TON Foundation Joins Curve Amid Stablecoin Growth on Chain
The TON blockchain ecosystem has seen rapid growth in recent months. The continued rise in DeFi activity on the network, which exploded over the past year, also fuels the demand for stablecoins.
For that reason, the Ton Foundation partnered with Curve Finance to build a stablecoin swap on TON. This project aims to use Curve’s expertise to make stablecoin trades more efficient.
TON Foundation’s Collaboration with Curve Finance
TON’s ecosystem is experiencing significant development and expansion. On Tuesday, September 17, the TON Foundation announced its partnership with Curve Finance to incubate a new stablecoin swap project on the TON blockchain.
This partnership brings Curve’s Constant-function market maker (CFMM) technology to TON’s expanding blockchain. Most notable for its stablecoin swaps on Ethereum, Curve Finance runs liquidity pools for trading stablecoins with minimal slippage.
Curve will use that experience to develop TON-based liquidity pools. This will allow traders to exchange stablecoins such as USDt with lower fees and improved price stability.
TON Sees Rapid Expansion, Growth in Stablecoin Demand
The collaboration comes when the TON blockchain is seeing rapid growth in its DeFi network. Since December last year, its Total Value Locked (TVL) rocketed from $11 million to an all-time high of $776 million. Currently, its TV is standing at $398 million.
At the same time, the transaction volume on TON rocketed from an average of less than a million to its current value of $43 million. The volume also saw several notable peaks, reaching upwards of $100 million.
This significant ecosystem growth is also fuelling demand for stablecoin. For instance, since the launch of USDt on the TON blockchain four months ago, the stablecoin reached $729.9 in net circulation. The growth in all these metrics demonstrates the expansion of TON’s network.
On the Flipside
Much of TON’s growth came from the Telegram mini-apps that boost network stats. This includes Telegram clicker games like Notcoin, among the biggest contributors to network volume.
Binance Labs recently invested in the studio developing the TON-based game Catizen, further boosting TON’s credibility.
Why This Matters
The partnership between TON Foundation and Curve Finance is a significant step in TON’s bid to become a major player in DeFi. The stable swap project enhances liquidity, a critical need for traders.
Source : DailyCoin - Sep 17, 2024