Based on data from TON, the blockchain boasts over $757 million in DeFi TVL, along with daily trading volume of $33.7 million. Here are some DeFi projects on TON including DEXs and liquid staking projects.
DeDust – Largest DEX on TON
Launched on the TON mainnet in November 2022, DeDust is a decentralized exchange on the TON network. As an AMM dex, Dedust is designed to serve trade requests using assets committed to designated liquidity pools. Dedust is the biggest decentralized application on the TON ecosystem with a reported TVL of almost $379 million at the time of writing, according to data from DefiLlama.
In addition to decentralized asset swaps, DeDust also runs a bridging facility that enables users to move their assets between TON and other supported networks. Other utility features on the platform include a decentralized portfolio tracker that keeps a record of assets held in users’ wallets. DeDust also offers passive income opportunities through single-side staking programs and liquidity provider incentives. Depending on the asset(s) for which they provide liquidity, users can enjoy up to 150% APR in the liquidity farming program.
DeDust is powered by SCALE, its native token. SCALE serves primarily as an incentive token, where single-side staking program for SCALE offers a 26% APR at the time of writing. According to DeDust, it supports the staking program by using the protocol’s revenue to buy back SCALE and distribute it to stakers; this revenue includes the 0.4% fee charged for swap transactions. The initial supply of SCALE is 21 million tokens; of these, 20.5% of this supply has been burned, 20% is reserved for the project team, and 25% is dedicated to the ecosystem’s growth. SCALE can be traded on Dedust, STON.fi, and BingX.
STON.fi: AMM DEX With Direct Integration With TON Wallets
STON.fi is also a permissionless AMM-powered decentralized exchange on the TON ecosystem. Since its launch in 2022, STON.fi has grown to become the second largest DeFi protocol on TON after DeDust, with DefiLlama reporting a TVL of over $305 million at time of writing and TonStat reporting an average of $2 million in daily trading volume.
STON.fi’s decentralized swap facility allows TON network users to exchange their TON coins and jettons with other assets listed on the platform. STON.fi is integrated natively into TON wallets like Tonkeeper to enable easy swaps. It also allows anyone to create a liquidity pool for new and existing tokens to enable trading.
STON.fi also provides cross-chain swap services. This enables users to swap assets across different networks without using bridges. For instance, a user will be able to swap USDT on TON to USDT on the TRON network. According to STON.fi, transactions on the platform are ‘almost’ free. Decentralized swaps attract a 0.3% fee, which is distributed between liquidity providers and the protocol. STON.fi offers passive income opportunities through liquidity farming programs and single-side staking for its native STON token. APR on the liquidity farming program is up to 83% depending on the asset for which the user provided liquidity.
STON.fi is powered by STON, a deflationary token. STON doubles as an incentive and governance token. It is used in promotional programs such as liquidity mining and other reward-based ventures. STON stakers also make up the STON.fi DAO, where DAO members decide on the project’s development by voting on improvement proposals. STON operates a multi-token economy with two additional tokens distributed as staking rewards for STON holders.
Holders who stake their STON tokens receive GEMSTON and ARKENSTON. ARKENSTON gives the holder voting rights while GEMSTON is used to incentivize active participation in the protocol. The total supply of STON is 100 million, which is split between the project team (14%), DAO treasury (20%), marketing (10%), project operations (10%) and other project-related ventures. STON currently trades on STON.fi and Bitmart exchange.
Tonstakers: Liquid Staking on TON
Tonstakers is an open-source decentralized liquid staking platform on the TON network. It is the leading staking protocol on the TON network (based on TVL) at the time of writing. Tonstakers enable TON holders to stake their coins on the native consensus staking facility in exchange for a liquid staking derivative token, which lets them re-use their assets on supported DeFi platforms while earning their staking rewards.
Tonstakers offers over 3% APR in liquid staked TON at the time of writing. According to data from the platform, over 71,000 TON holders have liquid-staked their assets using the platform, with over $260 million in total value locked.
Stakers on Tonstakers receive tsTON – the liquid staking derivative of TON on the platform. tsTON is a yield-bearing token, which accrues rewards over time according to the presiding APY so holders can exit the program with more TON than they staked initially. tsTON can be exchanged for other assets or used on supported platforms for operations like lending, staking, and providing liquidity.
The minimum amount of TON that can be staked on Tonstakers is 1 TON, and staking rewards are distributed every 18 hours. There are no time locks on staked assets, therefore, users are able to enter and exit the staking pool at will.
According to Tonstakers, the protocol is secure and auditable by individual auditors as it is open source. Additionally, internal audits have been carried out on the protocol’s contracts and also an audit by Certik as reported on the platform.