Dex

Both redeeming tgUSD for USDT and unstaking stgUSD for tgUSD require a cooldown period. For users needing immediate liquidity, exchange swaps become the only instant solution. This mechanism generates genuine market maker demand for tgUSD and stgUSD.

This drives real demand for market makers, and as more users swap for immediate redemption, it generates trading fees for LPs and creates price deviations—opening up arbitrage opportunities (See Arbitrage section).

Type	Protocol	Benefits
Stable Swap (Curve formula)	Torch Finance	Best for large-volume swaps between tgUSD, stgUSD, and USDT
Stable Swap (DeDust formula)	DeDust	Best for small-volume swaps between tgUSD, stgUSD, and USDT
AMM	- DeDust - STON fi	Enables swaps with external assets such as TON
CLMM (Concentrated Liquidity Market Maker)	- Tonco - Titan	Increases capital efficiency by allowing custom price ranges

All DEXs above carry the risk of impermanent loss (IL). While CLMM can significantly improve capital efficiency, it also introduces operational complexity:

• Inefficient range settings

• Manual range adjustments

• Manual fee/reward harvesting and reinvestment

If a protocol like Kamino (from Solana) emerges on TON to automate CLMM liquidity management, it would greatly improve the user experience.