TAC (TON Application Chain) has successfully raised $6.5 million in a recent funding round aimed at enhancing the integration of Ethereum Virtual Machine (EVM) applications for users of the TON ecosystem and Telegram. This investment marks a significant step in expanding the functionality and accessibility of decentralized applications (dApps) within these platforms.
Funding Overview
The funding round was led by prominent investors, reflecting confidence in TAC’s potential to bridge the gap between the TON and Ethereum ecosystems. With this capital, TAC plans to develop infrastructure that allows seamless access to EVM-compatible dApps directly within Telegram, thereby enhancing user experience and engagement.
Strategic Collaboration
In conjunction with this funding, TAC has partnered with Polygon Labs to integrate EVM functionality into the TON ecosystem. This collaboration is pivotal as it will enable developers to create a diverse array of dApps, including those focused on decentralized finance (DeFi), gaming, and identity solutions. The integration of the Polygon CDK and Agglayer interoperability protocol will facilitate this process, allowing Ethereum developers to tap into TON’s growing user base.
The TON Applications Chain (TAC) recently raised $6.5 million to enable in-app access to Ethereum-compatible decentralized applications (DApps) for Telegram and TON (The Open Network) users. Backed by The Open Platform and developed with Polygon’s support, TAC will be a new layer-2 solution that connects TON with Ethereum’s EVM ecosystem. By using Polygon’s Chain Development Kit and AggLayer protocol, TAC allows developers to easily port Ethereum DApps to TON, aiming to enhance the availability of DeFi, gaming, and identity solutions for Telegram’s substantial user base.
Market Potential
The TON network has seen a surge in activity, with daily active addresses surpassing those on Ethereum as reported in June 2024. This growth indicates a robust interest in the platform, which is further fueled by the increasing number of users engaging with Telegram’s built-in wallet functionalities. TAC’s CEO, Pavel Altukhov, highlighted that this integration not only enhances the range of applications available but also positions TON as a competitive player in the blockchain space.
This integration targets the 5.8 million active wallets within Telegram, enhancing user engagement with blockchain applications directly in the messaging platform. The project’s supporters, including Curve Finance’s founder Michael Egorov, envision TAC as a driver for DeFi growth, leveraging Telegram’s reach to potentially mainstream blockchain adoption. Additionally, TAC plans to raise an extra $5 million to continue development and scaling efforts for this ecosystem expansion. This step aligns with a broader industry trend where major blockchain networks are creating interoperability solutions to enhance access to decentralized applications across ecosystems
Future Prospects
The successful fundraising and strategic partnerships signal a promising future for TAC and its users. By leveraging the existing Telegram user base, TAC aims to simplify access to EVM applications, potentially attracting more developers and users to build and engage with dApps on its platform. This initiative could lead to innovative solutions that meet real-world needs, further solidifying TON’s position in the blockchain ecosystem.
In summary, TAC’s recent $6.5 million funding round and its collaboration with Polygon Labs are set to enhance the accessibility of EVM applications for Telegram users, paving the way for a new wave of decentralized applications that could transform user interactions within the platform.
