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TON collaborates with Curve Finance to improve stablecoin trade using CFMM technology.
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The project will improve user experience, reduce price slippage and boost liquidity.
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Curve Finance’s founder Michael Egorov is scheduled to advise, and token airdrops are planned for eligible users.
The TON Foundation and Curve Finance have teamed up to support a new TON stable swap project. This collaboration will improve stablecoin trading, making the platform more efficient and user friendly.
Curve’s technology for improved stablecoin swaps
The upcoming project will leverage Curve’s constant-function (CFMM) market maker technology to simplify stablecoin exchanges and reduce price slippages during trades. It will also improve user experience and smoother transactions on the stablecoin markets.
Curve’s CFMM has revolutionized the DeFi market. Its implementation on TON will elevate the stablecoin trade environment on the blockchain.
Read about Curve Finance’s Founder’s proposal: 21 million CRV grant for Swiss Stake
The TON Foundation will work with Curve Finance to carefully select an independent team that will lead the development of the project. The foundation has emphasized transparency and encouraged community participation in the project. Michael Egorov will serve as an advisor and share his insights on protocol mechanics, growth strategies, and more.
Stablecoins: Meeting the Demand on TON
Vlad Degen, DeFi lead at the TON Foundation, highlighted the significant demand for stablecoins, especially since the recent launch USDT on TON. TON USDT, with a net circulation amounting to $729.9 millions, has seen rapid adoption and is now the fastest-growing USDT release.
Read Also: Toncoin Surges above Cardano –CHIC Ready to Energize the Market
Degen emphasized the need for a native CFMM in order to facilitate stablecoin interaction and support the growing number of assets built on TON. This could include support for tokens such as Bitcoin.
The selected development team will implement Curve’s stable swap formula, and receive assistance in developing the project. Airdrops of native tokens, including veCRV holders, will be made available to all eligible users.
This partnership aims at meeting the growing demand for stablecoins based on TON. It also aims to improve liquidity, reduce the price impact and contribute to a broader adoption of TON blockchain. TON was trading at $ 5.51 as of press time, a 0.20% increase intraday.
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