TON Application Chain (TAC) and Polygon Labs Integrate Ethereum Virtual Machine (EVM) Functionality Into the TON Ecosystem

The new TON L2, leveraging Polygon CDK and the Agglayer interoperability protocol, will support EVM-compatible decentralized applications (DApps)

NAIROBI (CoinChapter.com) — TON Application Chain (TAC) and Polygon Labs announced on July 9 the integration of Ethereum Virtual Machine (EVM) functionality into the TON ecosystem.

Powered by Polygon’s Chain Development Kit and the Agglayer interoperability protocol, the new TON L2 will support EVM-compatible decentralized applications (DApps). This will notably allow Ethereum developers to port their applications to the TAC layer-2 network.

The integration aims to enhance DeFi, gaming, and decentralized identity solutions for Telegram’s vast user base.

Polygon’s CDK and AggLayer to Boost TAC’s L2 Network A new layer-2 network on the TON network will be unveiled thanks to this collaboration.

The network will notably support EVM-based DApps, enhancing the range of applications available on the TON network. Moreover, it will facilitate seamless interoperability and reduce blockchain fragmentation.

According to a press release, TAC aims to integrate EVM-based decentralized applications within the TON ecosystem. This will notably provide Ethereum developers with access to Telegram’s extensive user base. The initiative ultimately seeks to augment DeFi, gaming, and identity solutions within the TON network.

A recent X by Messari post on July 6 highlighted that the number of daily active addresses on the TON network outpaced Ethereum during June. Notably, the TON Application Chain’s founding team also includes Curve founder Michael Egerov.

The team behind The Open Protocol (TOP) also provides crypto wallet functionality within the Telegram app.

Meanwhile, Altukhov disclosed that TON Application Chain is seeking to raise an additional $5 million in an external funding round. The statement describes TAC as a layer-2 network on TON, designed to bring EVM-based DApps to TON and Telegram users.

Toncoin’s Total Value Locked (TVL) has risen in the last month, bucking the trend. On July 3, the network’s TVL event surged to an all-time high of $723 million.

At $702 million as of this writing, Toncoin’s DeFi TVL has soared by over 60% in the past 30 days. Only five of the 17 DeFi protocols hosted on Toncoin saw a decline in TVL during this period.

Moreover, the largest protocol by TVL, DeDust, saw its total value locked spike by over 100% in the last month.

Furthermore, daily trading volume on Toncoin’s decentralized exchanges (DEXes) reached an all-time high of $97 million on July 5, indicating increased DeFi activity.

However, the TON ecosystem has faced challenges, including a rise in phishing attacks. For example, on June 24, SlowMist founder Yu Xian warned about phishing risks linked to Telegram message groups, airdrops, and other deceptive methods.

Telegram has an estimated 196 million daily active users and 800 million monthly active users, according to BankMyCell.

The above is the detailed content of TON Application Chain (TAC) and Polygon Labs Integrate Ethereum Virtual Machine (EVM) Functionality Into the TON Ecosystem. For more information, please follow other related articles on the PHP Chinese website!