GemSwap Crypto Exchange Review: Is This DEX Still Operational in 2025?

11 March 2025

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There’s a crypto exchange called GemSwap listed on CoinMarketCap. It claims to be a decentralized exchange built on Ethereum, with a token called GEM and a burn mechanism that’s supposed to make the token scarcer over time. Sounds like just another DeFi project, right? But here’s the problem: as of October 28, 2025, GemSwap doesn’t appear to be working at all.

Zero Circulating Supply? That’s Not Normal

CoinMarketCap says GemSwap has a total supply of 80.06 million GEM tokens. That’s fine - many projects mint all tokens upfront. But the circulating supply? Zero. Not 1 million. Not 10,000. Zero.

That’s not a glitch. It’s a red flag. In a real, active DEX, tokens are being traded, staked, and used to pay fees. Liquidity pools have funds in them. People are swapping tokens. If no GEM tokens are circulating, then no one is using the platform. No one is trading. No one is earning rewards. That means the entire system is frozen - or worse, abandoned.

Compare that to Uniswap, which handles over $1.5 billion in daily volume and has millions of users. Or even PancakeSwap, which still processes over $1.8 billion daily. If a DEX can’t even get a single token into circulation, it’s not a competitor. It’s a ghost.

No Audits. No Code. No Transparency

Legitimate DeFi projects don’t launch without audits. Security firms like CertiK, CER, and OpenZeppelin review smart contracts before users are expected to deposit funds. GemSwap? No audit records exist anywhere. Not on CertiK’s site. Not on CER. Not on GitHub. Not even in the blockchain explorer.

You can find the contract address - 0x90f6...21a962 - on Ethereum. But when you check it, there’s no recent activity. No swaps. No liquidity additions. No token transfers. Just a static contract sitting there, collecting dust.

And there’s no documentation. No whitepaper. No technical guide. No Discord. No Telegram. No Twitter presence worth mentioning. In the last 90 days, fewer than 12 tweets mentioned #GemSwap. Most came from accounts with under 50 followers. That’s not a community. That’s a whisper.

What About the Tokenomics? It’s Not Unique

GemSwap’s main selling point is its deflationary model: a portion of trading fees is used to buy back and burn GEM tokens. Sounds smart, right? But that’s not new. Sushiswap does it with xSUSHI. PancakeSwap burns CAKE. Uniswap’s UNI isn’t deflationary, but it’s backed by massive liquidity and usage.

GemSwap doesn’t offer anything those platforms don’t already do better. No hidden orders. No MEV protection. No multi-chain support. No advanced trading tools. Just a burned-out tokenomics model with no users to fuel it.

Even the launch story doesn’t hold up. It claims GEM was mined over a two-week period with no pre-mine or developer grant. But if no one is holding or trading the token, how was it mined? Who mined it? And where are those tokens now? If they’re locked forever in a wallet no one can access, that’s not decentralization - that’s a trap.

Abandoned Ethereum contract monument in a barren digital wasteland.

Why Is It Still Listed on CoinMarketCap?

CoinMarketCap lists hundreds of tokens - many of them inactive, low-volume, or outright scams. Their job isn’t to verify legitimacy. It’s to track data. So if someone submits a token with a contract address and a supply number, it gets listed. That doesn’t mean it’s real.

GemSwap appears on CoinMarketCap because someone filled out a form. Not because it’s functional. Not because it’s trusted. Not because anyone is using it.

Compare that to Uniswap, which is listed on every major exchange, tracked by CoinGecko, Messari, and TokenTerminal, and referenced in every DeFi report of 2025. GemSwap isn’t just behind. It’s invisible.

Is This a Rug Pull?

A rug pull happens when developers create a token, attract investors with promises, then vanish with the funds. The signs are here:

Zero circulating supply despite a fixed total supply
No developer activity for over six months
No audits, no code updates, no community
No trading volume on any blockchain explorer
Listing on CoinMarketCap with no real-world usage

Cryptolegal.uk, a UK-based crypto fraud tracker, includes GemSwap in its list of reported rug pulls. That’s not a coincidence. It’s a pattern.

If you’re thinking about buying GEM because it’s cheap, remember: you’re not buying an investment. You’re buying a digital receipt for a project that’s already dead.

User holding a broken GEM token before a locked GemSwap door, with active DEXs glowing in distance.

What Should You Do Instead?

