and applies a 2% output tolerance. In a simplified calculation, its minimum is 98 units before any implementation-specific rounding. The actual quoted minimum is the value to inspect.
Those two numbers do not tell you the network fee, price impact, or whether a referral charge is already included. Widening the tolerance accepts a lower output bound; it does not add liquidity to the pool.
Volume and valuation do not replace depth
Volume measures trading over a stated interval. Liquidity measures available pool assets at an observation time. Summing volume repeatedly across duplicate pool records would overstate covered activity, while summing a coin's global volume with local pool volume mixes scopes that can overlap.
CoinGecko defines market cap using circulating supply and price. FDV uses a broader supply assumption. A high valuation does not mean that equivalent cash is available for selling. Read the market-data guide for supply definitions, missing values, and freshness checks.
Reading a Gramium swap quote
Gramium prepares supported swaps through Omniston and TON Connect. Review the actual input asset, output asset, expected receive amount, minimum output, quote expiry, and displayed referral fee before the wallet prompt.
Pool charts and token-page context may use different observations from the executable quote. If a quote expires or the provider returns no route, those market displays are not a substitute. Wallet authorization and a confirmed settlement still need to be distinguished.
Sources and review
Reviewed . Sources support the definitions below; market observations and product availability keep their own dates.
- DeDust: pool and reserve concepts
Reserve-based pricing and constant-product versus stable-swap pools.
- Omniston: connected liquidity
Aggregation of connected sources and RFQ resolvers.
- STON.fi: swap minimum output
Simulated quotes, slippage tolerance, minimum output, and checking swap results.
- STON.fi: trading and integrator fees
Pool fees and the separate direct-DEX and Omniston integrator fee surfaces.
- CoinGecko: market-data methodology
Circulating-supply market cap and provider-level volume methodology.
FAQ
Is liquidity the same as trading volume?
No. Liquidity is available inventory at a point in time; volume is trading over an interval and within a source's coverage.
Is there a universally safe slippage setting?
No. The acceptable output bound depends on the asset, route, amount, and user's own requirements. This guide does not recommend a percentage.
Does an aggregator guarantee the best price across all TON markets?
No. It compares the sources connected to that service under current conditions. Supported coverage and an amount-specific live quote must still be checked.