Ethena and TON Wallet Collaboration: A New Chapter for DeFi in the Telegram Ecosystem

Recently, the decentralized stablecoin platform Ethena announced a strategic partnership with the TON (The Open Network) blockchain to integrate its synthetic dollar stablecoin USDe and its staking version sUSDe (or tsUSDe) into the TON ecosystem. This collaboration not only brings a brand-new DeFi (decentralized finance) experience to Telegram's vast user base but also offers users attractive earning opportunities through a 16-week 'tsUSDe Earn Campaign' staking event.

Background of the Collaboration: The Strong Alliance of Ethena and TON

Ethena is a decentralized stablecoin protocol based on Ethereum, with its core product USDe maintaining its peg to the US dollar through arbitrage and hedging mechanisms, providing users with stable value storage and earning opportunities. The TON blockchain was initially developed by the Telegram team to offer efficient and low-cost blockchain services to Telegram's hundreds of millions of users. In recent years, the TON ecosystem has rapidly developed through mini-games, payment tools, and decentralized applications (DApps), becoming an important player in the Web3 space.

This collaboration brings Ethena's stablecoins USDe and sUSDe into the TON ecosystem and seamlessly integrates with mainstream non-custodial wallets such as TON Space, MyTonWallet, TonHub, and TonKeeper. This means Telegram users can directly use USDe for savings, payments, or participating in DeFi activities within the familiar wallet interface, significantly lowering the entry barrier.

tsUSDe Earn Campaign: High-Yield Staking Opportunities

To promote the adoption of USDe in the TON ecosystem, Ethena launched a 16-week 'tsUSDe Earn Campaign.' The event offers users who stake tsUSDe an annualized yield of up to 18% (for the first four weeks), far exceeding the base 8% yield from staking USDe. The subsequent annualized yield will gradually decrease but will still remain attractive. Users only need to participate in staking through supported wallets like TON Space and MyTonWallet to enjoy a low-threshold wealth management experience similar to 'Yu'ebao.'

Specific participation methods are as follows:

Choose a wallet: Create or import a wallet in TON Space, MyTonWallet, TonHub, or TonKeeper.

Obtain USDe: Acquire USDe through exchange services within the TON ecosystem.

Stake tsUSDe: Select the staking function in supported wallets, deposit USDe to obtain tsUSDe and enjoy additional rewards.

Track earnings: During the event, earnings will be automatically allocated based on staking time and amount.

This event not only provides users with high-yield opportunities but also injects new financial use cases into the TON ecosystem, attracting more users to participate in DeFi.

Why is this collaboration significant?

DeFi Transformation of the Telegram Ecosystem

In recent years, the TON blockchain has accumulated a large user base through mini-games (such as Notcoin), but its ecosystem has remained focused on entertainment and payments. Ethena's entry marks a significant step toward a more mature DeFi ecosystem for TON, providing users with diverse options from gaming to financial management. This transformation may attract more institutions and developers into the TON ecosystem, promoting its long-term development.

Lowering the Barrier to DeFi Participation

As a leading instant messaging platform globally, Telegram has hundreds of millions of active users. By integrating USDe into TON wallets, Ethena enables ordinary users to participate in DeFi without complex operations, similar to the 'Yu'ebao' model in traditional finance. This low-threshold design could accelerate the adoption of Web3.

The Synergistic Effect of Stablecoins and Blockchain Ecosystems

The introduction of USDe provides a stable medium of value for the TON ecosystem, helping to reduce the volatility risks of the crypto market. At the same time, the high-yield mechanism of tsUSDe offers users additional incentives, potentially driving the growth of transaction volumes and user activity on the TON chain.

Future Outlook: The Potential and Challenges of the TON Ecosystem

The collaboration between Ethena and TON is an important step for the TON ecosystem to expand into the DeFi space. In the future, TON may further integrate with other DeFi protocols to build a comprehensive ecosystem encompassing payments, wealth management, lending, and trading. However, challenges still exist:

Regulatory Risks: Stablecoins and DeFi projects face regulatory pressures globally, and TON and Ethena need to ensure compliance to protect user interests.

User Education: Although TON Wallet has lowered the operational threshold, the complexity of DeFi may still require more user education to promote adoption.

Competitive Pressure: The TON ecosystem needs to compete with mature blockchains like Ethereum and Solana to attract developers and users.

Conclusion

The collaboration between Ethena and TON Wallet not only brings high-yield DeFi opportunities to Telegram users but also marks the transition of the TON ecosystem from entertainment to financial services. Through the 'tsUSDe Earn Campaign,' users can easily participate in staking and enjoy annualized yields of up to 18% while injecting new vitality into the TON ecosystem. For more details, please refer to the official Ethena blog.