Ethereum

DeFi

mini

Polygon

Partner

The TON Application Chain (TAC) and Polygon Labs will be introducing Ethereum Virtual Machine (EVM) functionality to the TON ecosystem. 
On July 9, the TON Application Chain and Polygon announced the integration of Polygon CDK and the interoperability protocol Agglayer into TON L2. This integration aims to enable the use of EVM-compatible decentralized applications (DApps) on TAC. 
It seeks to expand the variety of applications accessible to TON network users, encompassing decentralized finance (DeFi), gaming, and identity solutions. 
The CEO of TAC, Pavel Altukhov, expressed to reporters that the compatibility of EVM removes obstacles in utilizing the TON Network. He anticipates a significant surge in interest in DeFi and GameFi applications after the integration. 
“EVM applications on the TON network are not available these days. Bridging would mean that a TON user would have to go through sometimes expensive and complex UX, known to a crypto-native only.” 
In addition, he mentioned the recent integration of USDT on TON and the emergence of Tap-to-Earn applications that accompanied a project called Notcoin. 
“The expansion of the mini apps ecosystem has driven the growth of 5.8 million monthly active on-chain wallets on Telegram. TAC’s integration is expected to amplify this demand further,” he added. 
With the use of applications such as Wallet in Telegram, the integration that is compatible with the Ethereum Virtual Machine (EVM) will provide Ethereum developers with the opportunity to reach a significant user base on Telegram.&nbsp; 
This will enable them to incorporate a wider range of practical cryptocurrency applications. The team has highlighted several potential use cases, such as DeFi applications, gaming, and decentralized identity solutions. 
<a href="https://x.com/MessariCrypto/status/1809330436914524416" rel="nofollow" target="_blank">A post on July 6th on X</a> highlighted that the TON network had more daily active addresses than Ethereum in June. 
<figure id="attachment_21635" aria-describedby="caption-attachment-21635" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="size-large wp-image-21635" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/07/toncoin-1024x576.jpeg" alt="TON Application Chain and Polygon Labs Partner for new TON L2 Launch" width="1024" height="576" title="TON Application Chain And Polygon Labs Partner For New TON L2 Launch 27">
 <figcaption id="caption-attachment-21635" class="wp-caption-text">
 TON Application Chain and Polygon Labs Partner for new TON L2 Launch
 </figcaption>
</figure> 
The founding team of TAC includes Michael Egerov, the founder of Curve, and the team behind The Open Protocol (TOP), which provides crypto wallet functionality within the Telegram app. 
In the future, Altukhov mentioned that TAC has plans to secure an extra $5 million through an external funding round. 
The description explains TAC as a layer-2 network constructed on TON with the aim of introducing EVM-based decentralized applications to TON and Telegram users. 
Although the TON ecosystem has experienced recent success, with a notable increase in trading activity of new tokens on the network, there has unfortunately been a surge in phishing attacks on the blockchain. 
In a recent statement, Yu Xian, the founder of SlowMist, expressed concerns about the Telegram ecosystem, highlighting the prevalence of phishing links and deceptive methods being used within the platform’s message groups and airdrops. 
According to Xian, the risks of phishing are higher for users who have anonymous phone numbers, even though the Telegram messenger usually requires phone numbers to be linked to an account. 
Users who do not have accounts linked to SIM cards may face the risk of losing their accounts if they fall victim to phishing attempts by malicious actors on the platform. 
<a href="https://www.bankmycell.com/blog/number-of-telegram-users/" rel="nofollow noopener" target="_blank">According to BankMyCell</a>, as of April, Telegram boasts an impressive 196 million daily active users and a whopping 800 million monthly active users. 
<h2 id="b-conclusion-b">Conclusion&nbsp;</h2> 
TON and Polygon Labs are teaming up to allow TON users to run familiar Ethereum applications. This could bring exciting new DeFi, gaming, and identity tools to the TON network. Developers familiar with Ethereum will find it easier to build on TON, potentially attracting a wider user base. However, Telegram, where TON is heavily used, faces issues with phishing attacks, so caution is still advised.

TON Application Chain And Polygon Labs Partner For New TON L2 Launch

Table of Contents

The Bit Journal

Other articles published on Jul 11, 2024

What’s the Top Bullish Cryptocurrency Now? Featuring BlockDAG’s 1300% Surge and Rising Prices in ...

CFTC Affirms Bitcoin and Ethereum as Commodities

Crypto Com Unveils Support For Render AI Ticker Rebrand

Top Crypto Investments for Every Wallet

Galaxy Z Fold6 and Flip6: Samsung unveils new N3.8 million phones with AI features

TRON Ecosystem Gears Up for Explosive Growth in Second Half of 2024 Amid Undervaluation and Marke...

Join our free newsletter for daily crypto updates!