What Is AshSwap? MultiversX Stableswap and veASH Explained

AshSwap is a stableswap and concentrated-liquidity decentralised exchange (DEX) on MultiversX, whose ASH token can be locked as veASH to vote on farm rewards, boost farming and share trading fees. It went live in February 2023 as the network's first stable-swap DEX, and JewelSwap has partnered with it to run farms, issue JWLASH and hold JWLEGLD liquidity in an AshSwap pool.

AshSwap at a glance

Attribute	Detail
Category	Stableswap and concentrated-liquidity DEX, DEX aggregator, perpetuals (AshPerp)
Chain	MultiversX
Native token	ASH (locked form: veASH)
Launched	Mainnet February 2023, after devnet testing from October 2022
Key products	Stable and crypto pools, farms, AshDAO governance and bribes, aggregator swaps, AshPerp
TVL	About $0.83 million (DefiLlama, late October 2026)
Audits / security record	Runtime Verification (January 2023) and Arda (June 2023); no AshSwap exploit found in our research
Website	ashswap.io
Integrated with JewelSwap	Yes: partnership, farms, JWLASH and JWLEGLD liquidity

What is AshSwap?

AshSwap set out to bring Curve-style stable swaps to MultiversX. After running on devnet from October 2022, it launched on mainnet in February 2023 with three pools: a USDC/USDT/BUSD stableswap pool and two volatile pools, ASH/USDT and EGLD/BUSD. The ASH token had been sold partly through a public sale on the Maiar Launchpad.

The protocol now describes itself as a stable-swap AMM with "auto-concentrated liquidity", and it has added products around the core DEX: an aggregator that it calls the first dynamic trade-route aggregator on MultiversX, and AshPerp, a perpetual futures platform offering up to 100x leverage.

DefiLlama shows AshSwap's TVL peaking around $14.3 million in March 2024 and standing at about $0.83 million in late October 2026. Our roundup of the best DeFi protocols on MultiversX puts it in context.

How AshSwap works

1. Stable pools for like-valued assets. Stable pools hold assets that should trade near 1:1, such as two stablecoins or a token and its liquid staking version, and use a stableswap curve that keeps slippage low around the peg.
2. Crypto pools for everything else. Pools of non-pegged assets use a separate design. AshSwap lists a 0.05% swap fee for most pools, with some volatile pools charging between 0.2% and 0.4% depending on reserves.
3. Farms pay ASH. LPs stake their LP tokens in farms ("liquidity staking") to earn ASH rewards on top of trading fees.
4. Lock ASH for veASH. Users can lock ASH for between one week and four years. Longer locks give more veASH, AshSwap's vote-escrowed governance token.
5. veASH steers the protocol. In weekly epochs, veASH holders vote on how farm rewards are split between pools, receive 50% of trading fees across AshSwap pools (and 50% of AshPerp platform fees), and can boost their own farm positions. Projects can also bribe veASH voters to direct rewards to their pools.

Key features

• Stableswap pricing: lower slippage for stablecoins and liquid staking pairs than a classic AMM.
• Vote-escrow governance: veASH gives a direct say over where ASH emissions go, similar to Curve's veCRV model.
• Farm Boost: LPs who hold enough veASH earn a larger share of farm rewards.
• Aggregator: AshSwap's aggregator looks for the best trade route across available liquidity; see our DEX aggregator guide.
• AshPerp: leveraged perpetual futures built as a module next to the DEX.

ASH token

ASH has a maximum supply of 1 billion tokens, of which about 443 million were circulating according to the MultiversX explorer in October 2026, with a market capitalisation under $200,000. AshSwap's 2022 tokenomics page lists the largest allocations as farming rewards (38%), liquidity (15%) and the team (15%, unlocking over 4.5 years). ASH is used for revenue sharing, DAO voting and farm boosts, all through locking it as veASH.

Risks and track record

• Smart-contract risk: AshSwap's contracts were audited by Runtime Verification (delivered 11 January 2023) and Arda (delivered 17 June 2023). We found no exploit of AshSwap itself as of October 2026.
• Depeg risk: in a stable pool, if one asset loses its peg, LPs end up holding more of the weaker asset. Our guide to stablecoin depegs explains how this plays out.
• Lock and liquidity risk: veASH locks can last up to four years, tying up ASH for that period. TVL is far below its 2024 peak, and ASH is a very small-cap token.
• Network risk: MultiversX halted block production for about five days in September 2026 after an attempted VM-level exploit, which froze activity on every MultiversX app.
• Leverage risk: AshPerp positions with high leverage can be liquidated quickly.

Is AshSwap integrated with JewelSwap?

Yes. JewelSwap and AshSwap have formally partnered, as described in JewelSwap and AshSwap join forces.

JewelSwap runs auto-compounded farms on AshSwap pools, with optimized, veASH-boosted and optional leveraged positions; the beginner's guide to leveraged yield farming walks through how leverage works. JewelSwap boosts these positions with veASH it holds through JWLASH, a token minted from ASH. As our JewelSwap tokens guide notes, JWLASH is an unredeemable derivative: it cannot be redeemed one-for-one for ASH, but it can be staked on JewelSwap, where staked JWLASH also votes in JewelSwap's validator Gauge.

JewelSwap's protocol-owned liquidity for JWLEGLD, its EGLD liquid staking token, also sits in an AshSwap stableswap pool. JewelSwap's MultiversX money-market supply and borrowing are currently paused, so check the app for which farm options are open before depositing.

AshSwap vs other MultiversX apps

xExchange is the larger general-purpose DEX and the main venue for EGLD pairs, with its own xMEX and Energy boost system. OneDex is a smaller permissionless DEX. AshSwap's niche is stable and pegged pairs, plus vote-escrow governance. Hatom complements it rather than competing: its sEGLD token trades in AshSwap pools.

Related MultiversX apps

• MultiversX: the sharded Layer 1 behind the whole directory.
• xExchange: the original MultiversX DEX, with MEX and xMEX.
• Hatom: lending, sEGLD liquid staking and the HTM token.
• OneDex: permissionless DEX with DCA and the ONE token.

Learn more on the JewelSwap blog

• JewelSwap and AshSwap join forces: the partnership behind JewelSwap's AshSwap farms.
• Beginner's guide to leveraged yield farming: how borrowed liquidity changes a farm position.
• Best DeFi protocols on MultiversX in 2026: AshSwap next to xExchange, Hatom and OneDex.
• JewelSwap tokens explained: JWLASH and the other derivative tokens.
• JWLEGLD explained: the liquid staking token whose liquidity sits on AshSwap.

Frequently asked questions

Is AshSwap safe?

AshSwap was audited by Runtime Verification and Arda, and we found no exploit of AshSwap itself as of October 2026. LPs still face smart-contract risk, depeg risk in stable pools, thin liquidity and MultiversX network risk.

What is veASH?

veASH is vote-escrowed ASH, received by locking ASH for between one week and four years. It lets holders vote on farm rewards, earn a share of AshSwap trading fees and boost their own farm positions.

Is AshSwap integrated with JewelSwap?

Yes. JewelSwap has partnered with AshSwap: it runs auto-compounded and veASH-boosted farms on AshSwap pools, issues JWLASH, and keeps its JWLEGLD protocol-owned liquidity in an AshSwap stableswap pool.

JewelSwap DeFi app directory · educational, not financial advice. Data as of October 2026. Browse all MultiversX apps.