Binance Completes Integration of USDT on TON Network

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As an analyst with extensive experience in the cryptocurrency market, I am thrilled about the latest development between Binance and The Open Network (TON) regarding the integration of Tether (USDT). This addition not only enhances the utility of the TON network but also provides Binance users with more options to manage their digital assets.

Binance, the leading cryptocurrency exchange, has recently accomplished the integration of Tether (USDT) with the Toncoin network, as stated in a letter to its user base. This significant advancement enables users to carry out USDT deposits and withdrawals via The Open Network (TON). Notably, this feature expands the range of possibilities and convenience for users, allowing them to process their transactions on any preferred network.

Enhancing the Utility of the TON Network

As a researcher studying the digital asset trading industry, I can’t help but be excited about the latest development: integrating USDT into our network. This is a major achievement for us as a company, and it aligns perfectly with our ongoing efforts to expand our multi-chain capabilities. For Binance users, this means more opportunities to manage their digital assets. To make things even simpler, we’ve provided dedicated token deposit addresses for USDT transactions on the TON network.

TON is a decentralized blockchain network initially developed by Telegram, later transferred to open-source developers due to legal disputes. Designed for fast and efficient transactions, TON aims to process vast numbers of transactions per second.

I analyze the technology used by TON, which is based on sharding – a method of dividing larger blockchain networks into smaller, manageable parts. This process facilitates the smooth and swift execution of transactions. Additionally, TON operates with a Proof-of-Stake (PoS) consensus algorithm. In contrast to the Proof-of-Work (PoW) mechanism, PoS enhances both security and efficiency.

As a researcher studying the potential impact of digital assets on various blockchain networks, I can suggest that the integration of Tether (USDT) as the largest stablecoin on the Toncoin network could significantly enhance the network’s functionality. This addition would offer users an attractive combination of advantages: the fast and affordable transactions offered by Toncoin, along with the stability and liquidity provided by Tether.

Performance of Toncoin Network

Over the past few months, our network has experienced notable expansion, surpassing the development of similar networks.

Based on information from DeFiLlama, the TON blockchain initiated this week with an impressive Total Value Locked (TVL) amounting to approximately $600 million. By Thursday, this figure had surpassed $620 million. The upcoming objective for the protocol is to achieve a TVL of over $1 billion within the coming weeks or months.

As a researcher studying the cryptocurrency market, I’ve observed that the native token for the TON network reached its all-time high (ATH) at $8.10 approximately a week ago. At present, I see TON trading at $7.25, representing a value decrease of 0.16%. The potential reason behind this decline could be the prevailing bearish sentiment in the market.

As a crypto investor, I’ve observed that the protocol has generated trading volume exceeding $24 million and boasts a market capitalization of over $17 billion. Notably, there have been several integrations and partnerships taking place recently. Binance was among the exchanges to integrate the protocol, while Flipster made headlines by partnering with TON to facilitate USDT deposits.

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2024-06-21 12:15