The TON (The Open Network) ecosystem is poised for a significant expansion with the recent announcement of a collaboration between the TON Application Chain (TAC) and Polygon Labs. This integration aims to bring Ethereum Virtual Machine (EVM) functionality to TON, opening doors for a wider range of decentralized applications (DApps) to be built on the network.
Previously, the headline mistakenly stated the creation of an Ethereum L2 solution. The focus is on enabling TON to run EVM-compatible DApps.
Unlocking DeFi, GameFi, and More for TON Users
The integration leverages Polygon’s expertise in scaling solutions. By incorporating Polygon CDK and the Agglayer interoperability protocol, TAC will allow developers to port existing EVM-based DApps to the TON network. This paves the way for the introduction of functionalities like Decentralized Finance (DeFi), play-to-earn games (GameFi), and decentralized identity solutions on TON.
Bridging the Gap and Reaching New Users
TAC CEO Pavel Altukhov highlights the significance of EVM compatibility in removing barriers for developers. He anticipates a surge in interest for DeFi and GameFi applications within the TON ecosystem. Currently, TON users lack access to native EVM applications, and bridging processes can be complex and expensive for non-crypto experts.
Capitalizing on Existing Momentum
The integration arrives at a promising time for TON. The network recently witnessed the addition of Tether (USDT), a major stablecoin, and the rise of “Tap-to-Earn” applications fueled by the Notcoin project. Additionally, the “mini-apps” ecosystem within Telegram, which leverages TON for functionalities, has witnessed significant growth, boasting over 5.8 million monthly active on-chain wallets. TAC’s integration with EVM is expected to further amplify this user base.
Telegram Integration: A Gateway to Millions
The TON network is natively integrated with the Telegram messaging app, which boasts a vast user base. Tools like Wallet in Telegram allow users to interact with TON directly within the app. With EVM compatibility, developers can tap into this massive user pool and create real-world crypto applications accessible through Telegram. Potential use cases include DeFi services, blockchain-based games, and secure identity solutions.
TON’s Active User Base Surpasses Ethereum’s
Adding to the positive momentum, a recent Messari report revealed that TON surpassed Ethereum in terms of daily active addresses during June 2024. This highlights the growing traction of the TON network.
Looking Ahead: Fundraising and Continued Development
The TAC founding team comprises prominent figures in the crypto space, including Michael Egerov, founder of Curve Finance, and the team behind The Open Protocol (TOP), known for its in-app crypto wallet functionality within Telegram. Moving forward, TAC is seeking to raise an additional $5 million through external funding.
Security Concerns Amidst Ecosystem Growth
Despite the recent successes, the TON ecosystem hasn’t been immune to challenges. A rise in phishing attacks has been observed, targeting the network’s growing user base. This underscores the need for continued vigilance and user education within the TON community.
In conclusion, the collaboration between TAC and Polygon Labs marks a significant step forward for the TON ecosystem. By enabling EVM compatibility, TON opens itself up to a wider range of DApps, potentially attracting new users and developers. With its existing integration within Telegram and a rapidly growing user base, TON is well-positioned to capitalize on this integration and become a major player in the blockchain landscape. However, addressing security concerns like phishing attacks will be crucial for maintaining user trust and fostering sustainable growth within the TON ecosystem.