Comparing ICP DEXes: KongSwap vs. ICPSwap vs. Sonic vs. ICDex

In decentralized finance (DeFi), transaction speed is essential. A delay of even a second can result in missed opportunities as larger traders capitalize on market movements.

Many decentralized exchanges (DEXes) are hindered by high gas fees or delays associated with cross-chain bridges. KongSwap, powered by the Internet Computer Protocol (ICP), achieves swap times of 8 seconds. We conducted a direct comparison test against other ICP-based DEXes, and the results demonstrate KongSwap's clear advantages.

Review the data, watch the video, and discover why KongSwap is the optimal choice for your DEX needs.

By Dexter

The Test: Real Data, No Exaggeration

We compared KongSwap with leading ICP DEXes—ICPSwap, ICDex, and Sonic—in a real-world swap speed evaluation. The results are as follows:

Video: Watch KongSwap’s 8 second swaps in action!

TVL Comparison: Liquidity Leaders and Emerging Contenders

While speed is critical, liquidity is fundamental to executing trades effectively. The ICP DeFi ecosystem's total value locked (TVL) is advancing, supported by Chain Fusion, which enables bridge-less interactions with BTC and ETH.

Using data from DEX dashboards as of July 29, 2025, ICPSwap holds the lead at $9.47 million, while KongSwap is rapidly approaching at $6.07 million, with a 24-hour volume of $488.73 thousand. ICDex and Sonic maintain stable positions but show less momentum.

Source: Direct from DEX dashboards (ICLight.io, info.icpswap.com, Sonic analytics, kongswap.io) as of July 29, 2025.

TVL Market Share Breakdown

To illustrate the TVL distribution, here is a pie chart depicting each DEX's share of the approximate $20.28 million total ICP DEX TVL.

KongSwap holds approximately 30%—a strong position for a recent entrant.

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pie title  ICP DEX TVL Market Share (July 29, 2025)
    "KongSwap" : 30
    "ICPSwap" : 47
    "ICDex" : 6
    "Sonic" : 17

Token Comparison: Metrics Behind the Native Tokens

Examining the native tokens of these DEXes (KONG for KongSwap, ICS for ICPSwap, ICL for ICDex/ICLighthouse, SONIC for Sonic), here is a summary from IC Explorer as of July 29, 2025.

We evaluate fully diluted market cap (FDMC), market cap, holder count, and total transactions to assess adoption and activity.

Multi-Dimensional DEX Comparison

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mindmap
root((ICP DEX Radar))
    KongSwap
        TVL: $6.07M
        Vol: $489K
        Holders: 7.8K
        Funding: $2M
        USP: Bridgeless Multichain
    ICPSwap
        TVL: $9.47M
        Vol: $496K
        Holders: 79K
        Funding: $6.7M
        USP: Liquidity Farming
    ICDex
        TVL: $1.25M
        Vol: $11K
        Holders: 9K
        Funding: $6.4M
        USP: Orderbook Pioneer
    Sonic
        TVL: $3.49M
        Vol: $7K
        Holders: 6.4K
        Funding: $1.6M
        USP: Low-Cost Ops

Token Holders Comparison

The number of holders indicates community engagement—ICPSwap has 79,000, while KongSwap's 7,800 is notable for a more recent launch.

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pie title Holders Distribution Across ICP DEXes
    "KongSwap" : 7802
    "ICPSwap" : 79031
    "ICDex" : 8959
    "Sonic" : 6371

SNS Launches: Funding the Development

These ICP DEXes were launched through Service Nervous Systems (SNS), a decentralized funding mechanism similar to an ICO but governed on-chain by the community. Here is the funding each raised to initiate their ecosystems:

• KongSwap: $2.0M – An efficient initial funding for a later entrant that is already demonstrating significant impact.
• ICPSwap: $6.7M – Substantial funding for the established platform, supporting robust liquidity and feature development.
• ICDex (ICLighthouse DAO): $6.4M – Strong funding for the orderbook innovator, enabling infrastructure expansion.
• Sonic: $1.6M – Modest funding for an early participant, emphasizing low-cost operations.

Source: ICP Dashboard SNS data.

In-Depth Analysis: KongSwap's Efficiency Advantage

Analyzing the data objectively: ICPSwap maintains $9.47 million in TVL, compared to KongSwap's $6.07 million, yet their 24-hour volumes are nearly equivalent ($488.73 thousand vs. $495.71 thousand).

This highlights KongSwap's efficiency, generating comparable trading activity with approximately 36% less capital locked. It indicates a preference among users for KongSwap's bridge-less, zero-gas fee model, which facilitates rapid transactions.

In contrast, ICDex ($1.25 million TVL, $11.44 thousand volume) and Sonic ($3.49 million TVL, $7.48 thousand volume) show lower activity—despite solid features, the volume metrics suggest users are favoring platforms with higher efficiency.

For those seeking effective DeFi solutions, KongSwap represents a compelling option.

KongSwap Achieves More with Fewer Resources

In summary, KongSwap excels in speed 8 second swaps outperforming competitors), efficiency (comparable volume to ICPSwap with lower TVL), and strategic growth.

Although ICPSwap and ICDex have larger holder bases and transaction counts due to their earlier establishment, KongSwap's 7,800 holders and 343,000 transactions are commendable for a newer platform.

Regarding SNS funding, KongSwap raised only $2 million—significantly less than ICPSwap's $6.7 million or ICDex's $6.4 million (and comparable to Sonic's $1.6 million)—yet it delivers advanced features such as bridge-less multichain capabilities and zero-gas fees. This underscores efficient resource utilization: greater activity with reduced overhead and a rapidly growing community. As a later entrant, fewer transactions are expected, but its upward trajectory demonstrates that substantial funding is not a prerequisite for building a leading DEX on ICP.

Visit kongswap.io to explore it further. Follow @dehypokriet on X for additional insights on ICP DeFi.