Originally published on: November 04, 2024
In a groundbreaking move set to revolutionize the world of decentralized finance (DeFi), the developer TON Foundation announced that 2025 will be the year of DeFi on The Open Network (TON) blockchain. Teaming up with the decentralized exchange Curve Finance, they launched a competition inviting DeFi teams to create stable asset swaps using Curve Finance’s cutting-edge technology.
According to TON, they are on the verge of completing the first tier of DeFi primitives, including lending solutions and liquidity staking, along with Constant Product Market Maker protocols. They are also exploring second-tier projects such as launchpads, options, and derivatives.
The collaboration with Curve Finance, solidified in September, led to an intensive competition to develop Curve’s Constant Functional Market Maker (CFMM) technology. This revolutionary technology aims to reduce price volatility and minimize slippage, offering a game-changing solution for the DeFi sector.
Out of the 70 participating teams, Torch Finance and Crouton Finance emerged as the winners, earning $150,000 each from TON for audits and initial liquidity in new stablecoin pools. This partnership also attracted interest from seven venture capital firms, who have committed to investing $2.3 million in Torch Finance and Crouton Finance.
Moving forward, TON and Curve Finance will introduce $500,000 in incentives for cross-pool chains, facilitating stablecoin exchanges between the TON ecosystem and EVM networks. This collaborative effort is poised to open up new avenues in the crypto market and drive the DeFi evolution to unprecedented heights.
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