Last year, TON was one of the fastest growing blockchains, especially during the last market cycle. Blockchain has attracted a record number of users and seen a significant increase in transactions and DeFi TVL. Now the chain should go even higher.
A new DeFi token should do the same thing for TON as Uniswap does for Ethereum or Pancakeswap does for BNB. Elluminex, the TON-based DeFi hub, has the potential to unlock substantial liquidity for TON. This will not only increase the price of TON and the TVL of its ecosystem, but also attract more users and developers to the network.
How TON can challenge BNB, Solana, Ethereum
The Open Network (TON) is perhaps one of the most underrated tokens. It currently holds a market capitalization of $15.51 billion and 15th place among crypto assets. As such, it still lags behind assets like Chainlink and Avalanche. However, this could soon change.
TON has the distinct advantage of its Telegram integration. The messaging app has over a billion active users, with great potential to introduce them to Web3. Until now, TON mini apps have played this role, allowing users to seamlessly interact with Web3 apps.
This has already made TON the fastest growing blockchain this year. However, its growth has been slowed due to a lack of liquidity on the network. Until now, TON lacked a reliable DeFi hub, with a multi-chain DEX capable of bringing liquidity to the network.
The effect of a DeFi hub like this can already be demonstrated with other chains. For example, after the launch of Uniswap, Ethereum went from around $200 to almost $1,000 in less than a year. PancakeSwap had a similar effect on BNB, which rose from $40 to $600 in 2021. The liquidity unlocked by these DEXs was crucial to supporting the growth of these tokens. Now, Ellumines wants to do the same for TON.
How Elluminex can boost the TON ecosystem
Elluminex (ELX) has the potential to take TON to the next level with a series of advanced features that appeal to both seasoned traders and newcomers. This focus is essential to ensure that TON attracts both high-volume traders and a broad user base.
One of the key aspects of Elluminex is its cross-chain compatibility. Designed to work on 40 blockchains, the platform will allow users to transfer their assets seamlessly. By seamlessly connecting TON to other blockchains, Elluminex will also provide much-needed liquidity to the network.
Another key aspect is the emphasis on education. The platform will have both a learning center for new users, as well as advanced AI features. For example, its AI-powered Portfolio Tracker will give personalized suggestions to traders, helping them with their training. These features are essential because they bridge the gap between relatively inexperienced and advanced traders.
Likewise, Elluminex also focuses on user-friendliness. Until now, one of the main obstacles to the growth of DeFi has been its complexity. Centralized exchanges, despite their drawbacks, offer a much more user-friendly experience. For its part, Elluminex hopes to offer a CEX-like user experience with the benefits of DeFi, such as self-custody.
All these features show that TON has a lot to gain from a high-quality DEX on its platform. Additionally, an early-stage project like Elluminex will also benefit immensely if it succeeds in becoming a vital part of the TON ecosystem.
For more information on Elluminex (ELX), visit the links below:
