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.

None of these are perfect, but they’re real. They have users. They have updates. They have data.

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:

1. Use SushiSwap on Harmony for swapping tokens. It’s the most reliable DEX on the chain.
2. Stake ONE tokens directly through Harmony’s official staking dashboard. Earn 9-10.5% APY with no impermanent loss.
3. Use OpenOcean if you want to swap across chains without leaving your wallet.
4. Keep ONE tokens on Binance or HTX if you just want to buy, sell, or hold.

Don’t waste time trying to find liquidity on OpenSwap. It’s not there. And even if you could swap, the token’s value has dropped over 90% since its peak. The burning mechanism didn’t save it. The low fees didn’t attract users. The speed didn’t matter when no one was trading.

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?

If the answer to any of those is "no," walk away.

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.