Decentralized blockchain targets Ethereum and DEX compatibility with new wrapped token

Free TON is a multi-blockchain platform that can execute thousands of transactions per second thanks to its dynamic sharding mechanism that creates new shards when needed. The platform is therefore the fastest blockchain network available, according to the developers.

The Free TON blockchain network, however, is still in the early stages of attracting DApp (decentralized application) developers to the platform. Even with this scalability, the most important task at this stage is to bring more liquidity to the platform. For these purposes, the developers announced the launch of the tradable TIP-3 token, Wrapped TON, developed on the network’s TON Crystal token.

Wrapped TON (WTON), which can be freely transferred to and from the Ethereum network, has two main purposes according to the developers.

First, Wrapped TON will provide access to liquidity on decentralized exchanges, according to developer Broxus. With the help of the newly created Free TON DeFi Alliance, Wrapped TON is launched on Uniswap and can be traded for WTON / USDT parity. Uniswap has a 24-hour transaction volume of $ 1.24 billion as of translation broadcast time.

The second goal of Wrapped TON is to promote a new but high performance, scalable, and secure blockchain project in the wider Ethereum community.

Broxus believes this will bring more users, transactions, projects, initiatives and integrations to the Free TON project in the long run. As a result, it is hoped that more demand will be made for the project’s TON Crystal token.

TON Crystal tokens can be converted to WTON and transferred to and from the Ethereum network via Broxus’ TON Bridge or Crystal Wallet. The Ethereum gas fee constitutes the bulk of the fee paid to complete the transaction.

Learn more about Free TON

A strong comeback

The Free TON blockchain project was born from the remnants of the TON blockchain, which collapsed in June 2020 due to Telegram’s ICO lawsuit filed by the US Securities and Exchange Commission. This forced the messaging app company to break off with the development of TON and return $ 1.2 billion of the $ 1.7 billion it acquired through ICO to support the development.

This cost TON his most valuable asset, which is not money. Telegram’s plan was to offer TON access to its 400 million monthly active users and enable users to use TON and Gram tokens for in-app payments.

But with the TON community not wanting to abandon the nearly completed blockchain, the Free TON project (launched a month ago as an infrastructure provider) took over the development.

The TON community decided on December 22 that there was enough decentralization (including more than 400 validators) to launch mainnet. The Free TON project started with the acquisition of the distributed application platform Dune Network in February and has been very active ever since.

Learn more about Free TON.

Disclaimer. Cointelegraph does not endorse any content of product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Check Also

“Bitcoin price will rise faster than Ethereum”

In terms of Bitcoin (BTC) price potential, statements are being made that it is likely …

Leave a Reply

Your email address will not be published. Required fields are marked *