The TON
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Foundation has announced a partnership with Curve Finance to incubate a new TON-based stablecoin swap project.
The collaboration aims to improve user experience and make stablecoin trading on the TON blockchain more efficient. "Leveraging Curve’s constant-function market maker (CFMM) technology, the project aims to simplify stablecoin swaps, enhance user experience, and minimize price impact," a TON Community Telegram post said on Tuesday.
One TON developer said the platform will soon support more stablecoins and assets from other blockchain networks.
"You will soon see more stablecoins and assets from other chains, such as bitcoin, on TON, and we need a native CFMM for a comfortable interaction, this is mandatory for our growth and we are working with one of the industry’s leading market makers to incubate this new project was a natural choice," TON Foundation DeFi lead Vlad Degen said in a post on the network's blog.
The TON Community statement indicated that there is a rapidly growing demand for stablecoins on TON. It also said that USDt on TON had reached almost $730 million in net circulation four months after the stablecoin was launched on the network. "This new initiative will meet that demand, boost liquidity, and propel the adoption of TON’s Web3 ecosystem," the statement from TON Community said.
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Independent team to spearhead project
Both organizations said they will select an independent team to spearhead the project through a transparent process with TON community involvement. Michael Egorov, founder of Curve Finance, will advise the selected team.
The Open Network (TON) is a blockchain platform was created with the aim of integrating cryptocurrency and blockchain functionality into the popular messaging app Telegram ecosystem. Designed to be highly scalable, the TON blockchain claims to be able to process millions of transactions per second due to its unique multi-blockchain architecture that employs a sharding mechanism, splitting the blockchain into smaller, more manageable segments to improve efficiency. It was initially developed by the team behind Telegram, headed by Nikolai and Pavel Durov brothers, the latter currently out on bail and awaiting trial in France for "complicity in the spread of sexual images of children and other crimes such as drug trafficking on the messaging app."
Curve Finance, is based in Switzerland, was established in 2020 and is a decentralized exchange (DEX) designed for efficient, fully automated, and low-slippage trading of stablecoins and equal tokens.
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