Recently, the decentralized stablecoin platform Ethena announced a strategic partnership with the TON (The Open Network) blockchain, integrating 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.
Cooperation Background: The powerful union 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, originally developed by the Telegram team, aims to provide 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 stablecoin 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 that Telegram users can directly use USDe for savings, payments, or participating in DeFi activities within a familiar wallet interface, significantly lowering the entry barrier.
tsUSDe Earn Campaign: High-yield staking opportunities
To promote the adoption of USDe within the TON ecosystem, Ethena has launched a 16-week 'tsUSDe Earn Campaign'. The event offers users staking tsUSDe up to an 18% annualized return (in the first four weeks), far exceeding the basic 8% USDe staking yield. The annualized return will gradually decrease in the subsequent weeks but will still remain attractive. Users can participate in staking through wallets like TON Space and MyTonWallet, enjoying a low-threshold financial management experience similar to 'Yu'e Bao'.
The specific participation method is as follows:
Choose a Wallet: Create or import a wallet in TON Space, MyTonWallet, TonHub, or TonKeeper.
Obtain USDe: Get USDe through exchange services within the TON ecosystem.
Stake tsUSDe: Choose the staking feature in a supported wallet, deposit USDe to obtain tsUSDe and enjoy additional rewards.
Track Returns: During the event, returns will be automatically allocated based on the staking time and amount.
This event not only offers users 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?
The DeFi transformation of the Telegram ecosystem
The TON blockchain has accumulated a large user base in recent years through mini-games (such as Notcoin), but its ecosystem remains focused on entertainment and payments. The addition of Ethena marks a step towards a more mature DeFi ecosystem for TON, providing users with diverse options from gaming to wealth management. This transformation may attract more institutions and developers into the TON ecosystem, promoting its long-term development.
Lowering the barriers to DeFi participation
As a leading instant messaging platform globally, Telegram has hundreds of millions of active users. By integrating USDe into the TON wallet, Ethena enables ordinary users to participate in DeFi without complex operations, similar to the 'Yu'e Bao' model in traditional finance. This low-threshold design could accelerate the adoption of Web3.
Synergy between stablecoins and blockchain ecosystems
The introduction of USDe provides a stable medium of value for the TON ecosystem, helping to reduce the volatility risk of the cryptocurrency market. At the same time, the high-yield mechanism of tsUSDe offers users additional incentives, potentially driving the growth of trading volume 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 other DeFi protocols to build a comprehensive ecosystem covering 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 the TON wallet lowers the operational threshold, the complexity of DeFi may still require more user education to drive adoption.
Competitive pressure: The TON ecosystem needs to compete with mature blockchains like Ethereum and Solana to attract developers and users.
Summary
The collaboration between Ethena and the 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 returns of up to 18%, while injecting new vitality into the TON ecosystem. For more details, please refer to the Ethena official blog.