IceCreamSwap (Core) Crypto Exchange Review: Small DEX with Big Risks

IceCreamSwap (Core) isn’t another big name like Uniswap or PancakeSwap. It doesn’t have millions in daily volume or hundreds of trading pairs. It’s tiny. And that’s not just a footnote-it’s the whole story.

What Exactly Is IceCreamSwap (Core)?

IceCreamSwap (Core) is a decentralized exchange built specifically for the Core Chain blockchain, launched in 2023. Unlike general-purpose DEXs that support dozens of blockchains, IceCreamSwap focuses on one thing: trading tokens native to Core Chain. That includes WCORE, the chain’s native token, and a handful of others like USDT, WETH, and a few obscure tokens tied to the ecosystem.

Right now, there are only six supported cryptocurrencies and around nine to ten trading pairs. Compare that to Uniswap, which supports over 10,000 tokens, and you’ll see this isn’t trying to be everything. It’s trying to be the go-to spot for Core Chain users.

Trading Volume? Barely There

As of January 2026, IceCreamSwap’s 24-hour trading volume sits at just $290.24. That’s not a typo. That’s less than what you’d spend on a decent dinner in Perth. And it’s down 21.44% from the day before.

The only pair that even slightly moves the needle is USDT/WCORE, which accounts for $204.97 of that total. That means nearly 70% of all trading on this exchange is just people swapping USDT for Core’s native token. Everything else? Almost nothing.

This isn’t a sign of growth. It’s a sign of stagnation. When a DEX can’t even hit $1,000 in daily volume, it’s not attracting serious traders. It’s attracting people who are either curious, stuck in the Core ecosystem, or just testing the waters.

Liquidity Is a Big Problem

Liquidity is the lifeblood of any exchange. Without it, your trades get slippage, prices jump unexpectedly, and you can’t move large amounts without wrecking the market.

IceCreamSwap’s combined order book depth ranks in the 7th percentile among all DEXs. That means 93% of decentralized exchanges have more liquidity than this one. The average bid-ask spread is 0.767%-not terrible for a small DEX, but it’s not zero either. That spread eats into your profits, especially if you’re doing frequent trades.

If you’re trying to swap more than $50 worth of tokens at once, you’re likely going to see your price move against you. That’s not just inconvenient-it’s costly.

How Does It Work?

The platform claims to use a "sophisticated system" that scans the entire Core Chain blockchain to find the best possible swap routes. In theory, that sounds smart. It’s like having a GPS that checks every road before picking the fastest one.

In practice? It doesn’t matter if your GPS is perfect when there are only three roads to choose from-and two of them are closed.

There’s no margin trading. No leverage. No limit orders. No advanced charting. It’s a pure spot trading platform. If you want to buy or sell a token right now, you can. If you want to plan a trade, wait for a better price, or hedge your position? You can’t. That’s not a feature-it’s a limitation.

Is There a Token? Yes. But It’s Struggling Too

IceCreamSwap has its own token: ICE. It’s used for governance, staking, or rewards-depending on what the website says on a given day. But here’s the thing: the ICE token is down 2.34% in the last 24 hours and 6.36% over the past week.

That’s not just market-wide noise. When a platform’s native token is falling while trading volume is collapsing, it usually means people are losing confidence. They’re not buying in. They’re getting out.

And there’s no clear reason why you’d want to hold ICE. No big airdrops. No major partnerships. No utility beyond maybe earning small fees. It feels like a token created to look like a project, not one built to solve a real problem.

No Reviews. No Users. No Trust

Here’s the quietest red flag: FxVerify rates IceCreamSwap (Core) at 0 out of 5 stars-with zero reviews. Zero. Not one person has left feedback.

That doesn’t mean it’s a scam. It means no one’s using it enough to care. Or worse-they tried it, ran into problems, and left without saying anything. Either way, there’s no social proof. No testimonials. No warning signs. Just silence.

Compare that to PancakeSwap, which has thousands of reviews detailing everything from gas fees to withdrawal delays. IceCreamSwap doesn’t even have enough users to generate a single review.

Who Is This For?

If you’re deeply invested in Core Chain and need to swap WCORE for something else, IceCreamSwap might be your only option. It’s the only DEX native to the chain from day one.

But if you’re looking for reliability, liquidity, or a platform where your trades won’t get crushed by slippage? Look elsewhere. Even small DEXs on Ethereum or BSC have more volume and better tools.

This isn’t a platform for traders. It’s a platform for early adopters who believe in Core Chain’s future. And that’s a risky bet.

The Bigger Picture: Core Chain’s Future

IceCreamSwap’s fate is tied to Core Chain’s. If Core Chain becomes the next big thing-adopted by developers, dApps, and users-then IceCreamSwap could grow. But right now, Core Chain is barely on the radar. It doesn’t have the TVL, the user base, or the developer activity to compete with Solana, Ethereum, or even Polygon.

Without a surge in adoption, IceCreamSwap will stay stuck in this low-volume trap. No liquidity. No users. No growth.

Final Verdict: Don’t Risk It

IceCreamSwap (Core) is not a bad project. It’s just too small to matter.

It’s not a scam. It’s not hacked. But it’s not working either. The numbers don’t lie: $290 in daily volume, 0 reviews, 6 tokens, and a token (ICE) that’s falling in value.

If you’re just experimenting with Core Chain and have a few dollars to lose, fine. Swap a little WCORE. See how it feels.

But if you’re thinking of putting in real money, waiting for a big move, or planning to trade regularly? Walk away. There’s no upside here-only risk.