When PaintSwap first launched in May 2021, it looked like a bold experiment: a decentralized exchange that doubled as an NFT marketplace. At a time when most platforms kept trading and collecting separate, PaintSwap tried to merge them into one seamless flow. You could swap tokens, then instantly browse NFTs bought with those same tokens-all on the Fantom network. It felt ahead of its time. But today, that version of PaintSwap is gone. What’s left isn’t a crypto exchange anymore. It’s a quiet NFT marketplace on a lesser-known blockchain, struggling to stay relevant.
PaintSwap Was Once a DEX. Now, It’s Not.
PaintSwap started as an automated market-making (AMM) decentralized exchange on Fantom Opera. It had six trading pairs, including USDC/WFTM, and let users swap tokens directly from their wallets. Liquidity pools were active. Yield farming offered rewards. The native token, BRUSH, was used for fees, staking, and governance. Back then, it competed with SpookySwap and SpiritSwap on Fantom. But by late 2022, things changed. Trading volume dropped. Liquidity dried up. By October 2023, CoinMarketCap confirmed PaintSwap’s DEX had been decommissioned and fully migrated to SpookySwap.
That’s not a minor update. It’s a full retreat. PaintSwap stopped being a crypto exchange. The platform no longer facilitates token swaps. If you go to its website now and try to trade tokens, you’ll find the DEX interface gone. All that’s left is the NFT marketplace. The BRUSH token still exists-with a circulating supply of 410 million-but its utility is now unclear. It’s no longer used for trading fees. Staking rewards have vanished. The buyback and burn system, once a key part of its tokenomics, is inactive. BRUSH trades at nearly zero value on most exchanges. That’s not volatility-it’s irrelevance.
PaintSwap’s New Home: The Sonic Blockchain
After abandoning Fantom, PaintSwap moved to Sonic, a newer Layer-1 blockchain focused on speed and low fees. Sonic isn’t Ethereum or Solana. It’s small. Its total value locked (TVL) is under $10 million as of late 2023. PaintSwap now calls itself “the leading NFT marketplace on Sonic.” That’s not a claim backed by volume-it’s a positioning move. There’s no real competition on Sonic for NFTs, so being the “leading” one is easy when you’re the only one.
The marketplace itself works like others: connect your wallet (like MetaMask or Phantom), browse collections, buy or list NFTs. It supports NFT creation through factory contracts and has a launchpad for artists to release new collections. The interface is clean. The documentation is detailed. If you’re new to NFTs, you can get started in under 15 minutes. But here’s the catch: almost no one is buying or selling there.
Compare that to OpenSea, which handles billions in monthly volume, or even Blur, which dominates Ethereum NFT trading. PaintSwap’s Alexa ranking is #476,092. That’s lower than thousands of small blogs and hobby sites. OpenSea is #452. Blur is #2,891. PaintSwap’s monthly traffic? Around 11,000 visits. That’s not a marketplace-it’s a ghost town with a fancy sign.
The BRUSH Token: What’s Left?
The BRUSH token was once the heartbeat of PaintSwap. Now, it’s a relic. The token was designed to power everything: trading fees, staking, governance, and rewards. But after the DEX shut down, those functions disappeared. The “Art Gallery,” where users could lock BRUSH to earn rewards, is no longer active. The buyback and burn system, meant to reduce supply and boost value, hasn’t run in over a year.
As of September 2023, BRUSH was listed with a price of €0.00000 on some trackers. That doesn’t mean it’s worthless-it means there’s no market for it. No buyers. No sellers. Zero liquidity. Even if you hold BRUSH, you can’t trade it on major exchanges. You can’t use it to pay for anything on PaintSwap’s current NFT marketplace. The token has no purpose anymore. It’s like holding a key to a door that’s been welded shut.
Who Still Uses PaintSwap?
The user base has collapsed. PaintSwap’s Discord server, which once had over 25,000 members, now has about 8,500. Daily messages dropped from 200 in 2022 to fewer than 20 in 2023. Reddit threads from 2021 praised the seamless swap-and-collect experience. Today’s posts ask: “Is this still alive?” or “Why can’t I find liquidity?”
Most active users now are artists trying to list NFTs on Sonic. A few collectors who believe in the platform’s long-term vision. And a handful of speculators holding BRUSH, hoping for a comeback that seems unlikely. Customer support responds in 4-6 hours on Discord, which is decent-but it’s hard to care about support when there’s nothing to support.
One thing PaintSwap still does well is documentation. Their guides for creators and collectors are thorough. They explain how to mint NFTs, how to use the launchpad, and how to bridge assets from Ethereum or Fantom to Sonic. That’s useful. But usefulness doesn’t fix a dead ecosystem.