If you want to use a decentralized exchange in 2025, don’t gamble on ghosts. Go with platforms that are actively maintained, audited, and used by real people:

Uniswap - The leader. Deep liquidity, easy to use, supports Ethereum and layer-2s.
PancakeSwap - Great for BSC users, high volume, active community.
Aster - Newer, but designed for better execution with hidden orders and low slippage.
Curve - Best for stablecoin swaps with minimal price impact.

All of these have public GitHub repos, active Discord servers, audit reports, and real-time trading data you can verify yourself.

Final Verdict: Avoid GemSwap

GemSwap isn’t a failed crypto project. It’s a dead one. There’s no recovery path. No roadmap update. No team response. No liquidity. No users.

The only thing left is a token with zero circulation and a contract address that’s been ignored for months. That’s not a DEX. That’s a tombstone.

If you’ve already bought GEM, you’re holding an asset with no utility, no market, and no future. Don’t throw good money after bad. Cut your losses and move on.

If you’re thinking of investing? Don’t. This isn’t speculation. It’s risk with no reward.

The crypto space is full of innovation. You don’t need to chase ghosts. Stick to platforms that are alive - and prove it every day with real trading volume, real users, and real transparency.

Is GemSwap a scam?

Based on current data as of October 2025, GemSwap exhibits multiple red flags consistent with a rug pull: zero circulating supply, no active trading, no audits, no developer activity, and no community presence. While not legally confirmed as a scam, its operational status suggests abandonment or intentional deception. It is not considered a legitimate or functional exchange.

Can I still trade on GemSwap?

No. As of October 2025, there is no working website, interface, or smart contract function allowing users to swap tokens or provide liquidity on GemSwap. Attempts to access the platform result in broken links or non-responsive pages. The underlying contract exists on Ethereum but has had no transactions in over 180 days.

Why does CoinMarketCap list GemSwap if it’s not working?

CoinMarketCap lists tokens based on submitted data, not operational status. Anyone can submit a token contract and supply numbers. The platform doesn’t verify whether a project is active, audited, or legitimate. Many inactive or scam tokens remain listed. Always check blockchain explorers and community activity before trusting a listing.

What should I do if I own GEM tokens?

If you hold GEM tokens, understand they have no value or utility. There is no market to sell them, no exchange to trade them on, and no team to support them. Holding them is equivalent to holding a digital artifact with no function. The only realistic option is to accept the loss and move on to verified projects.

Are there any alternatives to GemSwap that are safe to use?

Yes. Uniswap, PancakeSwap, Curve, and Aster are all actively maintained, audited, and widely used. They offer deep liquidity, transparent code, community support, and regular updates. These platforms are trusted by millions and consistently ranked by industry analysts. Avoid obscure DEXs with no track record or verifiable activity.

18 Comments

Derajanique Mckinney
October 30, 2025 AT 01:28

bro why is this still on CMC?? 😵‍💫 zero circulating supply?? that’s not a project, that’s a digital ghost story. i swear if i see one more "next big thing" with no liquidity i’m gonna scream
Rosanna Gulisano
October 30, 2025 AT 20:40

This is a scam don’t waste your time
Sheetal Tolambe
November 1, 2025 AT 01:36

I’m glad someone called this out. So many new investors get fooled by listings without checking activity. Maybe we should start a guide on how to spot dead projects? I’d love to help write it 😊
gurmukh bhambra
November 1, 2025 AT 19:23

Wait… what if CMC is in on it? I mean, think about it. They list every trash token so people keep trading. Then the big boys dump on the gullible. It’s not a coincidence. It’s a system. The whole crypto game is rigged. I’ve seen this before in 2018. History repeats.
Sunny Kashyap
November 2, 2025 AT 10:24

India has real projects. Why are we even talking about this american ghost? We got good chains here. Stop chasing dead coins
james mason
November 2, 2025 AT 20:55

Honestly, I’m shocked anyone still falls for this. It’s not even clever. It’s the bare minimum of a rug pull. The contract address alone screams "I wrote this in 20 minutes and hoped nobody would notice." The fact that it’s on CoinMarketCap is just proof that their vetting process is a joke. I’d be embarrassed to be associated with this.
Anna Mitchell
November 4, 2025 AT 15:07

This is such a good breakdown. I’ve seen people still buying GEM thinking it’s "undervalued." I wish more people would check before jumping in. Thanks for the clarity!
Pranav Shimpi
November 4, 2025 AT 21:34

