TON Blockchain to Launch Layer-2 in Collaboration with Polygon
According to CoinDesk, the team behind The Open Network (TON), famously associated with Telegram messaging apps, has confirmed a partnership with Polygon Labs to introduce its own Layer-2 network. This announcement was made at the Ethereum Community Conference (EthCC) in Brussels, Belgium today.
The new Layer-2 is named TON Applications Chain (TAC). TAC will leverage Polygon's infrastructure and technology, including CDK - Polygon's Layer-2 development toolkit, and AggLayer - a solution for connecting blockchains to address liquidity fragmentation.
TAC aims to integrate EVM applications and bring Ethereum developers into the TON ecosystem, specifically catering to Telegram users. The project team stated:
"TAC significantly enhances liquidity and brings DeFi closer to TON users. Beyond DeFi, TAC will pave the way for a range of innovative blockchain applications on TON, such as gaming and decentralized identity solutions."
The decision to launch TON's Layer-2 is not novel, as several other blockchain companies have pursued similar strategies over the past year. Coinbase, the largest US crypto exchange, kicked off with its Base Layer-2 based on Optimism's OP Stack in July 2023. Since then, others like OKX (X Layer), Celo, and Worldcoin have followed suit.
Telegram itself has increasingly favored TON recently, even accepting the use of its revenue-sharing token and supporting the direct issuance of USDT stablecoin.
Contributing to TON's success is the rise of the Tap-to-Earn model, directly integrated with Telegram, such as Notcoin and Hamster Kombat. The latter, a click-to-mine coin game, boasts a massive user base exceeding 200 million players, despite drawing ire from Iranian officials.
Have you heard about Layer-2 on TON based on the Polygon stack? Some may think this is an official release from @ton_blockchain, but it's not. This is an independent development by a third-party team on TON. In TVM we believe! ✊
— Anthony Tsivarev | anthony.ton (@AnthonyTsivarev) July 9, 2024
TON's Total Value Locked (TVL) first surpassed $317 million on May 27, a tenfold increase in just two months. TON is also one of the few coins showing stability amid market fluctuations, trading consistently around $7-7.3 USD in recent months.
Toncoin (TON) price movement over the past month, screenshot from CoinMarketCap at 11:20 PM on July 9, 2024
However, according to a spokesperson from the TON Foundation, the new Layer-2 initiative is an independent effort within the TON ecosystem and not directly tied to the team behind The Open Network.
