Pyth Network has recently announced a strategic collaboration with The Open Network (TON) to deliver high-quality, real-time data to the expanding TON ecosystem.
In a statement, Pyth asserted, “Pyth’s pull oracle is designed to elevate the developer experience on TON by providing applications with the fastest, most efficient, and most reliable data available in Web3.”
Pyth and TON Forge a New Partnership
At the core of this cooperation is Pyth’s Oracle service, which will be available to developers in the TON blockchain now. This integration is believed to greatly improve the utility of apps that are built on the TON blockchain, particularly in the areas of DeFi and gaming. Therefore, Pyth’s real-time prices will help DeFi projects facilitate other financial services at the needed pace and precision to users from around the globe. In the gaming sector for example, the detailed data feeds from Pyth could significantly transform the way engaging and viable games are created.
This partnership comes at a time when TON has been experiencing rapid growth in terms of user numbers, often due to terminal games that are implemented within the framework of the Telegram messaging application. TON has already entered the market with a total value locked of more than 600 million and it’s paving itself up as a key player in the space. Pyth Network, which was designed for the Solana community, is now integrated with over 70 blockchains with the reported trade volume going past half a trillion dollars.
Toncoin (TON) Experiences Notable Price Surge
On August 15, 2024, Toncoin (TON) witnessed significant price gains, largely attributed to its recent inclusion in the Binance Launchpool platform. Over the last ten days, the cryptocurrency has climbed in value remarkably, marking its highest level in nearly four weeks. According to data from Cointelegraph Markets Pro and TradingView, TON surged from a low of $4.78 on August 5 to an intraday peak of $7.26 on August 14, reflecting an over 51% increase. By the time of publication, TON was trading at $6.98—a 10% increase within the preceding 24 hours.
As the eighth-largest cryptocurrency, TON holds a market capitalization exceeding $17.67 billion, with trading volume surging more than 90% in just one day, signaling robust demand across the market.
Key Drivers of TON’s Price Growth
The price appreciation of Toncoin was triggered by its announcement as the 56th project to be featured on Binance Launchpool. Users can now stake BNB and FDUSD to earn TON tokens, a move that has generated excitement within the trading community. Subsequently, the token experienced another spike after being listed for spot trading on Binance on August 8, where it rose over 14% within a single day, having previously been limited to futures trading only.
The recent partnership between The Open Network and Pyth Network also contributed to the upward momentum of Toncoin’s price. The integration of Pyth’s pull oracle service into the TON ecosystem will allow developers to make on-demand price data requests, enhancing their applications’ appeal and utility.
Michael Cahill, CEO of Douro Labs and a key contributor to Pyth, noted that the price feeds are safeguarded by multiple layers of protection, instilling confidence in TON developers and supporting ecosystems looking to create cutting-edge DeFi solutions that could cater to millions.
TON’s Expanding Ecosystem and Adoption
This is in line with TON’s continuous growth as a platform, with more users flocking to the platform and engagement in casual gaming on Telegram. Statistics derived from the last three months also show that the daily active addresses (DAA) and daily transactions on TON are higher compared to the Ethereum network.
According to statistics provided by DefiLlama, TON had a TVL increase of about 3,290%, rising from $22.92 million on March 1 and soaring to a record of $776.6 million by July 20. Today the total value locked in TVL equals $597.95 million, it has shown increased user engagement with TON network, which, in turn, increases the demand for Toncoin within its blockchain system.
