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How the exchange of Toncoin and jettons works on allows wTON <> jetton and jetton <> jetton exchange operations, where "wTON" stands for "wrapped Toncoin." This approach allows users to freely exchange Toncoin for jettons, as well as exchange jettons for other jettons.

Think of wTON as a container where you put your Toncoin before an exchange to make such an exchange possible.

Toncoin can easily be wrapped and unwrapped right in the DEX user interface.
Exchange examples
Toncoin <> jetton
Let’s say you want to buy FNZ tokens for 50 Toncoin. To do so, you first need to "put your Toncoin in a wTON container" (wrap them), which can be done right in the exchange interface. First, you wrap 50 Toncoin in 50 wTON, then you exchange the 50 wTON for FNZ.

Jetton <> jetton
Let’s say you have 100 REDSTON jettons, and you want to exchange them for FNZ jettons. If a REDSTON/FNZ trading pair has been added to the DEX, you can simply exchange them directly. If not, you’ll have to first exchange 100 REDSTON for wTON, then the wTON for FNZ.

All the jettons listed on the DEX have a trading pair with wTON, which makes it possible to trade any jetton for any other jetton, though sometimes wTON must be used as an intermediary.
Disclaimer: The following information is for the geeks and those who want to dive deeper into the technical details. If you just need to exchange your Toncoin and/or jettons for other jettons, the information above is all you need.