TON Accelerator Launches “Synergy” Cross-Chain Initiative to Link Toncoin with EVM-Compatible Machine Mantle

TON Accelerator, one of the Toncoin chain’s leading incubators, launched the “Synergy” cross-chain initiative. Synergy will dedicate $5M to projects

TON Accelerator, a leading incubator within the Toncoin chain, has announced the launch of a new cross-chain initiative called “Synergy.” The initiative will see $5 million dedicated to projects connecting Toncoin with Mantle, an EVM-compatible chain.

Synergy will provide funding to Toncoin projects integrating with Mantle. The new initiative will be directed towards builders aiming to connect Toncoin with the EVM-compatible chain, Mantle.

Synergy to aid Toncoin's EVM ambitions

Synergy will work towards integrating TON users with EVM networks, addressing one of Toncoin's major setbacks. Currently, the chain is not EVM-compatible and lacks liquidity connections to the Ethereum ecosystem.

The initiative also aims to bring more attention to TON Accelerator. The funding will be allocated from TON Ventures, a specialized VC entity, and Mantle's Eco Fund from the project's treasury, which holds $200 million earmarked for technological partnerships.

“This partnership isn't just about collaboration, it’s about unlocking new markets, deep liquidity, and groundbreaking advancements in DeFi, AI, and Gaming,” said Sophia Rusconi, Head of Acceleration at TON Accelerator.

The initiative aims to tap into over 950 million Telegram users and activate up to $90 billion in cross-chain liquidity. Eligible projects include cross-chain DeFi, infrastructure (such as wallets and aggregators), liquid staking, cross-chain games, and other general applications. Notably, the Synergy program will not be interested in general DeFi or TON-based applications without cross-chain connections.

In addition to funding rounds for qualifying projects, all startups will receive mentoring and support on product design, technical integration, and marketing. Developers from early cohorts will also gain access to Mantle's liquidity and Toncoin's ecosystem of applications.

Among the mentors and supporters, projects can expect guidance from Ian Whittkorp of TON Ventures, the TON Foundation, and other project-specific experts.

Mantle chosen for its DeFi growth

Mantle hosts up to $1.3 billion in total value locked, of which $369.1 million is in various stablecoins. The chain is among the niche L2 platforms that still integrate a range of DEX and lending protocols, along with cross-chain startups. It remains a growth-stage L2 chain, and some of the activity might be subsidized by the treasury.

The Mantle platform is selective in vetting and subsidizing projects. Notably, Mantle also operates as a DAO, requiring ownership of the MNT token to resolve voting issues.

One potential factor behind the partnership is that Mantle already hosts one of the high-profile Toncoin games, Citizen, following a successful migration. Catizen on Mantle sees 2.36K daily players and is expected to build up liquidity through micropayments.

On Mantle, over 58% of all activity is centered around DeFi, with other active categories including utility and token transfers. The Agni DEX router is the most active smart contract on Mantle, benefitting from the growing popularity of token swaps.

Mantle also hosts several Web3 games and applications from previous development cycles and acts as an accelerator itself, retaining up to $1.6 billion in its treasury for future development.

Another prominent feature of Mantle is the mETH ecosystem of decentralized finance. Locked ETH on Mantle is valued at $1.19 billion, feeding into multiple yield protocols. The mETH ecosystem provides predictable annualized gains and is a major driver of activity on Mantle. Most inflows into Mantle tokens are in bridged WBTC, PENDLE, and mETH. Notably, Mantle still relies on bridging as the most compatible cross-chain technology with Ethereum.

Mantle, formerly known as BitDAO, is built using Optimum technology from the Optimism superchain. The Mantle main net went live in the summer of 2023 and is yet to achieve some of its decentralization milestones. Despite this, its ecosystem has grown with a partially centralized consensus. As an L2, Mantle utilizes optimistic rollup technology and ranks among the top 5 chains for games and DeFi.

Excluding stablecoins, Mantle hosts over $10 billion in bridged and native tokens. Only a portion of the USDT and USDC supply is bridged onto Mantle. The chain features multiple DeFi assets, including the recently launched SolvBTC from Babylon Labs.

At the time of writing, MNT tokens traded at $0.57, down from a peak above $1.40. MNT trading largely depends on its presence on Bybit, which facilitates the majority of the token's volumes.