Token Burn vs. Mint Calculator
OpenSwap Tokenomics Calculator
Calculate the net effect of OpenSwap's token burning and minting mechanism on supply based on trading volume and monthly mint rate. This tool demonstrates why the project ultimately failed despite its deflationary model.
Based on OpenSwap's original model: 0.3% trading fee, with 0.15% burned per trade. The project minted 1,000,000 tokens monthly with no supply cap.
OpenSwap was supposed to be the smart, low-cost decentralized exchange built on Harmony’s fast blockchain. It promised to burn half of every trading fee to reduce its token supply-making it deflationary by design. But today, in November 2025, OpenSwap doesn’t look like a working exchange. It looks like a ghost. No trading volume. No updates. No community talking about it. If you’re wondering whether OpenSwap is still worth using, the answer is simple: OpenSwap isn’t active anymore.
What OpenSwap Was Supposed to Be
OpenSwap launched in 2021 as a decentralized exchange (DEX) on the Harmony blockchain. Its goal was to offer traders a cheaper, faster alternative to Ethereum-based DEXs like Uniswap. Harmony’s blockchain processed transactions in under two seconds and charged fees that were about 100 times lower than Ethereum’s. That was a big deal back then, when Ethereum gas fees were hitting $50 per trade. OpenSwap’s tokenomics were unusual. Every time someone traded, they paid a 0.3% fee. Half of that fee-0.15%-was burned permanently. The idea was simple: burn tokens, reduce supply, make the remaining tokens more valuable over time. It sounded smart. The project even gave out 13 million OPEN tokens to early liquidity providers to get trading started. But here’s the catch: OpenSwap kept minting 1 million new tokens every month, with no cap on the total supply. That meant even though it burned tokens, it was also flooding the market with new ones. If liquidity providers weren’t earning enough from fees and rewards, they’d pull their money out. And that’s exactly what happened.Why OpenSwap Died
The biggest problem? Liquidity vanished. Without traders, there’s no volume. Without volume, there’s no reason for more traders to come. It’s a death spiral. CoinMarketCap lists OpenSwap as an "Untracked Listing." That’s not a minor label-it’s the lowest tier possible. It means the exchange doesn’t meet even the bare minimum requirements to be monitored. No trading pairs have active data. No price charts. No order books. Just blank space. Compare that to SushiSwap, which also runs on Harmony. SushiSwap has real volume. Real users. Real updates. It’s not perfect, but it’s alive. OpenSwap? No updates since 2022. No social media activity. No Discord chatter. No Reddit threads. Not even a single recent post from a user saying, "I used OpenSwap today." The deflationary model might have backfired. Burning half the fees sounds great, but it also meant liquidity providers earned less. Why lock up your tokens in a pool if you’re only getting 0.15% of each trade? Meanwhile, other DEXs on Harmony offered higher rewards, staking options, and better user interfaces.What’s Happening on Harmony Now?
Harmony itself hasn’t disappeared. The blockchain still runs. The ONE token is still traded on Binance, HTX, and HitBTC. Harmony’s team has been working on cross-chain bridges and stablecoin projects. The ecosystem is moving forward-but OpenSwap isn’t part of it. If you want to trade on Harmony today, you have better options:- SushiSwap on Harmony has consistent volume and active development.
- OpenOcean aggregates liquidity across multiple chains, including Harmony.
- Harmony’s official staking portal offers 9-10.5% APY with zero risk and no need to swap tokens.
Can You Still Access OpenSwap?
Technically, yes. You can still visit the website. You can still connect your MetaMask or Trust Wallet. But when you try to trade, you’ll find almost no trading pairs. Even the ones listed have no liquidity. If you deposit $100 worth of ONE tokens, you won’t be able to swap them for anything else. The pool is empty. Some people might say, "Maybe it’s just quiet right now. It could come back." But that’s wishful thinking. DeFi projects don’t just wake up after three years of silence. No team announcements. No GitHub commits. No Twitter threads. No audit updates. Nothing. If a project doesn’t update its roadmap, doesn’t respond to community questions, and doesn’t report any volume for over two years-it’s dead. Not sleeping. Not paused. Dead.What You Should Do Instead
If you’re interested in Harmony-based DeFi, here’s what actually works in 2025:- Use SushiSwap on Harmony for swapping tokens. It’s the most reliable DEX on the chain.
