KEY TAKEAWAYS
- The Open Network Foundation partners with GMX to enhance the TON blockchain’s DeFi capabilities, focusing on high-frequency trading and transaction fee optimization.
- A developer competition is launched to create innovative perpetual DEXs on the TON ecosystem, offering advisory support from GMX and backing from the TON Foundation.
- GMX’s expertise in low-slippage trading and competitive fees aims to strengthen TON’s trading infrastructure, leveraging its success on Arbitrum and Avalanche.
- The collaboration is expected to unlock groundbreaking innovations, inspired by previous successful partnerships like the one with Curve.
The Open Network Foundation, a non-profit organization focused on advancing the TON blockchain, has announced its collaboration with GMX, a prominent decentralized perpetual exchange and spot trading platform. This partnership aims to innovate within the decentralized finance (DeFi) sector by enhancing high-frequency trading and optimizing transaction fees on the TON ecosystem.
Unlocking New Trading Opportunities on TON
Through this collaboration, the TON Foundation intends to utilize GMX’s expertise in efficient, low-slippage trading and competitive fee structures to bolster the TON blockchain’s trading infrastructure. As part of this initiative, the two organizations are launching a developer competition. This competition invites participants to design innovative perpetual decentralized exchanges (DEXs) with a focus on maximizing efficiency and optimizing trading fees.
The competition is open to all current and in-development projects within the TON ecosystem. Participants will have the opportunity to compete for advisory support from GMX to refine their projects, as well as backing from the TON Foundation. Developers, founders, and users can submit their applications via this form within the next two weeks. The competition will span two months, providing ample time for participants to deliver impactful solutions.
Expert Insights and Future Prospects
Jone Zee, Communications Coordinator at GMX, highlighted the significance of this collaboration, stating that GMX is committed to creating an accessible, high-performance DeFi ecosystem. Zee noted that the GMX DEX is trusted by thousands of traders daily, facilitating billions in weekly trading volume and serving as a key pillar of the DeFi infrastructure on Arbitrum and Avalanche. The partnership with TON Foundation is seen as an opportunity to bring this expertise to the TON blockchain.
Vlad Degen, DeFi Lead at TON Foundation, expressed enthusiasm for the collaboration, emphasizing the potential for developers to showcase their creativity and technical skills. Inspired by the success of a previous collaboration with Curve, Degen believes this initiative will unlock groundbreaking innovations on TON.
Further details about the collaboration and competition can be found here.
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