Hey Edge readers,

There’s a lot happening this week! From the buzz around Ethereum ETFs and the latest market sentiments, to some exciting updates here at Exponential. We’re breaking down the rise of The Open Network (TON), the fastest-growing blockchain you’ve never heard of. Plus, we’re excited to introduce our new investable pool, Uniswap ETH, designed to help you accumulate more ETH with the lowest risk.

Here's what we're covering:

• The fastest growing chain you’ve never heard of ⛓️‍

  Discover how The Open Network (TON), initially created by Telegram’s founders, is making waves in the blockchain space.

• New investable pool: Uniswap ETH

  Explore our new Uniswap ETH pool — maximize your ETH holdings with minimal risk.

• Bitcoin to reach new ATHs 🗞️

  Get the latest on the EtherFi S3 airdrop, MATIC migration, and more.

Stay sharp. 🫡

-The Exponential team

The fastest growing chain you’ve never heard of

You might not have heard of The Open Network (TON), but it’s been the fastest-growing blockchain since the start of 2024. Originally developed by the team behind the popular messaging app Telegram, TON has been quietly making waves in the blockchain world and DeFi industry.

What is The Open Network (TON)?

The Open Network (TON) is a decentralized, Layer 1 blockchain initially created by Telegram’s founders, the Durov brothers. It was designed to handle high-performance applications and transactions, capable of processing millions of transactions per second. Despite its initial development under Telegram, the project faced regulatory challenges that forced Telegram to cease its direct involvement. Since then, a global community of developers has taken over, continuing its development and maintaining its open-source nature.

While Telegram had to step back from directly managing TON due to legal issues, the connection between the two remains significant. The integration of TON with Telegram means that its native token, Toncoin, and other decentralized apps can used within the app for various functionalities. This includes commission-free crypto transfers directly within Telegram, making it extremely user-friendly and accessible to Telegram’s massive user base.

Key features of TON include its unique “blockchain of blockchains” architecture, which uses dynamic sharding to adjust its structure based on transaction volume. This design allows TON to process transactions faster than other blockchains like Ethereum and Solana, with block times of about 5 seconds and finality in under 6 seconds. The network’s native token, Toncoin, is used for gas fees, staking rewards, and to support TON network operations.

DeFi Ecosystem on TON

TON’s ecosystem is rapidly growing, with a growing set of decentralized applications and a DeFi TVL of over $760 million. The basic building blocks for a mature DeFi ecosystem are already in place, including a decentralized exchange (DEX), a liquid staking protocol, a lending platform, and a derivatives exchange. Here are the top protocols currently operating on the network:

1. DeDust - A decentralized exchange (DEX) that allows users to trade Toncoin and other assets. The protocol’s native token, SCALE, can be staked to earn the platform’s fees on a daily basis.

2. STON.fi - Another prominent DEX on the network, offering liquidity pools and yield farming opportunities. The protocol’s native STON Token can be staked to acquire DAO voting power.

3. Tonstakers - A liquid staking protocol that allows users to stake Toncoin while retaining access to the staked Toncoin through a liquid staking token (LST). Earn up to 3% APY for staking Toncoin.

4. bemo - Another prominent LST for TON, offering liquidity for Toncoin stakers. Users are rewarded for their DeFi actions with Staking Experience Points (stXP), which can be converted into the protocol’s BMO token at the end of the Incentives Program.

5. EVAA - The first decentralized lending protocol on TON that allows users to deposit Toncoin and other assets to earn yield, and for overcollateralized borrowers to take loans. A cool feature is that EVAA can be opened directly within a user’s Telegram app.

6. Storm - A decentralized derivatives platform that lets you trade crypto and other assets with leverage. Users can also trade directly within their Telegram app using Storm.

Conclusion

The Open Network (TON) might still be under the radar for many, but its growth and integration with Telegram position it as an emerging player in the DeFi space. With its robust infrastructure and expanding DeFi ecosystem, TON is a blockchain worth watching.

In the news

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• EtherFi begins the third phase of its airdrop campaign - Read

• Polygon schedules migration from MATIC to POL token on September 4 - Read

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