TON blockchain has integrated Injective (INJ) and Pyth Network (PYTH), further advancing Telegram’s Web3 reach, reflecting the transformation of open finance.
These strategic collaborations leverage each network’s unique capabilities to enhance the DeFi sector.
TON Blockchain Partners With Injective and Pyth Network
TON blockchain’s integration with Injective makes bridging and using INJ tokens across The Open Network possible. At the same time, users can leverage TON across Injective decentralized applications (dApps).
“The integration will enable new asset access for the two communities. It will also introduce a range of new utilities that were previously unimaginable. This includes utilizing INJ and TON for new functionalities such as trading, asset tokenization, and on-chain lending,” Injective announced.
The Injective protocol is a decentralized derivatives exchange where users can trade a wide range of financial products, including synthetic assets, futures, and perpetual swaps. Integrating with TON Blockchain, Injective aims to expand its reach and offer users a seamless trading experience on a scalable and secure platform.
On its part, Pyth Network’s collaboration with TON blockchain will see the PYTH oracle service integrated into TON. Pyth is a decentralized oracle network offering real-time, high-quality data feeds to decentralized applications (dApps) and smart contracts.
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The integration with TON Blockchain will enable developers to access reliable and accurate price data for their DeFi projects. This is valuable for blockchain-based developers, as games running atop the TON blockchain are likely to realize new support. Moreover, it will enhance the efficiency and reliability of dApps built on the platform.
Pyth Network was originally designed for the Solana blockchain. However, it operates across over 70 blockchains, including Ethereum, Optimism, Arbitrum, Base, and now TON, providing market data for crypto, equities, FX, and commodities. With this suite, the collaboration will help TON reach new Web3 users.
The convergence of the TON blockchain’s infrastructure with the strengths of Injective and Pyth Networks, among others, will allow users to realize improved liquidity and enhanced security for their DeFi activities.
TON’s Push For Decentralized Interconnected Digital Ecosystem
It will also open up new opportunities for developers, traders, and investors looking to capitalize on the benefits of DeFi. With the seamless interoperability between these networks, users can access a wider range of financial products.
They can also obtain reliable market data and enjoy a more efficient trading experience. Indeed, the TON ecosystem continues to show significant growth potential, contributing to a more decentralized and interconnected digital ecosystem.
Therefore, it does not come as a surprise that TON blockchain total value locked (TVL) is up by 4226% so far in 2024. This increase shows growing interest and investment as more users deposit assets into The Open Network.
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Amidst the growth trajectory, the TON blockchain attracted investments by Pantera Capital. The venture capital firm injected an undisclosed sum as TON continues to gain traction within the expansive Telegram user base.
Furthermore, USDT issuer Tether announced its collaboration with TON in April. The alliance, which includes Oobit, offers crypto transactions worldwide, aiding unbanked populations with financial solutions. This partnership achieves a borderless financial system through decentralized technology, improving accessibility and transaction efficiency.
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Source: https://beincrypto.com/ton-blockchain-expands-web3-injective-and-pyth/