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TON Application Chain collaborates with Polygon to introduce groundbreaking new feature…

TON Application Chain Polygon Matic

Editorial from cryptochronicle.xyz: TON Application Chain Collaborates with Polygon for Launch of TON L2

Recently, on July 9th, TON Application Chain (TAC) joined forces with Polygon Labs to introduce Ethereum Virtual Machine (EVM) functionality into the TON ecosystem.

The new TON L2, utilizing Polygon CDK and the Agglayer interoperability protocol, is set to support EVM-compatible decentralized applications (DApps). This will enable Ethereum developers to seamlessly transition their applications to the TAC layer-2 network.

This partnership aims to improve DeFi, gaming, and decentralized identity solutions for Telegram’s extensive user base.

Enhancing TAC’s L2 Network with Polygon’s CDK and AggLayer

Featuring Polygon’s Chain Development Kit (CDK) and the AggLayer interoperability protocol, TAC’s new layer-2 network will expand the range of applications available on the TON network. This integration will promote seamless interoperability and reduce blockchain fragmentation.

According to a press release, TAC is focused on integrating EVM-based decentralized applications within the TON ecosystem to provide Ethereum developers access to Telegram’s broad user base. The goal is to enhance DeFi, gaming, and identity solutions within the TON network.

Notable Surge in TON Network Activity and Future Prospects

A recent post on X by Messari highlighted that the number of daily active addresses on the TON network exceeded Ethereum’s numbers in June. Additionally, TON Application Chain’s founding team includes Michael Egerov, the founder of Curve.

The team behind The Open Protocol (TOP) also offers crypto wallet functionality within the Telegram app.

In addition, Altukhov revealed that TON Application Chain is looking to raise an additional $5 million in an external funding round. The statement outlines TAC as a layer-2 network on TON, dedicated to bringing EVM-based DApps to TON and Telegram users.

Toncoin’s Total Value Locked (TVL) has seen a significant uptick in the past month, surpassing expectations. The network’s TVL event on July 3 reached an all-time high of $723 million. Currently standing at $702 million, Toncoin’s DeFi TVL has surged by over 60% in the past 30 days.

Out of the 17 DeFi protocols hosted on Toncoin, only five experienced a decline in TVL during this period. Notably, the largest protocol by TVL, DeDust, saw a spike of over 100% in the last month.

Moreover, daily trading volume on Toncoin’s decentralized exchanges (DEXes) reached a record high of $97 million on July 5, indicating increased DeFi activity.

Despite these achievements, the TON ecosystem has encountered challenges, particularly a rise in phishing attacks. For instance, on June 24, SlowMist founder Yu Xian cautioned about phishing risks associated with Telegram message groups, airdrops, and other deceptive tactics.

Based on data from BankMyCell, Telegram boasts an estimated 196 million daily active users and 800 million monthly active users.

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