What is KongSwap (KONG) crypto coin? A real-world look at the ICP-based DEX token

Most people asking about KongSwap (KONG) are wondering if it’s the next big crypto gem. The short answer? It’s not. But it’s not a scam either. KongSwap is a niche decentralized exchange built on the Internet Computer Protocol (ICP), designed for swapping ICP and SOL tokens with zero gas fees. That sounds great on paper-until you look at the numbers.

What KongSwap actually does

KongSwap isn’t another Uniswap or PancakeSwap. It doesn’t run on Ethereum or BSC. It’s built directly on the Internet Computer blockchain, using canister smart contracts that run code on-chain without needing bridges or wrapped tokens. This means users can swap ICP for SOL without paying gas fees-something no Ethereum-based DEX can do. The platform claims zero slippage and instant trades, processing transactions in about 1.3 seconds, which is faster than most Ethereum DEXs.

But here’s the catch: it only supports 12 token pairs. If you’re not holding ICP or SOL, you can’t use it. Even within the ICP ecosystem, it’s not the top choice. ICPSwap handles over half of all ICP-based swaps. KongSwap sits at third place with just 8.7% market share. It’s a tool for a tiny group of users-not a universal solution.

The KONG token: Supply, price, and liquidity

The KONG token is the native currency of the platform. Total supply is just under 1.1 billion tokens. But here’s the strange part: as of October 31, 2025, the circulating supply is listed as zero on CoinGecko. That means no tokens are actively traded on open markets. Yet, exchanges like Binance and Bitget still list KONG at around $0.003237.

Market cap? $0.00. That’s because circulating supply is zero. But the fully diluted market cap-meaning if every token was in circulation-ranges from $3.59 million to $15.38 million depending on the exchange. That’s a red flag. If no tokens are circulating, who’s trading? Why do prices vary so wildly?

Trading volume tells the real story. CoinMarketCap says KONG traded $1.36 million in 24 hours. Binance says $871. CoinGecko says $1,147. These numbers don’t match. That’s a sign of fragmented liquidity-likely from low-volume exchanges inflating numbers. For comparison, Uniswap’s UNI token trades over $1.2 billion daily. KONG trades less than $1,500. That’s not just small. It’s barely alive.

Why people still use it

There are real benefits for a very specific user: someone who owns ICP and wants to swap it for SOL without paying gas. On Ethereum, gas fees can hit $50 during spikes. On KongSwap? $0. That’s powerful for frequent traders in the ICP ecosystem.

Setting up an account is simple. You don’t need a seed phrase. You use an Internet Identity anchor-free and quick. The interface looks like Uniswap. If you’ve used a DEX before, you’ll figure it out in two minutes.

One Medium post from August 2025 praised it for letting a user swap ICP during a price surge when Ethereum gas was unaffordable. That’s the only glowing review found across all public forums. Most users don’t talk about it because they don’t use it.

The problems: Liquidity, support, and trust

Here’s where KongSwap falls apart.

• Liquidity is nearly nonexistent. With under $1,500 in daily volume, it’s vulnerable to manipulation. Binance’s own risk framework flags tokens under $100,000 daily volume as “highly susceptible to pump-and-dump schemes.”
• Customer support doesn’t exist. Trustpilot has seven reviews. Three say they couldn’t get help. Two say they couldn’t withdraw funds. The Telegram group has 1,247 members, but only 3 moderators. Average response time? 37 hours.
• Slippage claims are misleading. The platform says “zero slippage.” But Reddit users report getting worse rates than ICPSwap. One user said a swap took 8 minutes with no gas-but the rate was 3% worse. That’s not zero slippage. That’s poor routing.
• Documentation is bad. DeFi Education Project rated it 2.3 out of 5. API docs are incomplete. Developer guides are missing. If you’re not a casual user, you’re stuck.

What’s next? KongChain and the long-term gamble

The team announced KongChain-a sidechain meant to fix liquidity issues. Testnet is planned for Q1 2026. That’s a good sign. But it’s also a sign they know the current model isn’t working.

Some price predictors are wildly optimistic. DigitalCoinPrice says KONG could hit $0.79 by 2032. That’s a 24,000% jump from today’s price. It’s mathematically possible-if the entire ICP ecosystem grows 45% every year, if KongSwap becomes the dominant DEX, if liquidity explodes overnight.

But Binance Research says there’s only a 12% chance KONG survives five years. CoinDesk’s expert Elena Rodriguez put it best: “KongSwap solves real problems for ICP users with zero-gas swaps, but without significant liquidity improvements and broader token support, it will remain a niche player unlikely to achieve mainstream adoption even within the ICP ecosystem.”

Should you buy KONG?

If you’re an ICP enthusiast who swaps ICP for SOL often and hates gas fees? Maybe. Try it with a small amount. See if it works for you.

If you’re looking for an investment? Don’t. The token has no circulating supply, no real trading volume, no community traction, and no institutional backing. Even if the price goes up, you won’t be able to sell. Exchanges may delist it tomorrow. There’s no safety net.

It’s not a scam. It’s not a revolution. It’s a tool for a tiny group of people trying to make ICP useful. And right now, that group is too small to matter.

How to use KongSwap (if you must)

1. Go to kongswap.io (always double-check the URL-scams mimic this site).
2. Click “Connect Wallet” and choose “Internet Identity.”
3. Follow the prompts to create a free identity anchor (no seed phrase needed).
4. Select your token pair: ICP ↔ SOL (only 12 pairs available).
5. Enter amount and confirm. Transaction takes 1-3 seconds.
6. Wait for confirmation. If it takes longer than 5 minutes, check the Telegram group for network issues.

Keep in mind: you can’t swap ETH, BTC, or most other tokens. You can’t use a MetaMask wallet. You need ICP or SOL to start. And you need to accept that support might not come back.