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The Open Network Foundation partners with Jupiter.
TON Foundation partners with Jupiter to expand TON DeFi ecosystem
TON Foundation
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TON Foundation partners with Jupiter to expand TON DeFi ecosystem

2024-12-31 by Ndaman Olayinka 3 minutes read
TON Foundation partners with Jupiter to expand TON DeFi ecosystem

The Open Network (TON) Foundation, a nonprofit that is supporting the growth of the TON Blockchain, has announced a partnership with Jupiter, a decentralized trading platform that is supported by the biggest active decentralized autonomous organization (DAO) in the cryptocurrency space.

TON joins forces with Jupiter to enhance liquidity aggregation on TON

According to the press release, the collaboration aims to improve TON's liquidity aggregation through the optimal deployment of TON's Virtual Machine (TVM) liquidity aggregator and open the door for cross-chain swap integrations that will influence the future of decentralized finance (DeFi) positively.

TON's commitment to building a scalable DeFi ecosystem

“We’re thrilled to collaborate with Jupiter as we continue to expand the TON DeFi ecosystem. We believe this collaboration will bring immense value to TON and help establish a thriving cross-chain future, according to Vlad Degen, DeFi Lead, TON Foundation.”

The Open Network Foundation added that the partnership with the decentralized trading platform demonstrates TON's commitment to developing a scalable DeFi ecosystem by leveraging Jupiter's vast network and expertise to open up new opportunities in interchain trading.

Meow, Jupiter's co-founder, stated that this is an awesome initiative by the TON Foundation to grow the space, and we are delighted to support and get to know the best talent here.

TON can further empower developers and traders by giving them the resources they need to succeed in the DeFi space by allowing users to access liquidity and find the best rates across blockchain networks.

TON Foundation and Jupiter launch DeFi competition

Jupiter and the TON Foundation are starting a DeFi competition to inspire innovation in the TON ecosystem. Current and impending TON aggregation projects are invited to enter the competition, present their solutions, and compete for huge prizes. The winners will be revealed on February 15, 2025, and the competition is currently open. Participants must showcase features, interact with the community, and present their DeFi solutions after submitting, the post added.

Prizes for winning projects during the DeFi competition

  • Support from the TON Foundation: The foundation will help to accelerate the project's growth by leveraging resources and funding. 
  • Jupiter's advisory support: Winning projects will learn from one of the top DeFi and aggregation experts and get guidance on go-to-market strategy, liquidity management, and route optimization.

Price of TON and JUP decreases following partnership announcement

As of the time of writing, TON is worth $5.51 and currently down by 1.77%, while JUP is currently trading at $0.8064 and down by 1.48% according to CoinMarketCap.

This partnership follows the announcement on December 26 by Jupiter of its plans to increase the distribution of its tokens by holding an airdrop event named "Jupuary." The project will give out 700 million JUP tokens, or $580 million, to contributors, stakeholders, and users in January, according to the Whaleinsider.News post. Eligibility requirements are still up for debate, and the Jupiter team is still figuring out the specific requirements of the airdrop.

Disclaimer

This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.