For many traders, TON is among the most promising projects out there. Thanks to its high speeds and Telegram integration, it has strong fundamentals. Its ecosystem has also seen significant growth.
Despite this, TON has seen significant volatility in recent months. The token is currently down 37.78% from its all-time high in June. Still, fortunes for TON may soon change, thanks to a secret weapon at its disposal.
TON Raises $30M For Network Upgrades
Telegram’s TON blockchain has seen major ecosystem growth in the last year. With an 800% rise in TVL, TON is attracting a lot of crypto traders’ attention. Most recently, TON raised $30 million from market players, reflecting strong confidence in the network. Bitget and Foresight Ventures led the funding round.
"@bitgetglobal and @ForesightVen have made a strategic $30 million investment in The Open Network (#TON) blockchain. This investment aims to enhance the development of Telegram-based projects, focusing on tap-to-earn games such as @hamster_kombat and @thenotcoin." 💎
Via… pic.twitter.com/qT9ChDhh4p
— TON 💎 (@ton_blockchain) September 18, 2024
The funds will go to Telegram-based projects which were key for TON’s growth. The focus will be on tap-to-earn games like Notcoin. The recent funding round brings the total TON raised to $58 million since its launch.
Despite trader’s interest in projects like Notcoin, the metrics show a mixed reality. Since its launch, Notcoin contributed to a significant increase in TON’s transaction volume. As all taps on the app record as their own blockchain transactions, Notcoin led to an explosion of activity. Still, declining user engagement has since taken its toll, and Notcoin’s token is down 81.14 from its ATH in June.
What is more, TON failed to benefit much from the latest market rally. Notably, after seeing growth since November, the token lost almost all these gains. What is more, TON did not approach its June ATH of $8.24. Notably, it is currently trading at $5.09, the same level as before the start of the bull market in November.
Clicker apps may not deliver the steady and reliable ecosystem growth that TON needs. However, there is another secret weapon for the network: Elluminex.
Elluminex Helps Overcharge TON’s Blockchain
Many of the issues TON faces are tied to a lack of liquidity in the network. Starved for liquidity, its ecosystem is experiencing significant volatility. This fact discourages investors from taking a long view of the project. This is an issue that Elluminex (ELX) aims to solve.
Elluminex is a dedicated decentralized exchange (DEX) for TON. Its main focus is facilitating seamless cross-chain swaps between TON and 40 major blockchain networks. Thanks to its cross-chain bridges, Elluminex opens up significant liquidity for relatively isolated TON.
The focus on cross-chain swaps not only boosts liquidity. It also reduces slippage, which is crucial for profitable trading. Low-slippage, self-custodial trading also appeals to large players. In turn, these investors also help bring liquidity to the market.
What is more, Elluminex also has a range of features geared toward smaller players. For one, its advanced AI portfolio tracker gives traders real-time insights into their portfolios. Its tailor-made suggestions help traders make more informed decisions based on their financial situation and risk tolerance.
Thanks to these features, Elluminex can bring TON to the next level, and challenge the major networks. Strong fundamentals, a robust ecosystem, and Telegram integration make TON one of the most exciting chains.
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
