Ton Foundation Partners With Curve Finance To Enhance Stablecoin Trading

According to Cointelegraph, the TON Foundation, a nonprofit organization supporting the development of The Open Network (TON) blockchain, has announced a partnership with Curve Finance, a decentralized exchange (DEX). This collaboration aims to incubate a new TON-based stable swap project to improve user experience and stablecoin trading on the TON blockchain. The new project will utilize Curve Finance’s Constant Function Market Maker (CFMM) technology, which is known for minimizing the price impact on stablecoin and equivalent asset swaps. Vlad Degen, DeFi lead at TON Foundation, explained that integrating Curve’s CFMM technology will make trading more accessible to those who are not yet fully embedded into the ecosystem. According to a press release shared with Cointelegraph, the CFMM formula allows stablecoin swaps with reduced price volatility and lower slippage, resulting in more efficient asset exchanges. Currently, projects seeking to use Curve Finance’s CFMM technology must acquire a license, making stable swaps on TON through the new project a notable feature of the partnership. The collaboration aims to improve the stablecoin trading experience on TON, making TON-based trading more accessible and accelerating the blockchain’s pace of adoption. The TON Foundation and Curve Finance will select an independent team to develop the stable swap project through a public and transparent process. Michael Egorov, Founder of Curve Finance, will act as an advisor to the selected development team, assisting with protocol mechanics and the project’s growth strategy. The selected team will have permission to implement Curve Finance’s stable swap formula into their project, with an allocation of the new project’s tokens airdropped to qualified users. In addition to this latest partnership, Curve Finance made a shift toward its native stablecoin crvUSD on June 28 in a fee distribution mechanism change from the 3cr token. The transition aimed to improve the utility of crvUSD and the integration of the stablecoin into Curve Finance’s ecosystem for incentivizing users. Egorov mentioned that users would now obtain fees in a dollar-denominated stablecoin, a simpler and more stable process.