TON blockchain has integrated Injective (INJ) and Pyth Network (PYTH), further expanding Telegram’s Web3 reach and reflecting the transformation of open finance.
These strategic partnerships leverage each network’s unique capabilities to improve the DeFi sector.
TON Blockchain collaborates with Injective and Pyth Network
The integration of TON blockchain with Injective enables bridging and using INJ tokens in the Open Network. At the same time, users can use TON in Injective’s decentralized applications (dApps).
“The integration will enable new access to assets for the two communities. It will also introduce a range of new tools that were previously unthinkable. This includes using INJ and TON for new features 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. Through the integration with TON Blockchain, Injective aims to expand its reach and provide users with a seamless trading experience on a scalable and secure platform.
For its part, Pyth Network’s collaboration with TON blockchain will ensure the integration of the PYTH oracle service into TON. Pyth is a decentralized oracle network that provides high-quality, real-time data feeds for decentralized applications (dApps) and smart contracts.
The integration with TON Blockchain will enable developers to access reliable and accurate pricing data for their DeFi projects. This is valuable for blockchain-based developers, as games running on the TON blockchain will likely receive new support. Furthermore, it will improve the efficiency and reliability of dApps built on the platform.
Pyth Network was originally designed for the Solana blockchain. However, it is active on over 70 blockchains including Ethereum, Optimism, Arbitrum, Base and now TON, providing market data for crypto, stocks, FX and commodities. With this suite, the partnership will help TON reach new Web3 users.
The convergence of the TON blockchain infrastructure with the strengths of Injective and Pyth Networks, among others, will enable users to realize enhanced liquidity and enhanced security for their DeFi activities.
TON’s advocacy for a decentralized, interconnected digital ecosystem
It will also provide new opportunities for developers, traders and investors who want to take advantage of the benefits of DeFi. Seamless interoperability between these networks allows users to 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 and contributes to a more decentralized and interconnected digital ecosystem.
Therefore, it is no surprise that the total value of the TON blockchain (TVL) has increased by 4226% so far in 2024. This increase shows growing interest and investment as more users pour assets into The Open Network.
TON Blockchain TVL, Source: DefiLlama
Amid its growth trajectory, the TON blockchain attracted investments from Pantera Capital. The venture capital firm injected an undisclosed amount as TON continues to gain traction within the extensive Telegram user base.
Additionally, USDT publisher Tether announced its partnership with TON in April. The alliance, to which Oobit belongs, offers crypto transactions worldwide and helps unbanked populations with financial solutions. This partnership realizes a borderless financial system through decentralized technology, improving accessibility and transaction efficiency.