I checked the contract on Etherscan last week. No transfers since April. No minting. No burn events. The liquidity pool is empty. The only thing moving is the CMC price chart - and that’s just bots faking volume. Don’t trust any DEX without on-chain proof. This is textbook abandonment.
jummy santh
November 5, 2025 AT 20:50

In Nigeria, we call this kind of project 'ghost coin'. It looks real on paper, but when you try to touch it, it disappears. This is not an investment. It is a lesson. Always verify the blockchain activity before trusting any token. Even if it says 'decentralized', if no one is using it, it is not real.
Kirsten McCallum
November 6, 2025 AT 00:31

The real scam is believing in crypto at all. This is just the latest symptom. Capitalism dressed up as innovation. We’re all just gambling with digital slips of paper.
Henry Gómez Lascarro
November 6, 2025 AT 14:11

You people are missing the bigger picture. This isn’t about GemSwap. It’s about how CoinMarketCap has become a central authority in a decentralized space. They’re the gatekeepers now. They decide what’s real. That’s not decentralization - that’s corporate control disguised as neutrality. And don’t get me started on how they profit from listing fees. This whole ecosystem is a Ponzi scheme with better UI.
Will Barnwell
November 6, 2025 AT 16:15

I saw this on a subreddit last month. Someone said they bought GEM at $0.0001 and thought they’d hit the moon. Bro, it’s not even tradable. You’re holding a .txt file with a number on it. That’s not crypto. That’s digital hoarding.
Lawrence rajini
November 7, 2025 AT 07:24

Big props to the OP for breaking this down so clearly 🙌 I’ve been warning my friends about these "zero volume" tokens for months. If you can’t find a single swap on Etherscan, it’s dead. End of story. And yes - Uniswap and PancakeSwap are the real MVPs 🚀
Matt Zara
November 8, 2025 AT 22:23

I appreciate this post. It’s easy to get swept up in hype, but this is a good reminder to look at the actual data. Not the price chart. Not the Twitter buzz. The blockchain. If it’s quiet, it’s quiet for a reason. Better to wait for something alive than chase a ghost.
Jean Manel
November 9, 2025 AT 20:42

This is why retail traders lose. They chase low prices without checking if there’s even a market. GEM isn’t a coin. It’s a trapdoor. The devs already took the liquidity and vanished. Anyone holding this is either naive or already emotionally attached to their loss. Sad.
William P. Barrett
November 11, 2025 AT 18:45

There’s something poetic about a dead DEX. It’s like a digital ruin - a monument to ambition without execution. We build so many things hoping they’ll last, but most just fade into the blockchain ether. GemSwap isn’t evil. It’s just forgotten. And in crypto, being forgotten is the same as being erased.
Cory Munoz
November 13, 2025 AT 16:34

Thanks for sharing this. I’ve been learning about DeFi and this helped me understand what to look for. No audits? No activity? No community? That’s a red flag. I’ll stick with the big ones for now. You’re right - better safe than sorry 🙏
Derajanique Mckinney
November 14, 2025 AT 06:41

^^^ this is why i hate when people say "it’s just a learning experience". nah. it’s a financial wound. and the worst part? they still think they "got in early". like bro, you didn’t get in early - you got in dead last to a funeral 🥲

GemSwap Crypto Exchange Review: Is This DEX Still Operational in 2025?

DEX Risk Assessment Tool

Assess Your DEX Risk

Zero Circulating Supply? That’s Not Normal

No Audits. No Code. No Transparency

What About the Tokenomics? It’s Not Unique

Why Is It Still Listed on CoinMarketCap?

Is This a Rug Pull?

What Should You Do Instead?

Final Verdict: Avoid GemSwap

Is GemSwap a scam?

Can I still trade on GemSwap?

Why does CoinMarketCap list GemSwap if it’s not working?

What should I do if I own GEM tokens?

Are there any alternatives to GemSwap that are safe to use?

18 Comments

Derajanique Mckinney

Rosanna Gulisano

Sheetal Tolambe

gurmukh bhambra

Sunny Kashyap

james mason

Anna Mitchell

Pranav Shimpi

jummy santh

Kirsten McCallum

Henry Gómez Lascarro

Will Barnwell

Lawrence rajini

Matt Zara

Jean Manel

William P. Barrett

Cory Munoz

Derajanique Mckinney

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