The TON Foundation has formed a new partnership with Jupiter to incubate a new DEX aggregator on the TON Virtual Machine (TVM).
In practice, the goal is to improve liquidity aggregation on TON thanks to Jupiter, a leading decentralized trading platform in the Spot and Perps sectors.
Not only that, the idea is to then pave the way for cross-chain exchange integrations that will shape the future of decentralized finance (DeFi).
This partnership leverages Jupiter’s expertise and network to make TON a more scalable DeFi ecosystem, thereby unlocking new interchain trading opportunities.
And so, while users will be able to find the best rates and access liquidity through blockchain networks, developers and traders will find new tools in TON to thrive in the DeFi space.
To launch the new partnership, the TON Foundation and Jupiter are launching a DeFi competition to foster innovation within the TON ecosystem.
Another peculiarity of this new partnership signed by TON and Jupiter concerns the DeFi contest that aims to promote innovation through a competition between participants.
In fact, from now until March 15, 2025, it will be possible to submit your aggregation projects (in progress or under development), as new DeFi solutions.
Winners will be announced on March 31, 2025 and will be eligible to enjoy significant prizes, as well as two important endorsements.
First and foremost, Jupiter’s advisory support on go-to-market strategies, path optimization and liquidity management. Secondly, there will also be support in terms of resources and funding from the TON Foundation, aiming to accelerate the growth and adoption of projects within its ecosystem.
In this regard, Vlad Degen, DeFi Lead at the TON Foundation, commented:
“We are excited to collaborate with Jupiter as we continue to expand TON’s DeFi ecosystem. Our previous collaboration with similar partners in this space earlier this year motivated us to pursue a similar partnership with Jupiter. We believe this collaboration will bring immense value to TON and help establish a prosperous cross-chain future.”
TON Price and 2024 Performance
As the TON Foundation looks to new DeFi horizons, Telegram’s cryptocurrency is closing out an extraordinary 2024.
At the time of writing, TON is valued at $5.56, up +132% compared to a year ago. In this fabulous year of all-time highs for the leading cryptocurrency, Bitcoin, TON has also reached new milestones.
In fact, its new ATH – All-Time High or historical maximum is above $8, recorded in June 2024.
In the last month, the TON network has also seen a real boom in USDT stablecoins developed on its blockchain. From less than 100 million USDT on TON issued in April, by December there were more than 1.4 billion, of which 1.2 billion are already in circulation.
Another achievement this month is the completion of the beta phase for TON Space, the Telegram wallet-integrated solution for custody and self-custody.