What is NullTerminal?

NullTerminal is a DEX aggregator on Monad. It compares prices across 9 decentralized exchanges, splits your order across venues when that improves the rate, and executes everything in one transaction.

Which DEXs does NullTerminal aggregate?

Uniswap V3 and V4, PancakeSwap V3, Capricorn, LFJ (Trader Joe), Atlantis, Balancer, the Kuru orderbook, and nad.fun bonding curves — 9 venues on Monad mainnet.

How much does NullTerminal cost?

The protocol fee is 5 basis points (0.05%) taken from the swap output. Quotes and the public API are free, and referrers earn 50% of the fee.

Is NullTerminal non-custodial?

Yes. The API returns an unsigned transaction that you sign in your own wallet. NullTerminal never holds funds or touches private keys.

Does NullTerminal have an API?

Yes — a free REST API: GET /v1/quote returns the best route across all 9 DEXs and POST /v1/swap builds the transaction. No API key is needed for 60 requests per minute.

How fast are NullTerminal quotes?

Single-hop quotes return in roughly 200–400 ms and composed multi-hop routes in about 650 ms. Monad's 400 ms blocks make execution near-instant.

Magma Staking — Monad Research

Magma Staking — Monad ResearchgMON — a smaller, straightforward ERC-4626 liquid-staking vault on Monad, read directly on-chain the same way shMonad is.Key takeaways

gMON is a standard ERC-4626 vault, read directly on-chain the same way as shMON — no third-party API dependency for the exchange rate itself.

APY is computed identically to shMonad's: annualized real rate growth over the widest available window up to 7 days, capped at a 0-500% sanity range, null if there isn't enough growth or history yet.

Being smaller than shMonad by TVL generally means thinner secondary-market liquidity for gMON — a bigger potential gap between its true on-chain redemption value and what a DEX sale would actually realize during a fast move.

What it isMagma Staking issues gMON, a liquid-staking token for MON. Like shMonad, it's a standard ERC-4626 vault: deposit MON, receive gMON, and the vault's exchange rate rises as staking rewards accrue, with gMON itself remaining usable across DeFi while the underlying stake keeps earning.How it's measuredBecause it's ERC-4626, gMON's backing and exchange rate are both directly readable on-chain — NullTerminal pulls `totalSupply()`, `totalAssets()` and `convertToAssets(1e18)` via a batched Multicall on the same cadence as shMonad and aPriori (with the same graceful fallback to a plain `totalAssets / totalSupply` division if the preferred call ever fails), and snapshots the rate hourly into the same historical store used to derive an honest APY. That APY is computed the same way across all three ERC-4626 LSTs: annualize real rate growth over the widest available window up to 7 days, falling back to 1 day if there isn't enough history, and return no figure at all rather than an invented one if the rate hasn't actually grown.RisksSame core risk profile as any Monad LST: validator-level issues (slashing, downtime) would ultimately show up as the rate flattening or dropping, not just a market-price move. Magma is meaningfully smaller by TVL than shMonad, which generally means thinner secondary-market liquidity for gMON — a bigger gap between its true redemption value and what you'd actually get selling on a DEX during a fast move.FAQHow does gMON's exchange rate get verified?The same way shMON's does — NullTerminal reads convertToAssets() directly from gMON's ERC-4626 vault contract via Multicall on a regular cadence, with an automatic fallback calculation if that specific call ever fails, so the figure isn't dependent on a third-party API.Is gMON riskier than shMON because it's smaller?The underlying staking risk (validator slashing or downtime) is the same across any Monad LST. What differs with size is secondary-market depth: a smaller LST like gMON typically has thinner DEX liquidity, meaning a larger potential gap between its true on-chain redemption value and what you'd realize selling into the market during a fast move.Sources: GET /v1/defi/staking — NullTerminalLast reviewed 2026-07-08. More Monad research.Monad DeFi board · Markets · Swap on NullTerminal