The State of TON Ecosystem | TKX Weekly
by @uuwagyuu
sponsor TKX CAPITAL
A recent partnership between the TON ecosystem and USDT might just be what’s needed to propel cryptocurrencies into the mainstream. This collaboration taps into Telegram’s extensive user base, introducing a stable and recognized digital currency into a platform that’s already globally utilized. This could greatly simplify the transition to Web3 technologies and possibly redefine digital transactions.
Introduction
In late April, the collaboration between Tether and TON brought USDT to the TON blockchain, rapidly expanding its supply by over $60 million. This partnership utilizes Telegram’s massive user base to potentially streamline entry into the crypto world for its 900 million monthly users. Unlike other blockchains that focus mainly on DeFi, TON aims to enhance user experiences in social and gaming sectors, making it uniquely positioned to drive broader blockchain adoption.
TON’s Ecosystem
TON’s ecosystem has rapidly expanded to encompass a diverse range of applications. Leveraging the integration with Telegram, it offers a variety of decentralized applications (DApps), tools, and services that cater to a broad spectrum of financial and social needs.
- Decentralized Exchanges (DEXs)
- STON.fi: As a decentralized automated market maker (AMM) on the TON blockchain, STON.fi offers a user-friendly trading environment with virtually zero fees, low slippage, and direct integration with TON wallets. With a TVL of approximately $102.81 million, STON.fi supports a variety of crypto assets and plays a pivotal role in enhancing liquidity and market activities within the TON ecosystem.
- DeDus: DeDust stands out as the leading AMM protocol within the TON ecosystem with a TVL of over $1.7 million. It facilitates cross-chain transactions across ETH, BNB Chain, and TON. Its largest trading pool, SCALE/TON, holds $5.9 million.
2. Liquid Staking
- Tonstakers: The highest liquid staking protocol on the TON blockchain with a TVL of $191.2 million, provides secure, transparent staking with instant liquidity through its innovative use of tsTON tokens.
3. Stables
- Aqua Protocol: Aqua Protocol is a decentralized stablecoin platform using over-collateralized debt positions (CDPs) for enhanced security and community involvement. It supports liquidity staking from Bemo, Tonstakers, Hipo, and Ton Whales as collateral, ideal for TON holders not looking to sell.
4. Lending
- EVAA Protocol: EVAA Protocol is a lending protocol integrated within Telegram, developed on the TON Starter Launchpad and a finalist in the Hack-a-TONxDoraHacks competition. It is recognized as the top lending protocol on TON, offering a quick and simple way to lend and borrow directly within the Telegram Mini App.
5. Wallets and Payment Solutions
- Tonkeeper: A versatile mobile wallet designed for the TON ecosystem, Tonkeeper supports direct transactions, staking, and even NFT functionalities, making it a central tool for daily operations within the network.
- Wallet: The official native Telegram-embedded wallet allows users to purchase cryptocurrencies using bank cards and currently supports payments in USD, EUR, and RUB. Its self-custodial wallet, TON Space, supports transactions in Bitcoin, TON, and stablecoins.
6. Infrastructure and Cross-chain Solutions
- Layerswap: Focusing on cross-chain transfers, Layerswap enhances TON’s interoperability by enabling seamless asset transfers between TON and other leading blockchains, thus broadening the scope and accessibility of TON’s network.
USDT Integration
The integration of USDT with the TON blockchain, facilitated by the partnership with Telegram, marks a significant step in bridging stablecoin usage. Originally, USDT served primarily as a payment method within Telegram. Now, by integrating directly into the TON ecosystem, it brings several substantial benefits:
- Reduced Transaction Costs and Increased Speed: Integrating USDT into TON lowers transaction fees to about one-third of those on other networks, leveraging TON’s high processing capabilities to increase transaction speeds.
- Enhanced Liquidity: USDT’s integration brings considerable liquidity to TON, essential for supporting a range of financial activities. This is due to USDT’s vast circulation in the crypto market.
- Broader User Adoption: With USDT integrated, TON can utilize Telegram’s massive user base to potentially increase blockchain and decentralized application adoption among its users.
- Diverse Financial Activities: The integration allows TON to support over 1000 trading pairs, broadening the financial activities users can engage in and enhancing the ecosystem’s richness.
The collaboration among Telegram, TON, and USDT creates a powerful combination that enhances the utility of TON’s blockchain and makes it a more attractive platform for users, driving wider adoption of blockchain technology.
Summary
With USDT now part of the TON ecosystem and backed by Telegram’s extensive user network, this collaboration is poised to bring blockchain closer to mainstream use. Merging TON’s technical strengths with Telegram’s user base and USDT’s stability offers a robust platform that could redefine user interaction with digital currencies worldwide. As TON evolves and expands its services, it is uniquely positioned to influence the broader adoption of blockchain technologies.
