Toncoin (TON) Price Jumps 9% Post Pyth Network Partnership

Toncoin (TON), the native coin of The Open Network, has seen its value increase due to its recent collaboration with Pyth Network. This collaboration will enhance data delivery on the TON blockchain. It will also drive growth, especially in the Decentralized Finance (DeFi) and gaming industries.

Toncoin Price Rise after the Announcement of Partnership

Toncoin has gained by 9% in the last 24hrs and was exchanging hands at $7.05 as of press time. Prices rocketed after the August 14, 2024, announcement of the strategic partnership with Pyth Network. Before the correction, Toncoin reached an intra day peak of $7.22.

Subsequently, this price movement is attributed to the partnership with Pyth Network which provides enhanced oracle services to the TON blockchain. These services are anticipated to be critical in advancing more complex applications. They are especially important for the rapidly growing DeFi and gaming categories on TON.

Therefore, the partnership is focused on the integration of Pyth’s oracle service into the TON blockchain. This will provide institutional quality and real-time data to developers. The information is important in creating in-game economies and highly efficient DeFi solutions that demand high levels of precision and quick processing time.

Originally developed for the Solana blockchain, Pyth Network has expanded significantly. It now operates as a multi-chain network, supporting over 70 blockchains, including Ethereum, Arbitrum, and TON.

Impact on Gaming and DeFi on TON

The partnership will be most valuable for the gaming sector and Decentralized Finance (DeFi) on the TON blockchain. This will help Pyth’s real-time data feeds to help game developers come up with better in-game economics. It makes TON-based games attractive to more people.

With this, Pyth is expected to provide precise pricing data to DeFi projects on the TON network and help them deliver advanced financial services with faster transaction speeds.

TON has been rapidly expanding, especially due to its connection with Telegram, where casual games and other mini-apps are in high demand. Having already reached $600 million in TVL, TON is gradually becoming an important player in the blockchain space, and the partnership with Pyth Network will only contribute to this.

Binance Launchpool and Recent Developments

Other than the Pyth partnership, Toncoin has also been affected by its listing on Binance’s Launchpool platform. From August 15, Binance users will stake BNB and FDUSD for rewards in TON tokens.

This also comes after Toncoin was listed for spot trading on Binance, creating a similar effect of price surge.

TON has also experienced changes within its gaming environment. Games such as TapSwap have introduced new components such as city builder mode to intensify the play-to-earn model. Such changes have played a role in the increasing attention towards TON and its related projects, which have supported the recent price increase of the cryptocurrency.