TON blockchain has partnered with Injective (INJ) and Pyth Network (PYTH), expanding Telegram’s Web3 reach and advancing the transformation of open finance.
These collaborations harness the unique capabilities of each network to enhance the DeFi sector.
TON Blockchain Collaborates With Injective and Pyth Network
The integration of TON blockchain with Injective enables the seamless bridging and utilization of INJ tokens across The Open Network. Additionally, users can leverage TON within Injective’s decentralized applications (dApps).
Injective stated, “The integration will facilitate new asset access for both communities and introduce a range of unprecedented utilities. This includes utilizing INJ and TON for functions like trading, asset tokenization, and on-chain lending.”
Injective’s protocol offers a decentralized derivatives exchange where users can trade various financial products, such as synthetic assets, futures, and perpetual swaps. By partnering with TON Blockchain, Injective aims to expand its reach and provide users with a seamless trading experience on a scalable and secure platform.
On the other hand, Pyth Network’s collaboration with TON blockchain will involve the integration of the PYTH oracle service into TON. Pyth is a decentralized oracle network that delivers real-time, high-quality data feeds to decentralized applications (dApps) and smart contracts.
The integration with TON Blockchain will allow developers to access reliable and accurate price data for their DeFi projects, benefiting blockchain-based developers and enhancing the efficiency and reliability of dApps on the platform.
Originally designed for the Solana blockchain, Pyth Network now operates across over 70 blockchains, including Ethereum, Optimism, Arbitrum, Base, and now TON, providing market data for cryptocurrencies, equities, FX, and commodities. This collaboration will help TON attract new Web3 users.
The convergence of TON blockchain’s infrastructure with the strengths of Injective and Pyth Networks, among others, will enable users to experience improved liquidity and enhanced security for their DeFi activities.
TON’s Initiative Towards a Decentralized Interconnected Digital Ecosystem
This collaboration will create new opportunities for developers, traders, and investors seeking to leverage the benefits of DeFi. With seamless interoperability between these networks, users will have access to a wider range of financial products and reliable market data, enhancing their trading experience.
The TON ecosystem continues to demonstrate significant growth potential, contributing to a more decentralized and interconnected digital ecosystem.
As a result, it is not surprising that TON blockchain’s total value locked (TVL) has surged by 4226% in 2024. This growth reflects increasing interest and investment as more assets are deposited into The Open Network.
TON Blockchain TVL, Source: DefiLlama
During its growth trajectory, TON blockchain attracted investments from Pantera Capital, with the venture capital firm injecting an undisclosed amount as TON gains traction within Telegram’s vast user base.
Additionally, USDT issuer Tether announced its collaboration with TON in April, along with Oobit, to facilitate global crypto transactions and provide financial solutions to unbanked populations. This partnership promotes a borderless financial system through decentralized technology, enhancing accessibility and transaction efficiency.