TON Application Chain and Polygon Team Up to Launch New TON L2 Read CoinChapter.com on Google News
NAIROBI (CoinChapter.com)—On July 9, the TON Application Chain (TAC) and Polygon Labs announced the integration of Ethereum Virtual Machine (EVM) functionality into the TON ecosystem.
The new TON L2, leveraging Polygon CDK and the Agglayer interoperability protocol, will support EVM-compatible decentralized applications (DApps), allowing Ethereum developers to port their applications to the TAC layer-2 network.
This integration aims to enhance DeFi, gaming, and decentralized identity solutions for Telegram’s vast user base.
Polygon’s CDK and AggLayer to Enhance TAC’s L2 Network
TAC’s new layer-2 network, powered by Polygon’s Chain Development Kit (CDK) and the AggLayer interoperability protocol, will enhance the range of applications available on the TON network, facilitating seamless interoperability and reducing blockchain fragmentation.
According to a press release, TAC aims to integrate EVM-based decentralized applications within the TON ecosystem, providing Ethereum developers access to Telegram’s extensive user base. This initiative seeks to increase DeFi, gaming, and identity solutions within the TON network.
Surge in TON Network Activity and Future Prospects
A July 6 post on X by Messari noted that the number of daily active addresses on the TON network surpassed Ethereum during June. Moreover, TON Application Chain’s founding team includes Curve founder Michael Egerov.
The team behind The Open Protocol (TOP) also provides crypto wallet functionality within the Telegram app.
TON average DAA
Additionally, Altukhov disclosed that TON Application Chain is seeking to raise an additional $5 million in an external funding round. The statement describes TAC as a layer-2 network on TON, designed to bring EVM-based DApps to TON and Telegram users.
Toncoin’s Total Value Locked (TVL) has risen in the last month, bucking the trend. On July 3, the network’s TVL event surged to an all-time high of $723 million. At $702 million as of this writing, Toncoin’s DeFi TVL has skyrocketed by over 60% in the past 30 days.
Toncoin TVL. Source: DefiLlama
Only five of the 17 DeFi protocols hosted on Toncoin saw a decline in TVL during this period. Notably, the largest protocol by TVL, DeDust, experienced a TVL spike of over 100% in the last month.
Furthermore, daily trading volume on Toncoin’s decentralized exchanges (DEXes) reached an all-time high of $97 million on July 5, reflecting increased DeFi activity.
Despite these successes, the TON ecosystem has faced challenges, particularly a rise in phishing attacks. For instance, on June 24, SlowMist founder Yu Xian warned about phishing risks linked to Telegram message groups, airdrops, and other deceptive methods.
Telegram has an estimated 196 million daily active users and 800 million monthly active users, according to BankMyCell.
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