Swyrl

Swyrl is a Monad-native DEX that puts two AMM designs and liquid staking in one protocol: stablecoin pairs run through a low-slippage curve pool, volatile assets through concentrated liquidity, and a staking module converts MON into a transferable derivative that can then enter the pools as market making capital, closing a loop between staking and liquidity provision. Governance uses a ve(3,3) structure where locked positions earn votes that direct weekly incentives.

A first phase went live on the Monad testnet in July 2025, opening swaps and liquidity first and adding voting and staking afterwards. Public data aggregators record about 1.89 million dollars of cumulative volume on its concentrated liquidity pools and roughly 105,000 dollars of locked value, still a small scale. It positions itself as the base liquidity layer for Monad, with discussion on how market making capital divides between stable and volatile pairs, and how staking derivatives entering the pools affect quoted curves.