- Stake ONE tokens directly through Harmony’s official staking dashboard. Earn 9-10.5% APY with no impermanent loss.
- Use OpenOcean if you want to swap across chains without leaving your wallet.
- Keep ONE tokens on Binance or HTX if you just want to buy, sell, or hold.
Why This Matters for Crypto Investors
OpenSwap isn’t just a failed project. It’s a warning. Too many DeFi projects launch with cool math, fancy whitepapers, and big promises. But if they don’t build real utility, attract real users, or keep the community engaged-they disappear. The blockchain doesn’t care how smart your tokenomics are. It only cares if people are using it. Harmony had potential. OpenSwap had potential. But potential doesn’t pay bills. Volume does. Community does. Updates do. If you’re thinking about investing in a new DEX, ask yourself:- Is there real trading volume-today, not six months ago?
- Are there active developers pushing updates?
- Is the community talking about it-or ignoring it?
- Does the project have a clear reason to exist, beyond a clever burn mechanism?
Final Verdict
OpenSwap (Harmony) is not a viable crypto exchange in 2025. It’s inactive. Untracked. Unusable. The deflationary model looked good on paper, but in practice, it failed to attract or retain liquidity. The Harmony ecosystem has moved on. So should you. If you want to trade on Harmony, use SushiSwap. If you want to earn yield, stake ONE directly. If you want to avoid dead projects, check CoinMarketCap’s tracking status before you invest. Untracked means untrusted. And in crypto, that’s the same as gone.Is OpenSwap still trading in 2025?
No, OpenSwap is not trading. CoinMarketCap lists it as "Untracked," meaning there is no measurable volume, no active trading pairs, and no data being reported. The platform appears to be inactive since 2022.
Can I still connect my wallet to OpenSwap?
You can technically connect MetaMask or Trust Wallet to the OpenSwap website, but there are no active liquidity pools. Even if you deposit tokens, you won’t be able to swap them for anything else because no one else is trading.
Was OpenSwap’s deflationary model successful?
No. While OpenSwap burned half of all trading fees, it also continuously minted 1 million new tokens per month with no supply cap. This flooded the market with new tokens, offsetting any deflationary effect. Liquidity providers left because rewards were too low, and trading volume collapsed.
What are better alternatives to OpenSwap on Harmony?
SushiSwap on Harmony is the most active DEX with real volume. OpenOcean aggregates liquidity across chains including Harmony. For earning yield, use Harmony’s official staking portal, which offers 9-10.5% APY with no risk.
Why did OpenSwap fail when other Harmony projects succeeded?
OpenSwap lacked community engagement, developer updates, and marketing. Other projects like SushiSwap and OpenOcean had multi-chain support, clearer incentives, and active teams. OpenSwap relied on a theoretical tokenomics model without building real user adoption.
Should I buy OPEN tokens?
No. OPEN tokens have no exchange listing with volume, no utility, and no active development. The token’s value has dropped over 90% since its peak. Buying it now would be speculative at best and a total loss at worst.
Is Harmony still a good blockchain to use?
Yes, Harmony’s blockchain is still functional and supports low fees and fast transactions. However, individual projects built on it-like OpenSwap-can fail. Stick to established platforms like SushiSwap, official staking, or major exchanges like Binance that support ONE tokens.
Noriko Yashiro
OpenSwap was such a hype train back in 2021… i remember thinking "finally, a DEX that doesnt charge me a mortgage payment to swap ETH for USDC". but yeah, the burn mechanism was just a shiny sticker on a broken car. no volume = no liquidity = no reason to care. i pulled my funds out in early 2023 and never looked back. RIP OpenSwap, you were cute while it lasted.