TONCO

Summary

Ketju does not approve TONCO under its class rule for liquidity pools: a provider posts two tokens in a price range, and when the price leaves the range the position holds only the losing token. TONCO is a concentrated-liquidity DEX on TON. Out of range, the position also stops earning fees. An advisor’s client would see a loss nobody warned them about. TONCO held $3.42M on TON in Ketju’s Aug. 15, 2026 survey. The rule applies at any size, and we made no finding on how well TONCO is run.

Review triggers
• Ships a separate product with no AMM inventory or impermanent-loss exposure, so that it needs its own review

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-11-15.

Research

How it works

TONCO documents concentrated-liquidity pools in which an LP chooses a price range and supplies the token amounts that range requires. Swaps move the pool’s inventory, only liquidity inside the range earns fees, and a withdrawal returns whatever quantities of both jettons the position holds then. Concentration makes capital work harder, but the pool still rebalances the LP’s tokens, which the class rule for liquidity pools covers.

Size and holdings

On Aug. 15, 2026, DefiLlama reported about $3.42M, all on TON, and classed TONCO as a DEX. Size does not affect the verdict, because the class rule for liquidity pools applies at any size.

Who controls it and withdrawals

The LP owns a transferable position NFT and can burn it to remove liquidity, but the price range, the pool inventory and the price at that moment decide what assets come back. TONCO names administrator, pool-administrator and controller powers over locking, the protocol fee, tick spacing and the swap fee. LPs can still burn positions while a pool is locked. A withdrawal still depends on token liquidity, execution on TON and the mix of tokens left after swaps.

Class rule

The class rule for liquidity pools applies because TONCO LP positions still convert between two tokens, or work as range orders, and carry the risk of impermanent loss. Ketju will review TONCO again only for a separate product with no AMM inventory exposure. That review would check how it works, settlement on TON, contracts and authority, audits and incidents, fees, liquidity and withdrawals under stress, compared with holding the assets directly.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• 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 protocol data · secondary · accessed 2026-08-15
  Supports: current TVL, TON-only perimeter, DEX category, survey perimeter

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.