If you open the list of pools on STONfi, you immediately see that liquidity is distributed unevenly. A couple of large pools collect the main volume, while dozens of others make do with little. This is not a bug or a platform feature, but a general DeFi principle that works everywhere.

The first reason is trust. Popular pairs like STON/USDT have existed for a long time, millions of swaps have passed through them, their mechanics are clear. A user enters and sees familiar tokens, predictable behavior, deep liquidity. A new or unknown pool cannot offer this, so its starting capital is modest.

The second reason is efficiency. In a large pool even a significant swap does not move the rate much. Slippage is minimal, commissions are collected stably. In a small pool the same amount can shift the price by percentage points, which means additional losses. Liquidity providers understand this and take tokens where the volume is.

The third reason is inertia. Liquidity attracts liquidity. The deeper the pool, the more traders pass through it. The more traders, the more commissions. The more commissions, the more attractive the pool is for new providers. The circle closes in favor of the top ones.

STONfi does not fight this concentration but uses it. Incentive programs through GEMSTON direct part of the flows into new pools, temporarily raising their APR. But as soon as the program ends, liquidity returns to where it feels more confident to proven pairs.

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