TON has been one of the fastest-growing chains last year. The staggering increase in total value locked (TVL) and user activity is making traders excited about its future. Its low fees and deep integration with Telegram suggest that the network may be the future of decentralization traders have been waiting for.
Still, TON faces several issues, including scalability. A lack of liquidity is also among its main concerns. This, in particular, is something that the upcoming Elluminex DEX is trying to fix.
TON Sees Explosion Of Activity
Telegram’s The Open Network (TON) was the fastest-growing chain last year. With an 800% increase in TVL, the network saw incredible growth in users and traffic. At the same time, the TON coin only rose a relatively modest 139.51% last year, to $5.21. However, there are major signs that this is only the start.
For one, TON has recently unveiled several major partnerships to boost its ecosystem. For one, the GraFun platform, an Ethereum-based memecoin launchpad, recently expanded to TON. This platform has the potential to bring the rapidly growing memecoin market.
At the same time, TON has revealed a partnership with Nansen, a major blockchain analytics firm. The firm will introduce analytics tools for TON, which will help traders get actionable insights into the chain. Because so many traders rely on Nansen, new tools will likely bring experienced traders to the chain.
Still, there are ongoing concerns about the network’s capability to sustain large traffic. Notably, in late August, a major spike in activity caused disruptions in the chain. Still, after the network went back online, there were no further disruptions.
A bigger concern for TON is its liquidity. So far, TON does not have a major dedicated decentralized exchange, equivalent to Uniswap on Ethereum. While advanced analytic tools and meme coins can attract traders, liquidity is key. Without the liquidity that DEXs bring, TON’s ecosystem will always trade far below its potential. This is what Elluminex aims to solve.
Elluminex Holds Key To TON Liquidity
TON’s integration with Telegram gives it access to more than 1 billion Telegram users. This creates significant demands for liquidity, which are currently not met. However, traders have discovered an upcoming platform, Elluminex (ELX), as the potential solution.
Boosting liquidity on the chain requires several steps, including market makers and cross-chain asset swaps. This is what Elluminex hopes to bring to TON. This DEX will offer low-slippage trading on its non-custodial platform. As such, it appeals to big players that can bring much-needed liquidity to TON.
The main feature of Elluminex is its focus on cross-chain interoperability. This is key, as it not only makes for a better user experience but also brings in more liquidity to TON. When traders can swap assets across chains, this improves the liquidity of all chains involved. However, TON is among those that stand to benefit the most, due to its past relative isolation.
With its ability to bring liquidity to TON, Elluminex could significantly transform TON. This will not only likely lead to higher asset prices, but also more developers and users joining the network. If it succeeds, TON could be a true hub of decentralization.
For more information about Elluminex (ELX) visit the links below:
Website: https://elluminex.com
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex