The TON Foundation and Curve Finance have announced a new collaboration to incubate a stable swap project on the TON blockchain. The goal of this collaboration is to make stablecoin trading more efficient and user-friendly on the TON network. Curve Finance founder Michael Egorov will advise the development team on protocol mechanics and growth strategies, while an independent team will spearhead the project through a transparent process that includes community involvement. As part of the initiative, qualified users, including veCRV holders, will receive an airdrop of the project’s native tokens.
Stablecoin adoption on the TON blockchain is on the rise, with Tether’s USDT reaching over $700 million in net circulation within just four months of its launch. The TON Foundation aims to capitalize on this growing demand by developing a platform to further boost stablecoin adoption on the network. Despite this progress, TON faces challenges in DeFi, with limited lending options on the blockchain hindering its ability to compete with more established ecosystems like Ethereum and Solana. To become a significant player globally, TON must address these DeFi shortcomings and expand beyond its current strongholds in the CIS region.
A Bitget report highlighted TON’s weak DeFi activities and suggested that the blockchain may gradually move towards “de-Telegramization” to mitigate potential regulatory risks associated with the messaging platform. While TON will continue to benefit from Telegram’s user base, addressing DeFi challenges and expanding beyond its current limitations will be key to establishing itself as a significant player in the global blockchain ecosystem. The collaboration between the TON Foundation and Curve Finance represents a step towards achieving this goal, as they work together to enhance stablecoin trading on the TON blockchain and improve user experience for the community.
