BunnySwap Crypto Exchange Review: A Niche DEX with Almost No Trading Activity

When you hear "crypto exchange," you probably think of platforms where you can trade dozens, even hundreds, of coins. But BunnySwap doesn’t fit that mold. It’s not a full-service exchange. It’s not even close. BunnySwap is a decentralized exchange (DEX) that only lets you trade one token: FRIEND, against Wrapped Ethereum (WETH). That’s it. No other pairs. No other tokens. Just one trade, every time.

Launched in 2024, BunnySwap was built to serve one specific group: people who own the FRIEND token from the Friend.tech social platform. It doesn’t handle fiat. It doesn’t support other blockchains. It doesn’t offer margin trading, limit orders, or even a mobile app. If you’re not already holding FRIEND or WETH in an Ethereum wallet, you can’t use it. And if you are, you’re probably already trading on bigger exchanges like Uniswap - where FRIEND trades at 5,000 times the volume.

How BunnySwap Actually Works

BunnySwap runs on the Ethereum blockchain using an automated market maker (AMM) model, similar to Uniswap. That means there’s no order book. Instead, trades happen against a liquidity pool. When you swap FRIEND for WETH, you’re interacting with a smart contract that holds both tokens. The price shifts slightly based on how much you trade - which is why slippage can be a problem.

The interface looks like a basic Uniswap clone. You connect your wallet (MetaMask, WalletConnect, etc.), approve the token, pick your pair (only one option: FRIEND/WETH), enter the amount, and hit swap. No settings. No advanced options. No analytics. Just the bare minimum.

There’s no documentation. No help center. No customer support. If something goes wrong - like a failed transaction or a gas fee spike - you’re on your own. There’s no public team, no company registration, and no audit reports from firms like CertiK or Hacken. That’s not unusual for small DEXes, but it’s risky when you’re putting real money into a contract with zero transparency.

The Numbers Don’t Lie

On October 10, 2025, BunnySwap recorded a 24-hour trading volume of just $231.94. That’s less than the cost of a decent dinner in Edinburgh. The same day, Uniswap handled $1.24 billion. PancakeSwap did $487 million. Even KyberSwap, a much smaller DEX, moved $18.3 million. BunnySwap’s volume is so low, it’s barely measurable.

And it’s not stable. That $231.94 was down 92.91% from the previous day. That’s not a glitch. That’s a trend. Trading activity has been collapsing since its launch. This isn’t a platform growing - it’s fading.

Liquidity is thin. The bid-ask spread for FRIEND/WETH is 0.603%, which sounds small, but the depth is shallow. At +2%, the price jumps to $11,652. At -2%, it drops to $11,617. That means if you try to swap more than $100 worth of FRIEND, you’ll get a terrible price. For larger traders, it’s unusable. Even for small traders, slippage eats into profits.

Why Does This Even Exist?

BunnySwap’s only purpose is to give FRIEND token holders a dedicated place to trade. But here’s the catch: FRIEND is already listed on Uniswap, SushiSwap, and even centralized exchanges like Gate.io. On Uniswap alone, FRIEND trades over $1.2 million daily. So why would anyone use BunnySwap?

The answer? Probably no one. There are no user reviews on Reddit, Trustpilot, or Discord. No success stories. No complaints. Just silence. That’s because almost nobody uses it. The platform’s existence feels like a test - maybe a failed experiment by a small group of developers who thought a single-pair DEX could compete with giants.

Some sources mention "features that allow users to earn and win tokens effortlessly," but there’s no proof. No staking. No yield farming. No airdrops. No games. Just swapping. If those features ever existed, they’re gone now.

Who Should Use BunnySwap?

Only one person should consider using BunnySwap: someone who already has FRIEND tokens and absolutely cannot trade them anywhere else. Even then, it’s a last resort.

If you’re new to crypto, skip it. You’ll need to understand Ethereum, gas fees, wallet security, and smart contract risks just to make one trade. And for what? To lose money on slippage?

If you’re a serious trader, skip it. You need liquidity, price stability, and multiple trading options. BunnySwap gives you none of that.

If you’re a Friend.tech user who’s curious about the token - go to Uniswap. You’ll get 100x better prices, 100x more liquidity, and real community support.

The Bigger Picture

BunnySwap sits at the 26th percentile for trading volume and 45th for liquidity depth among all crypto exchanges. That’s not just low - it’s near the bottom. The entire decentralized exchange market moved $14.3 billion in daily volume on that same day. BunnySwap contributed $231.94. That’s 0.0000016% of the market.

Most DEXes thrive because they offer choice. Uniswap has over 1,800 trading pairs. PancakeSwap has over 1,200. BunnySwap has one. That’s not a niche. It’s a dead end.

The crypto world doesn’t need more single-pair exchanges. It needs better infrastructure, clearer rules, and real security. BunnySwap offers none of that. It’s a ghost platform - alive on paper, but empty in practice.

Final Verdict

BunnySwap isn’t a bad exchange because it’s poorly built. It’s bad because it’s pointless. There’s no reason to use it when better alternatives exist. The trading volume is a joke. The liquidity is a trap. The lack of audits, support, or updates makes it a liability, not a tool.

If you’re holding FRIEND, trade it on Uniswap. If you’re looking for a DEX to use, pick one with real volume, real features, and real community backing. BunnySwap? It’s a footnote in crypto history - and you don’t need to be part of it.