Why PaintSwap Failed as a DEX
PaintSwap didn’t fail because of bad code. It failed because it tried to do too much too soon. In 2021, NFTs were exploding. Everyone wanted to build something new. PaintSwap thought combining a DEX and NFT marketplace would give it an edge. But users didn’t want complexity. They wanted speed, liquidity, and reliability.
SpookySwap and SpiritSwap had deeper liquidity pools. They had more users. They didn’t try to be everything. PaintSwap split its focus-and lost both markets. When liquidity vanished, the NFT marketplace had no buyers. When NFT trading slowed, the DEX had no volume. It became a death spiral.
Big platforms like Uniswap and OpenSea didn’t need to copy PaintSwap’s model. They already had the users. PaintSwap didn’t. And once the hype faded, so did its chance.
Is PaintSwap Worth Using Today?
If you’re an artist looking to mint NFTs on Sonic and want a low-fee, beginner-friendly platform-then yes, PaintSwap’s marketplace is usable. The interface works. The tools are there. You can list your art. You can connect your wallet. You won’t get scammed.
But if you’re looking for a crypto exchange? No. It doesn’t exist anymore. If you’re hoping to trade BRUSH? Don’t. There’s no market. If you’re trying to earn yield or stake? Forget it. Those features are gone.
PaintSwap’s future depends on Sonic’s growth. If Sonic becomes a major blockchain, PaintSwap might ride that wave. But right now, Sonic is a tiny player. And PaintSwap is its only NFT marketplace. That’s not a competitive advantage-it’s a sign of isolation.
What to Do If You Own BRUSH
If you still hold BRUSH tokens, here’s the reality: you’re holding an asset with no utility, no liquidity, and no clear path to recovery. There’s no official announcement about burning the token or replacing it. No roadmap update suggests a revival of the DEX. The platform’s focus is entirely on NFTs now.
Your options are limited:
- Hold it, hoping for a future use case that may never come.
- Try to sell it on a small exchange-but you’ll likely get pennies or nothing.
- Use it to pay for NFTs on PaintSwap’s marketplace-if any are listed and you want to buy them.
Most people in the crypto space have already moved on. PaintSwap is a cautionary tale: innovation without liquidity is just noise.
Alternatives to PaintSwap
If you want a real crypto exchange on Fantom, use SpookySwap or SpiritSwap. They’re active, liquid, and trusted.
If you want an NFT marketplace, go where the buyers are:
- OpenSea - Largest marketplace, supports multiple chains.
- Blur - Dominates Ethereum NFT trading with advanced tools for pros.
- Magic Eden - Best for Solana NFTs, high volume, strong community.
- LooksRare - Rewards traders with its token, active user base.
PaintSwap doesn’t compete with these. It exists in a different world-one with almost no traffic, no volume, and no future.
Final Verdict
PaintSwap was an ambitious idea that didn’t survive the test of time. It’s not a crypto exchange anymore. It’s a fading NFT marketplace on a small blockchain, clinging to a token with no purpose. If you’re new to crypto, avoid it. If you’re holding BRUSH, don’t expect anything to happen. If you’re an artist on Sonic and want to list your NFTs, go ahead-but know you’re entering a nearly empty room.
The crypto space moves fast. Platforms that can’t adapt die. PaintSwap adapted-by giving up on its core function. That’s not innovation. That’s surrender.
Is PaintSwap still a crypto exchange?
No. PaintSwap shut down its decentralized exchange (DEX) functionality in late 2022 and migrated all trading to SpookySwap. Today, it operates solely as an NFT marketplace on the Sonic blockchain. You cannot swap tokens or use liquidity pools on PaintSwap anymore.
Can I trade the BRUSH token on major exchanges?
No. The BRUSH token has virtually no liquidity. Most major exchanges don’t list it, and where it is listed, the price is effectively zero. There are no active buyers or sellers. Trading BRUSH is not feasible, and its utility has been eliminated since PaintSwap’s DEX shutdown.
Is PaintSwap’s NFT marketplace safe to use?
Yes, technically. The platform’s interface is secure, and connecting your wallet follows standard protocols. However, the marketplace has almost no buyers or sellers. Listing an NFT there means you’re unlikely to sell it. Use it only if you’re targeting the tiny Sonic blockchain community.
Why did PaintSwap move to the Sonic blockchain?
PaintSwap moved to Sonic after its Fantom-based DEX failed. With no liquidity or users left on Fantom, the team bet on Sonic-a newer, low-fee blockchain with minimal competition. This was a strategic pivot to survive, not to compete. Sonic’s small ecosystem makes it easier to claim “leading marketplace” status, even if activity is minimal.
Are there any benefits to using PaintSwap today?
Only one: if you’re an artist or creator who wants to mint NFTs on the Sonic blockchain and needs a simple, well-documented platform. PaintSwap’s NFT creation tools and tutorials are solid. But for traders, investors, or anyone looking for liquidity or token utility, there are no meaningful benefits.