Cetus

What Cetus does

Cetus is a decentralized exchange (DEX) and concentrated liquidity protocol built on the Sui and Aptos blockchains using the Move ecosystem. The protocol combines a CLMM-based spot DEX (Infinity Pools) with a swap aggregator (Super Aggregator), an intent-based order system supporting DCA and limit orders, an automated liquidity management layer (Cetus Vault), a token launchpad (Asset Launch), a professional trading terminal, and a dual-token economy (CETUS/xCETUS) for governance and sustainable yield distribution. It serves individual DeFi traders and liquidity providers, developers integrating liquidity via "Liquidity As A Service," and new blockchain projects launching tokens on the Sui ecosystem, reaching a reported 17M+ accounts and $90B in cumulative trading volume across 183M all-time trades.

Revenue is generated exclusively at the protocol level through trading/swap fees collected on each transaction, with a portion distributed to liquidity providers and incentives paid in CETUS tokens via liquidity mining; there are no subscription, licensing, or listing fees. Distribution is fully permissionless via the web app, the Cetus Terminal, SDK/API integration, and third-party aggregator routing. Go-to-market is product-led and community-led: no account creation or KYC is required, and the protocol relies on social media, Discord/Telegram developer channels, GitBook/GitHub documentation, and ecosystem partners (CoinMarketCap, CoinGecko, DeFiLlama) for user acquisition.

The protocol is incorporated in the British Virgin Islands, is privately held, and was founded in 2022-2023. It raised a seed round led by OKX Ventures and KuCoin Ventures in May 2023, received a strategic investment from the Sui Foundation in February 2024, suffered a $220M security exploit in May 2025, and relaunched in June 2025 after recovering $162M and securing a $30M USDC loan from the Sui Foundation, subsequently re-entering the top 10 DEXs by trading volume.

Name

Cetus

Legal name

Cetus

Website

https://cetus.zone

Company type

Private

Founded year

2023

Operating status

Operating

Short description

Cetus is a Sui- and Aptos-based decentralized exchange using CLMM technology to provide concentrated liquidity, swap aggregation, intent-based trading, and automated vault strategies for retail DeFi users, developers, and token-launching projects on the Move ecosystem.

Ownership category

akta.pro rank

Product category

Decentralized Exchange (DEX)

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Permissioned / KYC DEXs (Institutional On-Chain Venues) (FSADABAN)

akta.pro secondary industry

Market Making & Liquidity Programs (Exchange-Operated) (FSADAAAI)

Keywords

• Decentralized exchange
• Concentrated liquidity
• DeFi protocol
• Automated market maker
• Token swapping

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Trading/Swap Fees: Protocol generates revenue through fees collected on all swap transactions executed through the DEX. Liquidity providers earn a share of trading fees proportional to their liquidity contributions in each pool.
2. Liquidity Mining Rewards: Protocol distributes CETUS tokens as incentives for liquidity providers who contribute to designated pools, with emission rates designed to bootstrap liquidity and sustain protocol activity.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Cetus is a decentralized exchange (DEX) and concentrated liquidity protocol built on the Sui and Aptos blockchains, offering permissionless token swapping, concentrated liquidity provision (CLMM), automated liquidity management via vaults, intent-based trading (DCA and limit orders), and a token launchpad. The protocol operates as open-source smart contracts accessible via web app, terminal, and developer SDK/API without custody of user assets.

Product overview

Cetus is a decentralized exchange (DEX) and liquidity protocol built on the Sui and Aptos blockchain platforms using the Move ecosystem. The platform operates as a unified ecosystem combining multiple core products: the Super Aggregator for liquidity aggregation across Sui ecosystem sources; Infinity Pools (CLMM-based DEX) for concentrated liquidity provision with permissionless pool creation; Cetus Vault for automated liquidity optimization; Intent Trading for DCA and limit orders; and Asset Launch for new token launches. The protocol also offers the Cetus Terminal for professional trading, and xCETUS for staking CETUS tokens to earn sustainable rewards. A dual-token system (CETUS and xCETUS) supports the economic model. The platform has achieved significant scale with $90B in trade volume, 17M accounts, and 183M all-time trades.

