The world of decentralized finance (DeFi) continues to captivate and revolutionize the financial industry. Amid a sea of blockchain networks vying for dominance, one ecosystem that deserves attention is The Open Network (Ton). However, for many outsiders, the Ton DeFi landscape remains shrouded in ambiguity and uncertainty. This blog post aims to bring clarity to the subject by providing a comprehensive introduction to The Open Network ecosystem and highlighting the current state of DeFi within Ton.
By the end of this article, you’ll have a better understanding of the key components, projects, and potential of the Ton DeFi landscape. So, let’s dive in and explore what The Open Network has to offer in the world of decentralized finance.
DEX – a tripartite struggle for supremacy
Decentralized exchanges (DEX) have emerged as a pivotal component within the thriving ecosystem of decentralized finance (DeFi). In the case of The Open Network (Ton), three prominent DEX platforms have found themselves engaged in a compelling tripartite struggle for supremacy. MegaTon, Ston.Fi and DeDust showcase their unique strengths and offerings, all vying for the top spot in the Ton DeFi ecosystem. As we delve into the world of Ton’s DEX platforms, let’s explore the intricacies of this tripartite struggle and discover what each contender brings to the table in their quest for DEX dominance on The Open Network.
Megaton Finance is a DEX built by Ozys. Ozys is an all-round blockchain company with strengths in developing the largest DeFi (Decentralized Finance) protocol in the Republic of Korea. Currently, Megaton Finance has around 8M TVL on Ton and has launched its token called $MEGA.
STON.fi is a decentralized automated market maker (AMM) that leverages the power of the TON blockchain. What makes it even more convenient is its seamless integration with TON wallets, allowing for effortless transactions. As of the time of writing this post, STON.fi boasts a total value locked (TVL) of 2 million, showcasing its growing popularity within the Ton DeFi ecosystem.
Additionally, in July 2023, STON.fi introduced its native token, $STON, further increasing the opportunities for users to participate in and benefit from the STON.fi ecosystem.
DeDust, a DEX operating on the Ton blockchain, takes inspiration from the iconic map found in the popular CS (Counter-Strike) game. This unique choice of name adds a touch of familiarity and nostalgia for gaming enthusiasts in the crypto world. With a total value locked (TVL) of 1.8 million, DeDust has quickly gained traction within the Ton DeFi ecosystem. Furthermore, DeDust has launched its native token $SCALE.
Lending Protocol – not yet start
While there may not be any lending protocols currently available on the Ton blockchain, the development of such protocols is actively underway. One notable project in this regard is Evaa protocol, which is currently in the testing phase.
Additionally, TonLend is another promising project that is currently being built. As the ecosystem continues to expand and mature, we anticipate the emergence of lending protocols that will offer users the ability to lend and borrow assets, fostering liquidity and enabling diverse financial opportunities within the Ton DeFi landscape.
In conclusion, the Ton DeFi landscape within The Open Network presents an exciting and evolving ecosystem for decentralized finance enthusiasts. While the landscape may have appeared unclear to outsiders, this article provided an in-depth introduction to the key components, projects, and potential that Ton has to offer.
We explored the tripartite struggle for DEX dominance on the Ton blockchain, with MegaTon, Ston.fi, and DeDust showcasing their unique strengths and contributions. Each platform brings its own offerings and aims to capture the attention and participation of users within the Ton DeFi ecosystem.
Furthermore, we acknowledge the absence of lending protocols on the Ton blockchain at present, but highlight promising projects like Evaa protocol and TonLend that are actively working towards filling this gap. These upcoming lending protocols hold the potential to provide users with opportunities to lend, borrow, and foster liquidity within the Ton DeFi landscape.
As The Open Network continues to attract attention and stimulate growth, it is crucial to stay informed and explore the various offerings within the Ton DeFi ecosystem. By doing so, participants can seize emerging opportunities and contribute to the ever-evolving world of decentralized finance on the Ton blockchain.
TonUP is a platform on The Open Network (TON) that identifies high-potential cryptocurrencies and provides support for their growth. With carefully curated projects and a failsafe refund policy, TonUP values and protects its community, fostering growth, engagement, and safety.
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