Maker

Degen

DegenSwap

Constant

DeFi

The TON Foundation has announced its collaboration with decentralised exchange Curve Finance will lead to decentralized finance (DeFi) on The Open Network (<a href="https://yellow.com/asset/ton">TON</a>) <a href="https://cointelegraph.com/news/ton-curve-finance-defi-2024">blockchain</a> in 2025. 
Both the teams came together to jointly hold a competition which saw DeFi teams develop stable asset swaps. This was done using the proprietary technology of Curve Finance. 
With this collaboration, TON is inching towards completing the first stage of DeFi primitives that the network announced earlier in a blog. At that time, TON DeFi lead Vlad Degen had underlined that the Open Network was concentrating on Constant Product Market Maker protocols, liquidity staking and lending solutions. 
The next stage of projects includes options and derivatives along with launchpads. The Open Network has further informed that tier 2 of the project will stress on building “bridges between TON and other networks, such as BTC and EVM, which will allow the addition of new assets, including major stablecoins”. 
The collaboration with DeFi exchange Curve Finance was finalized in September this year and a competition was held to improve Curve’s Constant Functional Market Maker (CFMM). With this technology, the network aims to lower slippage and reduce price volatility in the crypto market. 
Projects that use the CFMM will get the opportunity to swap on the TON token as they need a license to use the technology. The competition to develop the CFMM had 70 applications but only 10 were finally accepted. Of these 10, only 5 made it to the final round as they completed their CFMM protocols. Ultimately, Crouton Finance and Torch Finance emerged as the winners with each receiving $150,000 from TON for audits. The winners also received an initial liquidity in new stablecoin pools. Furthermore, they have been given incentives to use it. 
The liquidity from Crouton Finance and Torch Finance will be combined with the Curve-backed yield protocol and CrossCurve cross-chain trading. The network seeks to create a unified liquidity market by this method as it will gather existing Curve pools. 
Moreover, Crouton Finance and Torch Finance have also caught the attention of VCs as seven venture capital companies are investing $2.3 million in them. 
Next in line in the developments is the launch of $500,000 incentives for cross-pool chains by Curve Finance and TON. This will equip the TON ecosystem to do the stablecoin exchanges with EVM networks.

TON DeFi To Bridge Gap With EVM With Curve Finance Collaboration

Yellow News

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