Case Study: STON.pi and Liquidity Aggregation on TON

Fragmented liquidity remains a practical challenge in decentralized finance. When assets and orders are spread across multiple pools and venues, execution quality can suffer and price discovery becomes less efficient. Aggregation techniques aim to address this by routing trades across diverse sources to improve depth and consistency.

STON.pi, built on the TON blockchain, illustrates a protocol-level approach to liquidity aggregation. Its design emphasizes unified routing logic that can draw from multiple pools, on-chain verifiability of executions, and developer-friendly interfaces for integrating routing into applications. These elements together help reduce fragmentation and support more predictable market behavior.

From an infrastructure perspective, liquidity aggregation is not merely an optimization; it is a structural feature that enables more advanced DeFi primitives. Better routing supports lending, staking and composable protocols by providing reliable pricing and execution. For researchers and builders, the lesson is clear: architecture matters aggregation at the protocol layer can materially improve user experience and composability in emerging ecosystems like TON.