Produced by: DODOResearch

Author: dt

Editor: Lisa

The market situation this week is still not showing any improvement. This issue of CryptoSnap continues to discuss the on-chain ecological development of Ton. Dr. DODO will help everyone understand the current situation and future direction of Ton DeFi, as well as the areas of development that retail investors need to pay attention to!

Current Status of Ton DeFi

Although DeFi is not the main theme in this cycle, the development of DeFi is still a major indicator of the vitality of the on-chain ecosystem for any public chain, and it is the foundation of the foundation. This is no exception for Ton.

As mentioned in the previous issue of Cryptosnap, the most basic DeFi applications on the Ton chain, such as DEX, lending, liquidity mining, and other first-layer DeFi Lego protocols, are already in place to meet the basic needs of most retail investors. However, there are still many shortcomings for high-end DeFi players or whale farmers. The author lists the five most important points that Ton's ecosystem needs to continue developing:

• Introduction of mainstream assets BTC and ETH
• More cross-chain bridge support
• Oracle
• Second-layer DeFi yield protocols
• Memecoin infrastructure

The first two points are the most basic cross-chain bridge and support for other major assets. The explosive growth of TVL on the Ton chain from 100M to 700M in 2024 Q2 was largely driven by the support of native USDT. The author believes that the key to breaking through the 1B TVL in the next stage is the support of other mainstream assets such as BTC and ETH, coupled with more third-party bridge liquidity support. This is also the development goal for the next quarter as described in the Ton Foundation's roadmap.

Source: https://ton.org/en/roadmap

The third point, the oracle, is crucial in determining whether more complex DeFi protocols can be implemented and is a key factor for many large investors to judge whether they can participate in projects. Currently, the mainstream oracle in the Ton ecosystem is the price feed provided by Redstone. However, Redstone still lacks sufficient trust foundation for many whale players. How to introduce oracles with strong capital support such as Chainlink or Pyth is also crucial for whether TVL can reach new heights.

The fourth point mentioned about second-layer DeFi yield protocols corresponds to the author's previous statement that while the first-layer DeFi Lego protocols in the Ton ecosystem are already in place, there are still relatively few second-layer DeFi Lego yield projects focusing on APR yield, such as collateralizing stablecoins, packaging interest-bearing assets, and yield farming strategies.

The author believes that the last point is the major trend of this cycle: the mainstreaming of Memecoins. The author believes that the most successful aspect of the SOL ecosystem in this cycle is not driven by DeFi applications, but rather by the vigorous development of Memecoins, which has driven the growth of DEX TVL. Therefore, MemeFi is a key area that the author believes should be vigorously developed. Although many teams are already working in this direction, such as TON Raffles, Ton UP, and Thunder Finance, the author believes that the promotion of Memecoins requires official collaboration with venture capital to ignite the tipping point. Just like Solana's $BONK and $WIF, the wealth effect is needed to ignite a fire in the subsequent MemeFi ecosystem.

Mini APP

The author believes that the most distinctive feature of the Ton ecosystem is the Telegram Mini APP. Although most of the current Ton Mini APPs are game projects, the mainstream DeFi applications on Ton also have two front-end interfaces, one is the regular web-based Dapp and the other is the front-end of the Telegram Mini APP. The author believes that the development of Telegram Mini APPs effectively narrows the gap between TON's DeFi services and Telegram users, capturing more new users on mobile devices.

However, complex DeFi applications are not suitable for mobile experience and security. Mini APPs or Telegram Chatbots are more suitable for the time-sensitive Memecoin field. Perhaps the appearance of a golden dog on Ton will bring a large number of players to become new users of Mini APPs.

Source: https://t.me/dedustBot

Source: https://t.me/StormTradeBot

The Open League Season 5

Finally, let's talk about the recently started competition, The Open League Season 5. To be honest, the author is a bit disappointed with the current Ton DeFi projects. There are only six participating protocols, and they are exactly the same as the participating protocols in the fourth season, with no new projects added. For existing projects, only the NFT lending protocol DAOLama's token $LLAMA has made it into the top ten.

Currently, the standings are as follows: Storm Trade, a derivative perpetual contract protocol that ranked third in the previous season, is currently in first place, and its TVL performance has also seen a significant increase. Tradoor, also in the derivative perpetual contract track, has regressed instead of progressing. In second place is the lending protocol EVAA, and in third place is the NFT lending protocol DAOLama. The fourth and fifth places are occupied by the two major DEX protocols DeDust and Ston.Fi.

Source: https://ton.org/open-league

Source: https://ton.org/open-league

Author's Viewpoint

This article focuses on the development of Ton's DeFi. The author believes that there is still a lot of room for development in DeFi. One of the problems may be related to the fact that Ton's development code is in a completely new language, which has increased many development barriers. Currently, there has been no strong support from venture capital, such as Multicoin and Jump Crypto's relationship with Solana, and no representative developers have emerged, such as AC in the Ethereum DeFi ecosystem. Of course, it is still too early to draw conclusions, and Ton's DeFi development is still worth continuous attention.

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