Is FstSwap Safe?
Risk Grade: B- (33/100)
FstSwap is rated as moderate risk — some novel mechanisms, generally well-understood.
Limited Data Available
This protocol has limited public documentation. Our analysis may not fully capture all risk dimensions.
Moderate risk — undifferentiated BSC DEX fork with no published audits, minimal documentation, and permissionless listings that expose users to scam risk.
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
Mechanisms
5
Interactions
4
Value Grade
D
Key Risks for FstSwap Users
No known security audits have been published — smart contracts could contain undetected vulnerabilities
Anyone can list tokens on the DEX including scam tokens — always verify token contracts before trading
Very limited documentation makes it difficult to understand the protocol's security guarantees
Top Risk Factors
- •Minimal documentation available — lacks comprehensive technical docs, audit reports, and formal specifications
- •Permissionless token listing means scam tokens and rug pulls can be listed and traded
- •No known security audits published, increasing smart contract risk
- •Low visibility and community engagement compared to established BSC DEXs
How FstSwap Compares to Peers
FstSwap ranks #52 of 112 DEX protocols (above-median). At a risk score of 33/100, it's in line with the sector average (34/100).
Adjacent peers: Uniswap V4 (B-, 32/100) is ranked just safer, and Byreal (B-, 33/100) is ranked just riskier.
See the full DEX sector leaderboard or the FstSwap vs Byreal comparison.
Common Questions about FstSwap
Plain-English answers based on FstSwap's scores across Hindenrank's 8 risk dimensions. The highest-scoring (riskiest) dimension is Documentation Gaps (10/10).
Has FstSwap ever been hacked or exploited?
FstSwap has had some operational issues or moderate incidents in its history. The track record dimension scored 6/15 — not catastrophic, but enough to flag. Look at the specific events and whether they were addressed by the team before drawing conclusions.
How much money is at stake in FstSwap?
FstSwap currently holds roughly $14M in user deposits. Smaller TVL means individual depositors carry a larger share of any loss event, and it can be harder to exit a position quickly during stress.
What's the worst-case scenario for FstSwap?
Hindenrank has identified specific collapse scenarios for FstSwap. The most prominent: "Smart Contract Exploit Due to Unaudited Code". The trigger condition is A vulnerability in the unaudited AMM contracts is discovered and exploited. Reading through the full scenario list on the protocol page is the single best way to understand the actual failure modes — generic "smart contract risk" is rarely the thing that takes a protocol down.
Is FstSwap regulated or insured?
FstSwap has low regulatory exposure on Hindenrank's framework (2/10). The protocol is structured in a way that minimizes counterparty and jurisdiction concentration, though regulatory risk in crypto can change rapidly. No DeFi protocol carries FDIC-style insurance — even with low regulatory risk, depositors are not protected in the way bank customers are.
What are the biggest red flags for FstSwap?
Hindenrank's retail-focused risk audit flagged: No known security audits have been published — smart contracts could contain undetected vulnerabilities Anyone can list tokens on the DEX including scam tokens — always verify token contracts before trading Very limited documentation makes it difficult to understand the protocol's security guarantees
Should beginners deposit into FstSwap?
FstSwap is rated B-, which is acceptable for users who understand the protocol's mechanism. Beginners should read the full risk breakdown and only deposit after they can articulate the top three failure modes. If you cannot explain how the protocol works, do not deposit.
How does FstSwap compare to safer DEX alternatives?
FstSwap is one protocol in Hindenrank's DEX coverage. The safest DEX protocols on the leaderboard tend to share three traits: a long incident-free track record, conservative mechanism design, and high-quality public documentation. Compare FstSwap against the full DEX ranking before committing capital.
For the full 8-dimension score breakdown, the radar chart, and dependency graph, see the FstSwap risk report.
Read the Full FstSwap Risk Report
This protocol has 2 collapse scenarios. 1 high-severity interaction risks identified. See the full mechanism classification, interaction matrix, and deep-dive recommendations.
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