Factorial Finance to Launch Tether USDT Borrowing on TON Chain February 19
The Open Network (TON), a layer one blockchain associated with Telegram's 1 billion users, has developed into an active web3 ecosystem. Key developments include:
- TON network's total value locked (TVL) is approximately $193 million.
- Stablecoins market cap around $1.28 billion.
- Telegram plans to make TON the exclusive blockchain for mini-apps soon.
- TVM Ventures allocated $100 million for early-stage DeFi protocols on TON.
Factorial Lending Protocol Launch
Justin Hyun, ex-director at TON Foundation, will launch Tether borrowing against Toncoin via Factorial Finance on February 19, 2025. Highlights include:
- Factorial Finance attracted over $11 million in TVL post-launch.
- USDT borrowing will enhance Factorial's TVL and its role in the decentralized application ecosystem.
- Users can supply and borrow $TON, tsTON, and stTON for passive yields.
Factorial features isolated lending pools and vault strategies managed by institutional curators.
Market Sentiment and Toncoin Price
Despite recent developments, Toncoin's price remains under bearish pressure since reaching a peak of $8.79 in April 2024. Current metrics are:
- Fully diluted valuation of about $18.6 billion.
- 24-hour trading volume around $139 million.
- 94% of holders are at a loss; only 4% are profitable.
- Toncoin's price correlates closely with Bitcoin's movements.
The broader crypto market may be consolidating, potentially positioning the TON ecosystem for future growth amid increasing DeFi activity.