TON Foundation Partners With Curve on Stable Swap Project

The TON Foundation is collaborating with Curve Finance to incubate the launch of a stable-swap project and enhance TON’s DeFi ecosystem.

Through the integration, The Open Network (TON) will be able to leverage Curve’s Constant Function Market Maker (CFMM) to simplify stablecoin swaps, reduce slippage, minimize price impact, and create a more efficient trading experience on the TON blockchain. Michael Egorov, the founder of Curve, will serve as an advisor to the team.

“With USDT on TON reaching $729.9M in net circulation just four months after its launch, demand for stablecoins on TON is rapidly growing. This new initiative will meet that demand, boost liquidity, and propel the adoption of TON’s Web3 ecosystem,” said the Foundation.

The TON token is down 19% over the last 30 days following the arrest of Telegram CEO Pavel Durov. However, it has begun to recover and is up 11% in the last 14 days.

TON Usage Soars

Crypto exchange Bitget has released a new research report on TON, which found that transaction volumes on the chain surged by 1800% in less than six months, making it one of the fastest growing chains of 2024.

Bitget reports TON’s total value locked (TVL) at $350 million, an 1800% increase from half a year prior, accompanied by a 12x spike in daily transactions over the last year.

“TON’s ecosystem is rapidly gaining traction, particularly among tech-savvy enthusiasts eager to explore its innovative approach to decentralized solutions. At Bitget, we've witnessed a significant influx of users participating in TON-related projects, driven by its unique community engagement and seamless integration with exchanges,” said Gracy Chan, CEO of Bitget.

TON continues to leverage Telegram’s 900 million active users through various onboarding mechanisms such as tap-to-earn gaming, DeFi, stablecoin swaps and transfers.

The report concluded that by 2026, “there will likely be a trend towards ‘de-Telegramization’ to mitigate regulatory risks associated with Telegram” and that “the development of the TON ecosystem will attract more traditional users to the cryptocurrency market, making it a key driver in crypto adoption.”