TON-Based Stable Swap Project Launched to Promote Stablecoins on Network

Key Points:

• The TON Foundation and Curve Finance have teamed up to develop a TON-based stable swap project.
• Curve Finance’s founder, Michael Egorov, will advise the development team, which will integrate Curve’s stable swap formula.
• Eligible users will receive airdrops of the project’s native tokens.

The TON Foundation is collaborating with Curve Finance to introduce a TON-based stable swap project on the blockchain.

Read more: Curve Finance Integrated With Base To Offer New Liquidity Pools

TON Foundation Partners with Curve Finance for TON-Based Stable Swap Project

The TON-based stable swap project wants to enhance user experience and efficiency in stablecoin trading. It will utilize Curve’s CFMM, a type of automated market maker-to ease the swapping process, reducing its impact on prices, the platform said in a statement on Tuesday.

The project aims to make stablecoin trading easier and its adoption bigger within the growing Web3 ecosystem of TON. It’s going to invite an independent team through a public process to ensure community involvement, with both parties intending to invite such a team.

Michael Egorov, the founder of Curve Finance, is joining as an advisor to help guide the protocol mechanics and strategies for growth. The selected team will implement Curve’s stable swap formula into this project. As part of this collaboration, eligible users would receive an airdrop of the project’s native tokens, which would be an added incentive for participation, especially for those holding veCRV.

USDT on TON Exceeds $668 Million in Net Circulation

The timing of the project is significant, as USDT usage on TON has seen rapid growth. USDT only launched on TON four months ago, which reached a net circulation of more than $668 million, the fastest adoption rate for the asset to date. A TON Foundation said the partnership with Curve is set to make USDT trading even more accessible, further igniting growth in the network.

The TON-based stable swap project will further increase the demand for trading and liquidity of stablecoins and, in turn, contribute to the wider adoption of TON. Development within TON is also going smooth and with positive momentum with the latest report even shows that 26% of the Toncoin investors are currently in profit, up significantly from just 9% two weeks ago.