TON Partners with Curve Finance to Launch Stablecoin Swap Project

TON Foundation partnered with Curve Finance on September 17 to develop a stablecoin swap project on the TON blockchain.

According to a press release by TON Society, the collaboration will utilize Curve’s market-making technology to create a more efficient environment for stablecoin transactions on the TON blockchain.

Simplifying Exchange on TON Blockchain

The new stablecoin swap project will employ Curve Finance’s constant-function market maker (CFMM) technology, facilitating low-slippage trading in the decentralized finance sector.

The integration is expected to simplify stablecoin exchanges on the TON blockchain and reduce price impact during transactions.

🔈 TON Foundation collaborates with @CurveFinance to incubate a new stable swap project on #TON!

This collaboration will simplify stablecoin trading, boost liquidity, and enhance the DeFi experience on TON.

Apply to build the project here ➡️ https://t.co/6o4vNNdrIK pic.twitter.com/KuflHkfjrT

— TON 💎 (@ton_blockchain) September 17, 2024

As part of this collaboration, an independent development team will be selected to build the project, ensuring transparency and community involvement throughout the process.

Curve Finance founder Michael Egorov will serve in an advisory role, guiding the protocol’s mechanics and development strategies.

New Stablecoin Initiative for Growing Demand

The partnership aims to meet the growing demand for stablecoin trading within the TON ecosystem, particularly following the significant uptake of USDT, which has seen a net circulation increase to $729.9 million within four months of its launch.

“In the four months since USDT’s launch, our community has demonstrated a historic level of demand for the token,” said TON Foundation Defi Lead Vlad Degen. “You will soon see more stablecoins and assets from other chains, such as BTC, on TON.”

“We need a native CFMM for a comfortable interaction — this is mandatory for our growth! Working with one of the industry’s leading market makers to incubate this new project was a natural choice,” said Degen.

In addition to stablecoin swaps, the collaboration may involve the airdrop of native tokens to qualified users, including holders of Curve Finance’s governance token, veCRV.

The release elaborated that interested developers are invited to apply to participate in the project, with submissions open until September 24.