TAC Mainnet Launch: Bringing DeFi into the Telegram Ecosystem

The TON Application Chain (TAC) officially launched its Mainnet this week, aiming to bring Ethereum-compatible Decentralized Finance (DeFi) applications into Telegram's vast user ecosystem.

With the activation of the Mainnet, Ethereum DeFi protocols such as Curve, Morpho, and Euler are now available on Telegram. The TAC token experienced a short-term surge after its launch on the Mainnet, with a maximum increase of over 50%, reaching $0.0248, before retreating to around $0.026.

Technical Path: Integrating Ethereum DeFi into Telegram

TAC is a Layer 1 blockchain based on CosmosEVM, with its core design philosophy aimed at providing a "TON-specific cross-chain layer" that connects Ethereum DApps with Telegram's over 1 billion monthly active users. This solution addresses the issue of TON blockchain's incompatibility with EVM, allowing EVM-based DApps to access the TON blockchain through TAC.

The TAC ecosystem has received support from multiple infrastructure partners, including LayerZero, RedStone, Blockscout, and Babylon, which provide cross-chain messaging and oracle data stream services. These collaborations ensure the smooth operation and data accuracy of DeFi applications in the Telegram environment.

Currently, several well-known Ethereum DeFi protocols have landed on Telegram through TAC, providing users with decentralized trading and lending services.

Distribution Strategy: Leveraging the Large User Base of Telegram

In the DeFi field, distribution channels are seen as key to success. The core strategy of TAC is to gain access to the TON ecosystem, thereby reaching the vast user base of Telegram. It is said that users can trade or engage in yield farming with just "one click" using DeFi applications.

A partner at a certain laboratory stated that the launch of the TAC Mainnet is "an important step in bringing DeFi to the mainstream," aiming to provide "real usability" for a large number of users.

Telegram's ambitions are clearly not limited to this. Earlier this year, the social platform 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 program, with its founder mentioning the deep integration of social and finance, stating that it aims to "make every chat window a financial entry point."

A certain laboratory recently completed a financing round of 28.5 million USD, with a valuation exceeding 1 billion USD. It is reported that the investors include a certain Middle Eastern sovereign fund. Compared to other Layer 1 projects, TAC's unique advantage lies in its ability to directly leverage the user base of Telegram, eliminating the need to cultivate user habits from scratch.

TON Ecosystem: Facing Real Challenges

Despite gaining favor from capital, whether TAC can drive ecological prosperity still needs to be tested by the market. The year 2024 has been quite volatile for the TON ecosystem; in the first half of the year, the TVL once exceeded $760 million, but in August it faced a significant decline, and currently, it is less than $150 million.

TAC is currently facing three challenges: First, how to attract quality DApp developers in the overall sluggish TON ecosystem; second, to truly activate the participation of Telegram users; and finally, to cope with the uncertainty of the regulatory environment.

Getting a large number of chat users to quickly adapt to DeFi is no easy task. How far this experiment connecting the two major ecosystems can go remains to be seen.