Curve Finance joins forces with TON Foundation to enhance stablecoin trading

Curve Finance and the TON Foundation have launched a joint hackathon to advance their Stable Swap Project on the TON blockchain.

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

The initiative, which is set to last until Oct. 17, will gather developer teams interested in enhancing stablecoin trading and user experience on the network, according to an Oct. 11 press release. During the hackathon, participants will leverage Curve’s constant-function market maker solution, designed to optimize swap processes and facilitate yield-bearing token exchanges.

“The end goal is to make stablecoin trading on the TON network more accessible and improve the pace of its adoption.”

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Curve Finance also noted that at least 70 teams from the TON community have already expressed interest in participating, though no specific names were revealed. A panel of judges, including Curve’s founder Michael Egorov and representatives from TON, 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 tumultuous period for Curve, during which Egorov experienced significant liquidations across multiple positions, leading to a 30% drop in the price of the (CRV) token. These liquidations had a ripple effect across the ecosystem, as CRV serves as a trading pair and collateral in various liquidity pools. For example, an address on the Frax Lend protocol faced $3.3 million in liquidations as CRV prices fell.

Founded in 2020, Curve Finance has raised substantial funding from notable investors, including Binance Labs and Platinum Capital VC, aiming to enhance the efficient trading of stablecoins through its automated market maker platform, according to PitchBook data.