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    TON Blockchain and Foundation ramp up DeFi efforts with Curve Finance partnership and innovation contest

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    TON blockchain and TON Foundation are intensifying focus on decentralized finance (DeFi) in 2022. They have partnered with Curve Finance to start by holding a contest for DeFi teams to develop stable asset swaps. This marks the first stage of TON’s DeFi basics. The second stage will introduce cross-network bridges to other platforms. Torch Finance and Crouton Finance emerged as the contest winners, each receiving $150,000 from TON. Their assets will be added into the CrossCurve system, and seven investment firms are considering investing $2.3 million in them.

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    The Open Network (TON) blockchain and developer TON Foundation have both announced that the upcoming year will see a significant focus on decentralized finance (DeFi). They have kick-started this move by collaborating with decentralized exchange Curve Finance. They’ve also held a contest for DeFi teams to develop stable asset swaps using the special tech from Curve Finance.

    This is what TON is calling the first stage of DeFi basics. The goals in this stage include setting up lending solutions, depositing liquid assets, and establishing Constant Product Market Maker methods. The next stage will involve launchpads, options and derivatives, and cross-network bridges to other platforms – like Bitcoin and EVM. This will enable the addition of new assets, including major stablecoins.

    TON and Curve Finance partnered back in September. One monumental aspect of this partnership is a competition to develop Curve’s Constant Functional Market Maker tech that minimizes price fluctuation and slippage. The ability to make swaps on TON using this tech is a great opportunity, as you normally need a license to use this technology.

    Seventy teams joined the competition, with only ten being chosen. Out of the selected ten, five managed to complete their CFMM protocols and moved on to the final round. The ultimate winners were Torch Finance and Crouton Finance. These winners will get $150,000 each from TON for audits, initial liquidity in new stablecoin pools, and inducements to use these pools.

    Torch Finance and Crouton Finance’s liquid assets will be integrated into the CrossCurve system. This system is backed by Curve founder Michael Egorov and generates a unified liquidity market.

    On top of this, seven investment companies are giving a tentative commitment to invest $2.3 million in Torch Finance and Crouton Finance. Down the line, TON and Curve Finance are planning to offer $500,000 worth of inducements to allow stablecoin exchanges between the TON ecosystem and EVM networks.

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