The TON Foundation has announced a partnership with Curve Finance to incubate a new stablecoin swap project based on the TON platform. The partnership aims to improve the user experience and increase the efficiency of stablecoin trading on the TON blockchain.
“The project will leverage Curve’s continuous creation market (CFMM) technology to simplify stablecoin swaps, enhance user experience, and minimize price impact,” the TON community Telegram announcement said on Tuesday.
A TON developer revealed that the platform will soon support more stablecoins and assets from other blockchain networks.
“In the near future, you will see more stablecoins and assets from other chains, such as Bitcoin, on TON. We need a native CFMM to interact freely, which is imperative for our growth. Partnering with one of the industry’s leading market makers to incubate this new project was a natural choice,” Vlad Degen, DeFi lead at the TON Foundation, shared on the network’s blog.
The TON community announcement also noted that demand for stablecoins on TON is growing rapidly. USDt on TON has reached nearly $730 million in net circulation in just four months since its launch. “This new initiative will meet that demand, increase liquidity, and drive adoption of the TON Web3 ecosystem,” the TON community statement said.
Independent team will lead the project
Both organizations said they will select an independent team to lead the project through a transparent process with participation from the TON community. Michael Egorov, founder of Curve Finance, will advise the selected team.
The Open Network (TON) is a blockchain platform created with the goal of integrating cryptocurrency and blockchain functionality into the Telegram messaging app ecosystem. Designed to be highly scalable, the TON blockchain claims to be able to process millions of transactions per second thanks to its unique multi-blockchain architecture that uses sharding, dividing the blockchain into smaller, more manageable segments to improve efficiency.
The project was originally developed by the team behind Telegram, led by brothers Nikolai and Pavel Durov. Pavel Durov is currently on bail awaiting trial in France on charges of “complicity in the distribution of child pornography and other crimes such as drug trafficking on the messaging app.”
Curve Finance, based in Switzerland, was founded in 2020 and is a decentralized exchange (DEX) designed to trade stablecoins and equivalent tokens efficiently, automatically, and with low slippage, but it has also been embroiled in a series of high-profile hacking scandals.
Source: https://tapchibitcoin.io/ton-foundation-hop-tac-voi-curve-finance-de-uom-tao-du-an-hoan-doi-stablecoin.html
