Injective is an app chain. Such chains cater to specific use cases. Injective caters to financial apps. In this case, DeFi. TON, on the other hand, is a layer 1 chain that hosts various apps and features. The TON chain took off in early 2024. As a result, it ranks as #9 measured by TVL.
So, let’s take a closer look at what this integration means for Injective and TON.
Integrating Injective and TON
The integration of Injective and TON opens up many opportunities for both chains. For example, the TON blockchain has a big ecosystem. It’s now possible to bridge $INJ to this ecosystem. On the other hand, you can now also use $TON on Injective apps.
For example, $INJ is now available on TON’s leading DEX, Ston.fi. Interoperability between the two chains is now a reality. This should boost both ecosystems. We can see that back in the respective $INJ and $TON price action. Both tokens had green candles since the announcement. During 2024, TON’s TVL also increased by well over 4200%.
$INJ is now available on TON’s leading DEX, @ston_fi.
For the first time, users across @ton_blockchain can access $INJ across a variety of DeFi applications on the network.
Together, let’s make open finance accessible to all 🥷 pic.twitter.com/5nkyenGaOy
— Injective 🥷 (@injective) August 14, 2024
For instance, the $INJ price, which currently trades at $18.93, is up by 4.1% over the last 24 hours. The $TON token was up from $6.68 to $6.80. However, it’s currently back at $6.68 again. $TON ranks at #9 with a $16.8 billion market cap. $INJ currently holds a respectable 47th spot, with a $1.8 billion market cap. All $INJ tokens already circulate. On the other hand, the $TON token has an unlimited supply. Of its 5.1 billion total supply, 2.5 billion tokens circulate.
The integration gives extra accessibility for users of both platforms. It’s now possible to use both tokens in various DeFi applications. For example, you can lend, borrow, tokenize assets, or trade them on both chains. Both institutional and retail investors can increase their opportunities. For instance, tokenize assets on one chain and trade them on the other chain. Or you can use $TON as collateral for loans on Injective apps.
2/ The integration will not only enable new asset access for the two communities but also introduce a range of new utilities previously unimaginable.
This includes utilizing $INJ and $TON for new functionalities such as trading, asset tokenization and on-chain lending.
— Injective 🥷 (@injective) August 14, 2024
To sum up, this should only be the tip of the iceberg. Both the Ton and Injective chains will continue to expand borders in Web3 finance.
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