How Does FstSwap Work?

DEX|Risk B-|5 mechanisms|4 interactions

FstSwap is a basic AMM DEX on BNB Chain allowing permissionless token swaps with a 0.30% fee. With $12M TVL and a FIST governance token of 200M supply, it is a standard Uniswap V2 fork with minimal differentiation. The protocol lacks published security audits and has very limited documentation.

TVL

$14M

Sector

DEX

Risk Grade

B-

Value Grade

D

Core Mechanisms

4.1.1 Constant product (xy=k)

Standard AMM for BEP-20 token swaps on BNB Chain with 0.30% fee

Standard Uniswap V2-style AMM fork

2.1.2 Percentage-based fee

0.30% trading fee distributed entirely to AMM liquidity providers

Standard DEX fee model

7.1.1 Fixed reward per block/epoch

FIST token liquidity mining rewards for LPs

Standard liquidity mining

5.1.1 Token-weighted voting (1 token = 1 vote)

FIST governance token with 200M total supply in full circulation

Standard governance token

4.3.3 Fair launch (no pre-mine)

Permissionless token listing — anyone can create a trading pair

Standard permissionless AMM listing

How the Pieces Interact

Permissionless token listing↔AMM liquidity poolsHigh

Scam tokens can be listed without review, enabling honeypot and malicious token contracts

FIST liquidity mining↔AMM pool liquidityMedium

Mercenary capital farms FIST and exits, creating sell pressure and reducing pool depth

Constant product AMM↔Low-liquidity poolsMedium

Thin liquidity enables sandwich attacks and high slippage

FIST governance token↔Full circulation supplyLow

With 200M tokens fully circulating, governance is vulnerable to flash loan or whale manipulation

What Could Go Wrong

  1. Minimal documentation available — lacks comprehensive technical docs, audit reports, and formal specifications
  2. Permissionless token listing means scam tokens and rug pulls can be listed and traded
  3. No known security audits published, increasing smart contract risk
  4. Low visibility and community engagement compared to established BSC DEXs

Smart Contract Exploit Due to Unaudited Code

Moderate

Trigger: A vulnerability in the unaudited AMM contracts is discovered and exploited

  1. 1.Attacker discovers vulnerability in AMM contract — Liquidity drained from one or more pools
  2. 2.Exploit spreads to other pools sharing same codebase — Multiple pools lose liquidity simultaneously
  3. 3.Users rush to withdraw remaining liquidity — Bank run depletes all accessible pools
  4. 4.Platform credibility destroyed — TVL drops to near zero, FIST token becomes worthless
See all 2 collapse scenarios in the full risk report →

Risk Profile at a Glance

Mechanism Novelty0/15
Interaction Severity4/20
Oracle Surface0/10
Documentation Gaps10/10
Track Record6/15
Scale Exposure3/10
Regulatory Risk2/10
Vitality Risk8/10
B-

Overall: B- (33/100)

Lower score = safer

More on FstSwap

Is FstSwap Safe?

Safety analysis

Is FstSwap a Good Investment?

Value analysis

Full Risk Report

All mechanisms & interactions

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