Due to regulatory issues with the SEC, the founders gave the project to the community making it open source, therefore closely aligning with the principles of decentralization and making it an ideal space for Defi and other crypto activities.

How popular are Ton and Telegram? And what does that mean for the future?

The size of the opportunity here is huge, because Telegram has almost a billion users.

According to the Tonscan.org, The TON blockchain has recorded over 1.7 billion transactions, with an average of 65-87 user transactions happening every second, showing just how popular it is already.

And so TON uniquely positioned to introduce these people to crypto to web3, and facilitate the mainstream adoption of blockchain technology.

TON really took off this year due to gaming apps such as Notcoin and Hamster Kombat, and was named the 6th biggest chain for gaming, according to Dappradar.

However, TON is now perfectly situated to embrace DeFi, and the benefits Dexes and other Defi projects bring, such as increased liquidity, and ease of swapping assets. (Consider how the Solana ecosystem surged after the release of Jupiter DEX for example)

Ton also has a lot of users from Russia, the CIS (Commonwealth of Independent States) and South Asian countries, as well as Brazil and Nigeria. This tells us that TON can bring DeFi benefits to users around the world, many of whom may be suffering from high inflation and limited access to traditional financial products.

Ton’s Massive DeFi Opportunity

DeFi participation has increased immensely over the last 2 years, with the total market cap up from $34 billion at the start of 2023, to a staggering $89 billion as of today.

However, in 2024, DeFi faces new problems such as fragmented liquidity, across the ever-growing number of blockchains. It can also be difficult to use, especially when people want to swap assets that live on different chains.

Another issue for DeFi is speed. For many traders, every second counts when they are buying or selling a token, or doing advanced activities such as using leverage.

TON has the potential to reach Telegram’s 950 million users, and is very fast, and scalable, in part due to the way it implements sharding technology.

Institutional investors see the untapped potential here, as key crypto investors have poured $10 million into expanding the capabilities of TON. These investors are OKX Ventures, The Open Platform (TOP – a TON blockchain venture builder), and Folius Ventures (an Asia-Pacific Web3 fund).

However, DeFi on TON is in its infancy, with just two Dexes – Stonfi and Dedust – and three liquid staking protocols.

What’s Next For DeFi on TON?

As we await the results of the investment from OKX, TOP, and Folius Ventures, there is one project that is quietly planning a revolution for TON-based DeFi – and it’s called Elluminex.

Elluminex seeks to solve the problems of transacting and participating with TON and its mini apps, by becoming an all-in-one solution and DeFi hub.

The hub will include a cross-chain bridge and DEX, to make swapping native assets across chains safer and more intuitive, and to bring a large amount of liquidity on chain, which means that people can easily cash in and out of assets without affecting the price.

Thanks to TON’s architecture, and Elluminex’s design, gas fees will be low, and speeds will be fast.

Elluminex will also offer advanced features not yet seen on TON, including farming, an AI portfolio tracker, and pre-market access to upcoming tokens.

Furthermore, they will offer the Elluminex Academy, to guide people through new concepts.

These advancements are aimed at making TON easier and more user-friendly, thereby increasing the amount of people who are willing and able to participate in DeFi on Telegram and TON.

For more information about Elluminex visit the links below:

Website: https://elluminex.com/ Twitter/X: https://x.com/elluminex Telegram: https://t.me/Elluminex

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article