--News Direct--
The crypto market boom in recent weeks has made many millionaires. But what is often overlooked is its potential effect on the DeFi landscape. Thanks to a new influx of trading activity and capital, innovative projects are finding themselves in a position to invest and innovate.
Among these, Toncoin has significant potential to grow and expand. Its network has seen a rapid rise in activity, driving it to expand its technical capabilities and ecosystem. The latest addition to its ecosystem is Elluminex, set to supercharge TON’s DeFi potential.
Toncoin Sees Major Ecosystem Growth
Toncoin has had an impressive year. Powering The Open Network (TON) by Telegram, the token reached its all-time high in July to $8.24, powered by a significant surge in network activity. Driving its increase was TON’s deepening integration with Telegram, which led to a significant surge in apps on the network.
Already back in April, TON hosted over 650 dApps, and that figure continues to grow. Many of these apps were consumer-focused and easy to engage with. For instance, simple clicker apps like Notcoin and Hamster Kombat were available directly from Telegram Messenger. Thanks to this integration, TON may be the easiest blockchain to engage with.
More recently, TON saw a significant surge in transaction volume. In January, the daily large translation volume peaked at $8.5 billion, rising 104%. This significant increase in whale activity also contributed to a $127 million liquidation of short positions.
For these reasons, speculators believe that Toncoin can climb to $16.65 from its current level of $5.35 this year. The analysis is based on transaction volumes which continue to go up. This would represent a 300% increase in Toncoin’s price.
Elluminex Set To SuperCharge TON’s Ecosystem
Despite its strong growth, TON also faces some challenges. Notably, it still has a relatively underdeveloped DeFi ecosystem, which is hurting its liquidity. As seen with other chains, a dedicated DEX can do wonders for a blockchain network. This is something that Elluminex (ELX) wants to solve.
The upcoming Elluminex is the first DeFi hub built entirely on TON. It will use a network of cross-chain bridges to facilitate token swaps across blockchains. By connecting more than 40 major chains, Elliuminex will bring much-needed liquidity to Toncoin.
This is key, as earlier examples show just how big of an effect DEXs can have on their native chains. For instance, when Uniswap launched on Ethereum, ETH went from $200 to over $1,000 in less than a year. PacakeSwap is another example, as its introduction saw BNB surge from $40 to over $600 in the same year.
The same thing happened for Solana, after the launch of Raydium and later Jupiter. SOL went from $1.50 to over $205 in 2021. What is more, when Helium moved to Solana, it also benefited from its liquidity. The HNT token went from $1.42 to $9.79, increasing by 589%.
Now, TON is getting its own Uniswap or Jupiter. Thanks to the added liquidity, Toncoin’s prices could climb even higher than expected. At the same time, Elluminex would position itself as the major DeFi hub on one of the largest chains, potentially seeing huge gains.
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
Elluminex is a next-generation DeFi platform built on the TON Blockchain and Ethereum, offering a seamless decentralized finance experience with innovative features. Users can engage in staking, farming, and enjoy AI-powered portfolio tools, all while participating in a cross-chain ecosystem.
Elluminex is unique in that it is bringing DeFi to the TON Network/Blockchain which at the moment is very limited in this sense with very few options available to its users. Despite this the TON Network is still the fastest growing blockchain in the world and many view it as a future powerhouse to rival Bitcoin, Ethereum and Solana.
By bringing DeFi to the TON Network, Elluminex would immediately transform the chain and take its capabilities and vast reach to the next level. Much like Uniswap did with Ethereum, Pancakeswap did with Binance Chain and Jupiter did with Solana.
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Contact Details
Elluminex
Andy Green
Company Website
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