ton Foundation forged a partnership with Curve Finance on September 17 to pioneer a stablecoin swap initiative on the ton blockchain. The collaboration, as detailed in a press release by ton Society, will leverage Curve's market-making technology to enhance the efficiency of stablecoin transactions on the ton blockchain.
ton-blockchain">Simplifying Exchange on ton Blockchain
The stablecoin swap project will integrate Curve Finance's constant-function market maker (CFMM) technology, enabling seamless trading with minimal slippage in the decentralized finance realm. This integration aims to streamline stablecoin exchanges on the ton blockchain and mitigate price impact during transactions.
As part of the collaboration, an independent development team will be selected to spearhead the project, fostering transparency and community involvement throughout the development process.
Curve Finance founder Michael Egorov will play a key advisory role, offering insights into the protocol's mechanics and development strategies.
New Stablecoin Initiative for Growing Demand
The partnership has set its sights on meeting the escalating demand for stablecoin trading within the ton ecosystem, particularly in light of the burgeoning adoption of USDT. The circulating supply of USDT has surged to $729.9 million within four months of its launch, underscoring the market's robust appetite for stablecoin assets.
Vlad Degen, ton Foundation's DeFi Lead, highlighted the community's enthusiastic reception of USDT and foreshadowed the introduction of additional stablecoins and assets from various chains like BTC on the ton blockchain.
Degen emphasized the necessity of a native CFMM for seamless interaction within the ecosystem, citing it as pivotal for the network's expansion. The decision to collaborate with a prominent market maker aligns with ton Foundation's strategic vision for growth.
Aside from facilitating stablecoin swaps, the partnership may involve airdropping native tokens to eligible users, including holders of Curve Finance's governance token, veCRV.
Interested developers are encouraged to apply for participation in the project, with the submission window open until September 24.
