The TON Foundation partnered with Curve Finance on September 17 to develop a stablecoin exchange project on the TON blockchain. According to a TON Society press release, the collaboration will use Curve’s market-making technology to create a more efficient environment for stablecoin transactions on the TON blockchain.
Simplifying exchanges on the TON blockchain
A new stablecoin exchange project will use Curve Finance ‘s Constant Function Market Maker (CFMM) technology , facilitating low-slippage trading in the decentralized finance sector. The integration is expected to simplify stablecoin exchanges on the TON blockchain and reduce price impact during transactions.
The partnership will select an independent team of developers to build the project, ensuring transparency and community involvement throughout the process. Curve Finance founder Michael Egorov will serve in an advisory role, guiding the mechanics of the protocol and development strategies.
New stablecoin initiative to meet growing demand
The partnership aims to meet growing demand for stablecoin trading in the TON ecosystem, particularly after a significant increase in interest in USDT, whose net circulation rose to $729.9 million in the four months since launch.
“In the four months since the launch of USDT, our community has shown historic levels of demand for the token,” said Vlad Degen, leader of TON Foundation Defi. “You will soon see more stablecoins and assets from other chains, such as BTC, on TON.”
“We need a native CFMM for convenient interaction – it’s mandatory for our development! Working with one of the leading market makers in the industry to incubate this new project was a natural choice,” Degen said.
In addition to the stablecoin exchange, the cooperation may include airdrop of native tokens for qualified users, including holders of Curve Finance’s management token, veCRV. The release explained that interested developers are invited to apply to participate in the project, and applications can be submitted until September 24.
