MakiSwap (MAKI) Explained: What the Crypto Coin Is and How It Works

When you hear MakiSwap described as a decentralized exchange and automated market maker on the Huobi Eco Chain (HECO), you might wonder what makes it different from other DeFi platforms. The short answer: it’s a niche AMM that launched in 2021, uses the native MAKI token for fees and governance, and today sits on the fringes of the crypto market.

What is MakiSwap?

MakiSwap is an Automated Market Maker (AMM) and Decentralized Exchange (DEX) built exclusively on the Huobi Eco Chain. The platform lets anyone create liquidity pools, trade tokens without an order book, and earn a share of the 0.2% fee collected on each swap.

How the AMM model works on MakiSwap

Instead of matching buyers and sellers, an AMM uses a mathematical formula-usually a constant‑product curve (x·y = k)-to set prices. When you add tokens to a pool, you become a Liquidity Provider (LP). In return, you receive LP tokens that represent your share of the pool and you collect a slice of the trading fees proportional to that share. MakiSwap follows the standard 0.2% fee split: a portion goes to LPs, another portion is funneled to MAKI token holders through a revenue‑sharing mechanism.

The MAKI token: utility and tokenomics

The native MAKI token serves three core purposes:

• Fee rebate: Holding MAKI reduces the effective swap fee you pay.
• Revenue sharing: A slice of the 0.2% fee is redistributed to token holders, creating a passive income stream.
• Governance: MAKI holders can vote on protocol upgrades, fee adjustments, and new pool listings through the platform’s Community Governance system.

The token has a fixed supply of 1billion MAKI. Reported circulation varies-some sources list about 96.5million, others around 69million-reflecting the lack of up‑to‑date reporting. The current market cap hovers near US$200K, a steep drop from its early‑stage valuations.

Technical specs and fee structure

Because MakiSwap lives on HECO, it benefits from the chain’s EVM compatibility while offering lower gas costs than Ethereum. Transactions typically settle in seconds and cost a fraction of a cent. The fee model is simple: every swap incurs a 0.2% charge. Of that, 0.05% is sent to LPs, 0.1% to the protocol treasury, and the remaining 0.05% is distributed to MAKI holders. This revenue‑sharing was marketed as a way to align incentives, but the near‑zero trading volume makes the payouts practically negligible.

Current market activity (or lack thereof)

As of October2025, MakiSwap shows almost no on‑chain activity. Data aggregators report zero active trading pairs and a 24‑hour volume of $0.00. The token price trades around $0.003, a fraction of its 2021 launch price of $0.02-$0.075. Social channels-Telegram, Twitter, Medium-are silent, and the official website receives minimal traffic (Alexa rank >1million). In plain terms, the DEX is effectively dormant; you can still add liquidity or execute a swap, but you’ll likely move the price dramatically because there’s no depth.

Why the platform is considered a “zombie” protocol

Several factors contributed to MakiSwap’s decline:

1. Limited ecosystem: HECO’s popularity waned as Binance Smart Chain, Polygon, and Avalanche attracted more developers.
2. Competition: Established AMMs like PancakeSwap and SushiSwap offered deeper liquidity, cross‑chain bridges, and stronger community support.
3. Liquidity vacuum: With virtually no active pools, users cannot trade without suffering massive slippage, driving them away.
4. Governance fatigue: The community‑driven voting model never gained traction, leaving decisions to a small core team that appears inactive.

All these signals point to a project that failed to achieve the network effects necessary for a DEX to survive.

How (or if) you can interact with MakiSwap today

If you still want to experiment, here’s a quick rundown:

1. Install a Web3‑compatible wallet (MetaMask, Trust Wallet) and add the HECO network (RPC URL: https://http-mainnet.hecochain.com).
2. Obtain some HECO‑based gas token (HT) to cover transaction fees.
3. Visit the official MakiSwap UI (use the exact URL from a trusted source to avoid phishing).
4. Connect your wallet, select a token pair (if any exist), and proceed.
   • Expect high slippage or outright transaction failure due to missing liquidity.
5. To become a liquidity provider, you would need to deposit equal values of two tokens into a pool. With no pools listed, you’d have to create a new one, which again suffers from zero counterpart trades.

Bottom line: the platform technically works, but the economic incentives are practically nil.

Comparison with a leading AMM

The table makes it clear why most users gravitate toward PancakeSwap: massive liquidity, active community, and real trading volume. MakiSwap’s numbers are essentially zero.

Key takeaways

• MakiSwap is an AMM‑based DEX on HECO that launched in 2021.
• The native MAKI token handles fee rebates, revenue sharing, and governance.
• Technical advantages (low gas) are moot because the platform now has virtually no liquidity or trading activity.
• Compared with mainstream AMMs, MakiSwap offers no practical utility for traders or LPs.
• Most investors view it as a “zombie” protocol; entering now carries high risk with little upside.