Exclusive DeFi applications will appear in 'Telegram': what you need to know

The blockchain project TON Application Chain (TAC) raised $11.5 million in investments. All funds will go towards integrating decentralized finance (DeFi) into 'Telegram.'

Expanding DeFi for $1 billion Telegram users

TAC is an EVM-compatible blockchain designed to connect Ethereum applications to the TON and Telegram networks. Initially, The Open Network was developed for crypto applications. However, the network does not support ETH smart contracts, where the main DeFi activity is concentrated.

The TAC team has developed a solution that will allow Ethereum developers to transfer dApps to the messenger. For the launch of the mainnet, which is planned for the near future, the project raised $11.5 million in investments from Hack VC and other venture funds.

"TAC will provide developers with tools to launch their applications in the 'Telegram' ecosystem, which is used by a billion people. The strategic investment round will accelerate our mission for the mass adoption of applications on Ethereum and lay the foundation for the next wave of consumer applications on TON," said TAC co-founder and CEO Pavel Altukhov.

TON Application Chain collaborates with leading DeFi projects such as Curve, Morpho, and Euler. Their total value of locked assets (TVL) exceeds $7 billion. At the launch of the TAC mainnet, three mentioned platforms and more than 17 other applications will be available to users.

"The launch of Curve on TON and in 'Telegram' is a breakthrough in the accessibility of DeFi. TAC implements a bold idea: to deliver battle-tested EVM applications to where users are. We are proud to be among the first to implement this and set the tone for future changes," noted Curve founder Mikhail Egorov.

At the time of writing, TAC is conducting two testing campaigns in preparation for the launch in 'Telegram.' The first - The Summoning - raised over $700 million in TVL. The second - The Samurai’s Call - attracted about $117 million.

The $11.5 million in investments that TAC raised during the first funding round will go towards refining the mainnet before launch. The $817 million raised during the campaigns will go towards ecosystem development.