TONCO
Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.
TONCO is outside the current firm shelf because its structure maps to the amm-lp policy class. This is a firm-policy classification, not an adverse quality rating and not a client trade instruction. The factual mechanism, control, loss, and exit evidence is retained below.
- Ships a separately identifiable product without AMM inventory or impermanent-loss exposure that merits its own review
The research file
Mechanism and class applicability
TONCO documents concentrated-liquidity pools in which an LP chooses a price range and supplies the token amounts required by that range. Swaps move pool inventory, only in-range liquidity earns fees, and withdrawal returns the then-current quantities of both jettons. Concentration changes capital efficiency but retains the inventory-rebalancing exposure governed by the shared v1 AMM-LP dossier.
Current observation and perimeter
The DefiLlama API read on 2026-08-15 reported approximately $3.42M, all on TON, and classified TONCO as a DEX. This replaces the stale $10.3M observation; size is context only because the AMM-LP rule applies at any scale.
Control and exit applicability
The LP owns a transferable position NFT and may burn it to remove liquidity, but price range, pool inventory and then-current price determine the assets returned. TONCO identifies administrator, pool-administrator and controller powers over locking, protocol fee, tick spacing and swap fee; burn operations remain available while a pool is locked. Exit remains exposed to token liquidity, TON execution and the realized post-swap inventory mix.
Firm shelf classification
The amm-lp class is outside the current firm shelf. Research describes the product; firm policy determines shelf eligibility; client constraints determine the candidate set; and the advisor alone selects any action or amount.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- TONCO Docs — liquidity and positions · primary · accessed 2026-08-15
Supports: concentrated liquidity, paired inventory, range mechanics, fee allocation, withdrawal composition - TONCO Docs — pool controls · primary · accessed 2026-08-15
Supports: position mint and burn, administrator roles, pool lock, fee and tick controls, TON settlement - DefiLlama — TONCO survey record · secondary · accessed 2026-08-15
Supports: current TVL, TON-only perimeter, DEX category, survey perimeter
Inherited controls
The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.
| Chain | Verdict | Grade | Control constraint |
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