STON.fi is tackling the significant challenges within the DeFi ecosystem by offering seamless cross-chain transactions without the need for wrapping or bridging.
The concept of decentralized finance (DeFi) is centered around eliminating the reliance on intermediaries, giving users more autonomy over their assets compared to traditional financial models. However, the lack of interoperability between different blockchain networks hinders access to the innovative trading opportunities that DeFi presents. This forces users to resort to third-party services when moving assets between blockchains, putting their assets at risk of security breaches and potential loss. Furthermore, the process of converting crypto assets can be expensive and security measures may cause delays or interruptions in transactions.
On the contrary, a multichain structure could bring added value to the Web3 space by offering users a convenient way to transact tokens across networks without the need for additional services.
STON.fi, a decentralized exchange (DEX) operating on The Open Network (TON) blockchain, aims to address the challenges of cross-chain swaps without the use of bridges and wrapped tokens. The TON blockchain, originally developed by a team led by the founders of Telegram, boasts a massive user base of over 900 million people.
With a total value locked (TVL) exceeding $200 million and a trading volume surpassing $600 million, STON.fi is designed for seamless integration with TON wallets like Tonkeeper and TON Space, allowing for the trading of any TON-based token.
To minimize price impact and slippage, the DEX utilizes a liquidity pool model where multiple users lock their assets into smart contracts, enabling instant transactions without relying on traditional market dynamics. The platform also offers advanced features such as farming and staking, allowing users to earn rewards by providing liquidity or locking assets to support network operations.
STON.fi eliminates the reliance on wrapped tokens and bridges for cross-chain transactions, enabling users to swap assets without intermediaries. By utilizing a request for quote (RFQ) combined with hashed timelock contracts (HTLC), the platform ensures secure and efficient transactions across different blockchains.
The platform recently listed the TON-based Tether (USDT) and introduced NOT, the token of the popular Web3 game Notcoin with over 35 million players. Additionally, STON.fi secured investments in a funding round led by CoinFund and with contributions from Delphi Ventures, Karatage, and TON Ventures, with notable individuals like LI.FI CEO Philipp Zentner and 1inch co-founders Sergej Kunz and Anton Bukov participating.
STON.fi’s CEO Slavik Baranov emphasized the platform’s commitment to enabling secure token swapping between networks without the need for third parties, promoting interoperability in asset transfers to create a more inclusive and efficient DeFi environment. As more platforms facilitate secure asset trading across various networks with simplicity, the decentralized space stands to gain increased value and accessibility.