The TON Foundation has announced a collaboration with the Curve Finance community to develop a stablecoin on The Open Network (TON) blockchain. The essence of this project is to facilitate constant coin exchange, which will help increase TON’s monetary turnover.
TON Foundation collaborates with @CurveFinance to incubate a new stable swap project on #TON! This collaboration will simplify stablecoin trading, boost liquidity, and enhance the DeFi experience on TON.Apply to build the project here https://t.co/6o4vNNdrIK pic.twitter.com/KuflHkfjrT
— TON (@ton_blockchain) September 17, 2024
A new project within Curve will utilize CFMM technology, creating a fast, low-slippage market that improves margins in DeFi. Ton Network shared this exciting news through its official X account, highlighting the objectives and significance of this collaboration.
Curve’s Market-Making Expertise to Transform Stablecoin Trading
TON Foundation aims to improve the stablecoin ecosystem by enhancing the mechanisms that allow for the conversion of stablecoin. In all transactions executed via the constant-function market maker (CFMM), the price dependency is made to have minimal slippage.
This partnership optimizes TON’s efforts to grow its DeFi ecosystem and make it user-friendly. Furthermore, this partnership will enable the realization of Ton and other grand chains, bringing more assets into the Ton.
TON Foundation and Curve Finance will collaborate to identify an independent development team for the stable swap project after consulting different stakeholders to promote transparency and community participation. Michael Egorov, the founder of Curve Finance, is expected to advise the project and the team on designing and developing a stable product.
Meeting the Growing Demand for TON-Based Stablecoins
The proposal to begin this new project comes with a growing demand for stablecoins on the TON blockchain. Four months into its debut, the $USDT peg on ton has recorded a circulation net of $729.9 million, making it the most successful $USDT launch in history.
A stable swap project will be essential in addressing this increasing need, facilitating stablecoins that are more developed on a ton while improving trading conditions, lowering price impact, and broadening the acceptance of ton within the DeFi sector.
This collaboration signifies a critical step forward for TON. It will ensure that the platform continues to meet the rising demands of its growing community while offering an efficient trading environment.
