Big Crypto Players See A Breakthrough With New DeFi Token Set To Take Over The Ton Blockchain
The post Big Crypto Players See A Breakthrough With New DeFi Token Set To Take Over The Ton Blockchain appeared first on Coinpedia Fintech News
Last year, TON was one of the fastest-growing blockchains, especially during the latest market cycle. The blockchain has attracted a record number of users, and seen a significant increase in both transactions and DeFi TVL. Now, the chain is expected to go even higher.
A new DeFi token is set to do for TON the same thing that Uniswap did for Ethereum or Pancakeswap for BNB. The TON-based DeFi hub Elluminex has the potential to unlock substantial liquidity for TON. This will not only boost TON’s price and the TVL of its ecosystem but also bring more users and developers to the network.
How TON Can Challenge BNB, Solana, Ethereum
The Open Network (TON) may be one of the most underrated tokens out there. It currently holds a market cap of $15.51 billion and 15th spot among crypto assets. As such, it is still trailing behind assets like Chainlink and Avalanche. However, this could soon change.
TON has the distinct advantage of its Telegram integration. The messenger app has more than a billion active users, with a great potential to introduce them to Web3. So far, TON mini-apps have played this role, enabling users to interact with Web3 apps seamlessly.
This has already made TON the fastest-growing blockchain this year. However, its growth has been slowed down due to a lack of liquidity on the network. So far, TON has been missing a reliable DeFi hub, with a multichain DEX that can bring liquidity to the network.
The effect of a DeFi hub like this can already be demonstrated with other chains. For instance, after Uniswap’s launch, Ethereum rose from about $200 to nearly $1000 in less than a year. PancakeSwap had a similar effect on BNB, which rose from $40 to $600 in 2021. The liquidity these DEXs unlocked was crucial to support the growth of these tokens. Now, Ellumines wants to do the same for TON.
How Elluminex Can Boost TON’s Ecosystem
Elluminex (ELX) has the potential to bring TON to the next level thanks to a series of advanced features that appeal both to seasoned traders and newcomers. This focus is key to ensuring that TON attracts both high-volume traders and a large user base.
One of the key aspects of Elluminex is its cross-chain compatibility. Built to work across 40 blockchains, the platform will enable users to transfer their assets seamlessly. By seamlessly connecting TON to other blockchains, Elluminex will also bring much-needed liquidity to the network.
Another key aspect is its focus on education. The platform will have both a learning hub for new users, as well as advanced AI features. For instance, its AI-Powered Portfolio Tracker will give personalized suggestions to traders, further helping in their education. These features are key because they bridge the divide between relatively inexperienced and advanced traders.
Similarly, Elluminex also focuses on useability. So far, one of the biggest barriers to the growth of DeFi was its complexity. Centralized exchanges, despite their disadvantages, offer a much more user-friendly experience. On its part, Elluminex hopes to bring a CEX-like user experience with the benefits of DeFi, such as self-custody.
All these features showcase that TON stands to gain a lot from a high-quality DEX on its platform. What is more, an early-stage project like Elluminex also stands to benefit immensely, if it succeeds in becoming an essential part of TON’s ecosystem.
For more information about Elluminex (ELX) visit the links below:
- Website: https://elluminex.com
- Twitter/X: https://x.com/elluminex
- Telegram: https://t.me/Elluminex
