From Minigame to DeFi: What’s Missing in TON?

In the past few months, we’ve seen a surge in the TON ecosystem, including the listings of Notcoin, Dogs, Hamster Kombat, and Catizen on Binance. It reportedly brought millions of new KYC users to the exchange. Whether we admit it or not, this is actually the biggest mass adoption of blockchain in the last few years. But the problem is, what’s next?

Despite the large number of users, the TVL is still relatively low, and we don’t see many DeFi protocols emerging. This also raises concerns about the low user value on TON and the discussions about the incomplete infrastructure of the $TON blockchain.

In this article, however, we want to briefly discuss an important concept behind DeFi – the “Atomic Swap” and the problem that LayerPixel addresses. On the one hand, the initial success of DeFi can be traced back to Ethereum, which has become the basis for DeFi DApps and smart contracts. On the other hand, the emergence of asynchronous blockchains like TON presents new opportunities and challenges for DeFi applications, especially in terms of composability.

The DeFi ecosystem evolved during the “Summer of DeFi”, largely centered on Ethereum. Developers took advantage of the Ethereum ecosystem, where smart contracts served as basic building blocks that could be combined like Lego bricks. This composability provided the network effect necessary for the rapid proliferation of decentralized financial applications and services.

Ethereum’s composability paradigm allowed various DeFi protocols to interact with each other in innovative ways. Fundamental financial primitives such as atomic swaps, flash loans, re-staking, and lending platforms exemplified how different applications could be combined to create complex, multi-functional financial products.

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