Curve Finance joins forces with TON Foundation to enhance stablecoin trading

Curve Finance and TON Foundation launched a joint hackathon to advance Stable Exchange Projects on the TON blockchain.

Decentralized crypto exchange Curve Finance and the TON Foundation announced a collaborative hackathon aimed at developing a new Stable Exchange Project on the TON blockchain.

The initiative, which is scheduled to last until October 17, will bring together developer teams interested in improving stablecoin trading and user experience on the network, according to an October 11 press release. During the hackathon, participants will benefit from Curve’s continuously functional market maker solution designed to optimize exchange processes and facilitate yield-generating token exchanges.

“The ultimate goal is to make stablecoin trading on the TON network more accessible and increase the speed of adoption.”

Curve Finance

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Curve Finance also stated that at least 70 teams from the TON community have expressed interest in participating, but no specific names were announced. A panel of judges, including Curve founder Michael Egorov and TON representatives, will evaluate the teams based on their solutions to specific development tasks related to the project. The top three teams will have the opportunity to continue their work with Curve and TON.

This collaboration follows a turbulent period for Curve, during which Egorov experienced significant liquidations across multiple positions, leading to a 30% drop in the price of the (CRV) token. Since CRV serves as a trading pair and collateral in various liquidity pools, these liquidations created a ripple effect throughout the ecosystem. For example, an address on the Frax Lend protocol faced liquidation of $3.3 million due to the collapse of CRV prices.

Founded in 2020, Curve Finance aims to improve the efficient trading of stablecoins through its automated market maker platform by raising significant funds from notable investors such as Binance Labs and Platinum Capital VC, according to PitchBook data.