Toncoin (TON) Network Could Be the Next DeFi Hub, Thanks to Upcoming Elluminex (ELX) DEX

Crypto markets have seen significant growth in recent months, leading to strong growth in trading volumes. This was great news for exchanges and has helped push up Binance's BNB token. However, the growth of the crypto ecosystem also spells trouble for BNB.

Crypto markets have seen significant growth in recent months, leading to strong growth in trading volumes. This was great news for exchanges and has helped push up Binance’s BNB token. However, the growth of the crypto ecosystem also spells trouble for BNB.

As the crypto industry develops, more and more traders are turning to decentralized solutions. This is great news for TON, whose upcoming DEX Elluminex could emerge as a serious BNB competitor.

BNB Shows Steady Rise

BNB showed strong performance last year, thanks to the overall rise in crypto prices. Since the same time last year, BNB went from $298 to its current level of $698.40, registering a 123.28% increase. The main reason for this rise was thanks to Binance.

As the utility token of Binance, BNB’s performance is closely tied to the world’s largest exchange. As crypto prices go up, markets see more activity. This leads to more trading volumes, which directly impacts Binance’s revenue.

Other than Binance’s performance, BNB also benefited from several ecosystem developments. Most recently, BNB Chain introduced a service geared toward AI agents. The service will help developers build and monetize AI agents for Web3 platforms.

Moreover, BNB also launched a no-code memecoin platform. This platform enables anyone to create meme coins with ease requiring no technical skill. What is more, BNB is expanding its ecosystem with incubation initiatives. Recently, Gate Ventures invested $20 million in the BNB Incubation Alliance, to help new projects on the chain get off the ground.

Still, the chain faces some issues. Centralized exchanges like Binance are seeing increased competition from decentralized players. If these gain market share, BNB would be in trouble.

Toncoin Could Be The Next DeFi Hub

Telegram’s Toncoin (TON) saw explosive growth last year, with traders anticipating more gains. In 2024, Toncoin’s ecosystem total value locked (TVL) rose 800%, with similar increases in trading volumes. At the same time, its price rose 136.64% to its current level of $5.18.

The network hit several key milestones last year, including reaching 1.1 million daily active users. Despite the arrest of the Telegram CEO Pavel Durov, the network remained resilient. The keys to its growth are its decentralization, strong ecosystem, and robust integration with Telegram.

Thanks to Telegram, TON has an advantage that few other networks have. The messaging app has over 950 million monthly users, which are all potential TON users. Thanks to Telegram’s mini-apps and integrated wallet, TON has become the easiest blockchain to use. This sets it up for significant success in the future.

Elluminex Aims To Fix Biggest Issue With TON

Despite its growth, TON has some challenges. For one, its DeFi ecosystem is relatively underdeveloped, which hurts liquidity on the chain. This is what Elluminex (ELX) is aiming to solve, aiming to make TON one of the biggest blockchains out there.

Elluminex tackles TON’s liquidity issues with cross-chain swaps. The network is building 40 network bridges, connecting TON to all major blockchains. Thanks to these bridges, TON will have access to liquidity from other chains. This helps stabilize asset prices and bring more traders into the network.

Moreover, Elluminex is also building a range of innovative features. These include an AI portfolio tracker, offering real-time insights traders can use. This way, Elluminex wants to make DEXs more accessible than ever.

Coupled with its self-custodial model, and TON integration, Elluminex could take on centralized giants like Binance.

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

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