Due to the rise of Telegram mini-games, TON is considered one of the best-performing public chains in the first half of this year. However, it also revealed a major issue: the development of on-chain DeFi has not kept pace with the growth of token prices and users. Its TVL peaked at $776 million in July, but the overall market decline in August, coupled with founder Pavel Durov's legal troubles, resulted in TON's chain TVL dropping to only one-third of its peak before the deadline. However, before the end of 2024, TON also announced a partnership with Solana's largest DEX, Jupiter.
Jupiter will create a cross-chain aggregator for TON, increasing liquidity.
The TON Foundation announced a partnership with Jupiter, stating that both parties will work together to build a liquidity aggregator on TonVM to enhance liquidity on TON and create a cross-chain exchange integration platform, thereby shaping the future of DeFi.
Jupiter is a leading decentralized trading platform for spot and Perps on Solana, supported by the largest active decentralized autonomous organization (DAO) in the cryptocurrency space. Notably, Jupiter places a strong emphasis on governance token staking and voting, where active governance users can receive token airdrops. Recently, in a massive airdrop that released 7% of the tokens at once, additional rewards were provided for users who staked JUP tokens and participated in governance, which is why Jupiter's DAO is so powerful.
The TON Foundation stated that its collaboration with Jupiter represents TON's commitment to developing a scalable DeFi ecosystem, leveraging Jupiter's expertise and network to unlock trading opportunities between chains. Users can utilize Jupiter to find the best cross-chain exchange rates and ample liquidity, while TON can provide the necessary tools for developers and traders in the DeFi space.
Jupiter joins hands with the TON Foundation to incubate an aggregator on TVM.
Both parties are also launching a DeFi competition, which is now open for registration and will take place on February 15. The winners will receive consulting from Jupiter and resource support from the TON Foundation.
Jupiter's founder, Meow, expressed: "TON is one of the most exciting and underdeveloped blockchains in the field. Once the ecosystem's liquidity is unlocked, there will be tremendous growth potential. This is a great move by the TON Foundation, and we are excited to support and meet the best talents here."
Vlad Degen, the DeFi lead at the TON Foundation, stated: "We are excited to collaborate with Jupiter to continue expanding the TON DeFi ecosystem. Earlier this year, our collaborations with other DeFi partners facilitated our partnership with Jupiter. We believe this collaboration will bring tremendous value to TON and help establish a thriving cross-chain future."
This article on the largest DEX on Solana, Jupiter, partnering with the TON Foundation to enhance cross-chain liquidity and incubate the TVM aggregator first appeared in Chain News ABMedia.
