TAC Launches Mainnet for DeFi on TON and Telegram

TAC, a Layer 1 network designed to integrate Ethereum's capabilities into The Open Network (TON) and the messaging app Telegram, has officially launched its public mainnet. This development allows popular Ethereum-based decentralized finance (DeFi) protocols like Curve, Morpho, Bancor, ZeroLend, and Euler to be available for users on TON and Telegram. Users can engage in decentralized lending, yield farming, exchanges, and various other functionalities, as stated in a release shared with The Block. Andrew Klebanov, Managing Partner at TOP Labs, remarked, "TAC’s mainnet launch is a significant milestone for mainstream DeFi adoption. By connecting Ethereum dApps with Telegram's ecosystem, TAC offers substantial utility for over a billion users." With Telegram surpassing 1 billion monthly active users in March, as noted by CEO Pavel Durov, the potential customer base for TAC's offerings is enormous. The company raised $11.5 million through a combination of strategic investments and a $6.5 million seed round led by Hack VC and Symbolic Capital in November 2024. Furthermore, The Open Platform (TOP), the TON development initiative supporting TAC, successfully raised $28.5 million in an extended Series A round, achieving a valuation of $1 billion. The Open Network facilitates Telegram mini-apps, including trending crypto games like Hamster Kombat and Notcoin, boasting over 40 million active users. As of publication, the blockchain's native asset, Toncoin, traded at $3.01, contributing to a market capitalization of $7.4 billion and a trading volume of $287 million in the past day. Disclaimer: The Block maintains its independence in reporting news, research, and data, while Foresight Ventures serves as a majority investor as of November 2023. This article is for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.