TON Network Partners With GMX To Drive Innovation In DeFi, TON Climbs 14%

On December 21st, the Open Network Foundation (TON Foundation) announced a significant deal with GMX, a leading decentralised perpetual exchange and spot trading platform.

The collaboration aims to enhance the TON blockchain’s trading infrastructure, with a focus on high-frequency trading (HFT) and transaction fee optimisation.

GMX’s Experience Onto TON Blockchain’s DeFi

As part of this agreement, the TON Foundation intends to leverage GMX’s expertise in efficient, low-slippage trading and competitive price structures. The goal is to bolster the TON blockchain’s trading capabilities, making it an even more attractive platform for decentralized finance activities. 

GMX’s DEX already plays a pivotal role in the DeFi ecosystem on Arbitrum and Avalanche, facilitating billions of dollars in weekly trading volume and gaining the trust of thousands of traders. 

With this partnership, TON aims to bring this expertise to its blockchain, further enhancing the efficiency and performance of the TON ecosystem’s trading infrastructure.

Developer Competition to Innovate Perpetual DEX Design

One of the exciting outcomes of the partnership is the launch of a developer competition. Developers are encouraged to create novel decentralised perpetual exchanges (DEXs) with two main objectives as part of the challenge. And that is to enable high-frequency trading that maximizes efficiency and performance, and to optimize trading fees, ensuring a seamless user experience at lower costs. 

All ongoing and planned projects in the TON ecosystem are eligible for this program, which gives them the opportunity to improve their ideas with GMX’s support and the TON Foundation’s backing.

Also Read: Pantera Capital Invests $20M In Toncoin Amid Renewed Optimism In TON Blockchain, Price Climbs 3%

Participants in the competition will have two months to submit their proposals, with the opportunity to showcase their technical expertise and creativity. TON Foundation and GMX believe that this initiative will drive impactful solutions that could transform the TON blockchain’s DeFi capabilities.

Rising Performance of TON and $5 Million Funding Milestone

While the TON Foundation continues to innovate in DeFi, the native token of the TON blockchain, TON, has also seen a notable rise in performance. TON was trading at $5.55, up by 14% at the time of reporting.

Its position holds strong with $14.15 billion worldwide market capitalisation. Nevertheless, the 24-hour trading volume has dropped by 38% in spite of the price spike, suggesting the asset’s longer-term stability.

TON’s success has also been marked by its recent achievement of securing $5 million in a strategic funding round. The round attracted participation from prominent investors such as dao5, Offchain Labs, Kenetic Capital, and DWF Ventures. This funding will play a crucial role in supporting the growth of the TON ecosystem, further establishing the platform as a key player in the DeFi space.

Additionally, TON Foundation has launched a 5 million Toncoin incentive program, valued at approximately $23.7 million at current market prices. The program aims to increase liquidity and promote the adoption of Tether’s stablecoin, USDt-TON, on the TON blockchain. This initiative further strengthens the foundation’s commitment to driving TON’s growth and ensuring the widespread adoption of its ecosystem.

A Bright Future for TON Blockchain?

With this new partnership with GMX and the launch of the developer competition, the TON blockchain is poised for even more rapid growth. By leveraging GMX’s proven expertise in decentralized trading and focusing on transaction fee optimization, TON is taking significant steps to become a dominant force in the DeFi space. 

The TON Foundation’s recent funding success and incentive programs are also enhancing the blockchain’s prospects for continued innovation and expansion.

Also Read: Telegram backed $TON Unveils Ambitious Stablecoin Vision, Aims $10B in Market Cap