TON and Curve Finance teams will develop a platform for trading stablecoins

Curve founder Michael Egorov will act as a development consultant

17.09.2024 - 14:45

3 min

What’s new? TON Foundation, a non-profit organization created to support the TON blockchain ecosystem, has started collaborating with the team of Curve Finance, a decentralized crypto exchange (DEX) on the Ethereum network. Together, the parties will develop a platform for exchanging stablecoins. The official TON community blog emphasizes that the collaboration will open up new opportunities for trading stablecoins on TON, providing a more accessible and efficient trading experience.

Announcement

What else is known? The new project will utilize Curve’s constant-function market maker (CFMM) technology to provide a seamless trading experience. The integration of this advanced mechanism will simplify exchanges, improve user experience, and minimize price impact during trading.

Curve Finance founder Michael Egorov will act as a consultant to the new project on protocol mechanics and development strategy. Together, the parties will assemble an independent development team. The native tokens of the new project will be distributed among qualified users, including veCRV holders.

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In June, Tether added TON support for its USDT stablecoin, which is the largest in the crypto market, behind only bitcoin and Ethereum in terms of capitalization at $119,8 billion.

Four months later, USDT volume on TON reached $729,9 million, making the launch the most successful in USDT’s history, according to TON officials.

“It’s clear demand for stablecoins on TON is surging. With more assets being developed on TON daily, the Curve Finance collaboration will meet this growing demand by delivering a better stablecoin trading experience while minimizing price impact, boosting liquidity, and contributing to the continued adoption of TON blockchain,” the developers concluded.