TAC Mainnet Launch, DeFi Applications Enter Telegram Ecosystem

Recently, the TON Application Chain (TAC) officially launched its Mainnet, aiming to bring Ethereum-compatible Decentralized Finance (DeFi) applications into the vast user ecosystem of Telegram. According to official news, with the activation of the TAC Mainnet, Ethereum DeFi protocols including Curve, Morpho, and Euler are now available on Telegram.

The TAC token ($TAC) experienced a short-term surge after launching on the Mainnet, with a maximum increase of over 50%, reaching as high as $0.0248 at one point. As of the time of publication, the price has retraced to around $0.026.

Technical Implementation: Bringing Ethereum DeFi to Telegram

TAC is a Layer 1 blockchain based on CosmosEVM, with the core design concept of providing a "TON-specific cross-chain layer". The goal is to connect Ethereum's DApps and developers with Telegram's over 1 billion monthly active users. This technical path aims to address the incompatibility of the TON blockchain with EVM itself, allowing EVM-based DApps to access Telegram's exclusive blockchain infrastructure through TAC.

The TAC ecosystem is supported by multiple infrastructure partners, which will provide TAC with cross-chain messaging and oracle data stream services, ensuring the smooth operation and data accuracy of DeFi applications in the Telegram environment.

Currently, well-known Ethereum DeFi protocols such as Curve Finance, Morpho, and Euler have accessed Telegram through TAC to provide users with decentralized trading and lending services.

Distribution Strategy: Leveraging Telegram's Huge User Base

In the DeFi field, distribution channels are seen as a key factor for success. The strategic core of TAC lies in gaining access to the TON ecosystem and reaching Telegram's vast user base through TON. It is reported that users can use DeFi applications and engage in transactions or yield farming with just "one click."

A partner from a certain laboratory stated that the launch of TAC's Mainnet is "an important step in bringing DeFi into the mainstream," aiming to provide "real practicality" for over a billion users.

Telegram's ambitions are clearly not limited to this. In January of this year, this social giant reached an agreement with the TON Foundation, requiring all blockchain mini-programs to be developed based on TON. It then launched a digital asset tokenization plan, with the founder mentioning the deep integration of social and finance, and stating that every chat window should become a financial gateway.

A certain laboratory has just completed a Series A+ financing of $28.5 million at the beginning of July, with a valuation exceeding $1 billion. There are reports that one of the investors is a sovereign fund from the Middle East. Therefore, compared to other Layer 1 projects, TAC has a unique advantage: it does not need to cultivate user habits from scratch but instead stands directly on the shoulders of the giant Telegram.

TON Ecosystem: Real Challenges and Future Development

Despite gaining capital favor, the actual development of the TON ecosystem still faces challenges. The year 2024 is a tale of two extremes for the TON ecosystem; in the first half of the year, the total value locked (TVL) once exceeded 760 million USD, but it suffered a significant drop in August, currently standing at less than 150 million USD.

TAC is currently facing three challenges: first, how to attract quality DApp developers to continue building in the context of the overall downturn of the TON ecosystem; second, to break through the dilemma of "getting praise but not participation," truly activating the engagement of Telegram's billion-level users; and finally, to cope with the uncertainties brought by the regulatory environment, especially concerning on-chain activities.

It is not easy for over a billion chat users to suddenly engage with DeFi; how far this experiment connecting the two major ecosystems can go still requires time to provide an answer.