Differentiator

Problem solved

Functional benefit

Products and services

• Super Aggregator Swap aggregation feature that consolidates liquidity from all key sources within the Sui ecosystem to provide optimal routing and best execution across multiple liquidity pools. Built for DeFi traders seeking minimal slippage.
• Infinity Pools CLMM-based (Concentrated Liquidity Market Maker) permissionless DEX pools with multiple fee tiers, enabling liquidity providers to concentrate capital within specific price ranges for improved capital efficiency.
• Cetus Vault Automated liquidity management system that optimizes position management and makes sophisticated DeFi strategies accessible to all user types through automated liquidity provision strategies.
• Intent Trading Intent-based trading system that lets users place orders with flexibility and control, supporting Dollar-Cost Averaging (DCA) and limit order functionality for automated and strategic position building.
• Asset Launch Token launchpad and onboarding platform for new projects in the Sui ecosystem, providing growth strategies and market introduction infrastructure for newly issued tokens.
• Cetus Terminal Professional-grade trading terminal interface for advanced traders to execute swaps and manage liquidity positions on the Cetus Protocol with more sophisticated tools and analytics.
• xCETUS Staking/locking mechanism for CETUS tokens that provides sustainable rewards to active users through protocol earnings, forming the second leg of the dual-token economy.
• CETUS Token Native governance and utility token of the Cetus Protocol, used for trading fee discounts, liquidity mining incentives, and governance participation within the dual-token economic model.

Quantifiable outcome

• $90B cumulative trading volume
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature6 records

Partnerships

One partnership is on record.

• Sui FoundationcoreStrategic or Co-development Partner · 29 February 2024Strategic investment from Sui Foundation to facilitate Cetus's development of liquidity and swap infrastructure for the Sui ecosystem. The collaboration provides resources, technical support, and ecosystem integration assistance, marking a significant milestone in Cetus's growth within the Sui Network.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• PancakeSwap: PancakeSwap is a multichain AMM/DEX with CLMM pools, yield farms, and a launchpad operating on BNB Chain, Ethereum, and others. Comparable to Cetus in product surface (swap, farms, IFOs, concentrated liquidity) and retail-trader focus, though with broader chain coverage and larger established user base.
• Orca: Orca is a Solana-native DEX featuring concentrated liquidity (Whirlpools CLMM) and a user-friendly interface. Directly comparable to Cetus in product structure (CLMM pools, aggregator, beginner-friendly UX) and target market (retail DeFi users), differing primarily in underlying chain.
• SushiSwap: SushiSwap is a multichain DEX offering swap, liquidity provision, and yield products. Comparable to Cetus in core DEX functionality, multichain strategy, and DeFi-native user base, though Sushi operates across many EVM chains rather than focusing on Move-ecosystem L1s.
• Raydium: Raydium is the leading DEX on Solana with CLMM pools and a launchpad. Closely comparable to Cetus as a chain-dominant DEX with CLMM architecture, token launch functionality (AcceleRaytor vs. Asset Launch), and ecosystem backing, though on Solana rather than Sui.
• Maverick Protocol: Maverick Protocol is a DeFi DEX built around a novel concentrated liquidity AMM with dynamic liquidity distribution. Comparable to Cetus's Infinity Pools CLMM as a competing next-generation AMM targeting capital efficiency for LPs, deployed across multiple EVM chains.
• Trader Joe: Trader Joe is a leading DEX on Avalanche offering swaps, liquidity pools, and a launchpad (Joepegs/Launch). Comparable to Cetus as a chain-dominant DEX with combined AMM, CLMM (Liquidity Book), and token-launch products aimed at retail traders.
• Thala Labs: Thala is a leading DEX and DeFi protocol on Aptos with CLMM-style pools and CDP/lending products. Most direct comparable to Cetus as a fellow Move-ecosystem DEX (Cetus also operates on Aptos), sharing the same target Move-developer community and competing for similar LP capital.

Broad incumbents

• Uniswap: Uniswap is the largest DEX by cumulative volume and TVL, deploying concentrated liquidity (CLMM) across Ethereum, Arbitrum, Base, and other chains. Direct comparable to Cetus in mechanism (AMM/CLMM), target users (DeFi traders and LPs), and revenue model (swap fees), but at vastly larger scale and broader chain coverage.
• Curve Finance: Curve is a major DEX specializing in stablecoin and like-asset swaps with low-slippage concentrated liquidity. Comparable to Cetus in CLMM technology and LP fee model, though Curve focuses primarily on stablecoin pools and operates across many EVM chains at significantly larger scale.

Emerging players

• Hyperliquid: Hyperliquid is a high-performance on-chain perpetuals and spot DEX with its own L1. Comparable to Cetus as a leading DEX by trading volume with on-chain order books, though Hyperliquid focuses on derivatives and has rapidly overtaken traditional DEXs in volume metrics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/CetusProtocol
• GitHubgithub.com/CetusProtocol

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds3 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cetus