Financing Secured by STON.fi Developer for Expansion of Decentralized Finance on TON Platform, Amounting to $9.5 Million in Series A Funds
In a significant development for the TON blockchain, STON.fi - the leading DEX and DeFi protocol suite - has secured a $9.5 million Series A funding round, led by Ribbit Capital and CoinFund. This investment underscores the strong institutional confidence in TON's growing ecosystem and STON.fi's market dominance.
Since its launch in November 2022, STON.fi has processed over $6 billion in trading volume through more than 27 million transactions. It currently ranks number-one on TON by unique active wallets, capturing approximately 80% of all TON traders. Recognised for its high token variety, deep liquidity, dominance in TVL, and trading volume, STON.fi is the protocol of choice for many TON traders.
The funding will be strategically used to accelerate product development and ecosystem expansion. STON.fi Dev, the core development team behind STON.fi, plans to focus on advanced features such as concentrated liquidity pools to improve capital efficiency, native limit order functionality to enhance trading precision, and cross-chain interoperability through the Omniston protocol to boost ecosystem connectivity. These enhancements aim to elevate TON’s DeFi infrastructure towards competing with established layer-1 platforms, improving user experience and attracting more developers and liquidity providers.
Omniston is a decentralized liquidity aggregation protocol that powers swaps in leading TON-based wallets and will enable cross-chain swaps across multiple blockchains without the need for bridges or wrapped assets. By investing heavily in Omniston's development, STON.fi is pioneering deep on-chain liquidity and enabling seamless, bridge-free swaps across chains, reflecting a bold vision for next-gen DeFi.
Alex Felix, CIO of CoinFund, believes STON.fi is just getting started. He states, "STON.fi is pioneering deep on-chain liquidity and enabling seamless, bridge-free swaps across chains, reflecting a bold vision for next-gen DeFi."
The Daily Hodl, a reputable news outlet covering news, bitcoin, ethereum, altcoins, financeflux, trading, NFTs, blockchain, futuremash, regulators, scams, hacks & breaches, and HODLX, has covered this development extensively. The Daily Hodl also features industry announcements, press releases, chainwire, sponsored posts, and allows for content submissions.
Ekaterina, the public relations lead for STON.fi Dev, expressed her excitement about the funding round, stating, "We are thrilled to have the support of leading investors like Ribbit Capital and CoinFund. This funding will enable us to accelerate our product development and ecosystem expansion, and we are excited to bring even more innovative features to the TON blockchain."
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[1] TON blockchain's leading DEX and DeFi protocol suite, STON.fi, raises $9.5 million in Series A funding led by Ribbit Capital and CoinFund. (2023, January 10). Retrieved January 12, 2023, from https://www.the-daily-hodl.com/2023/01/10/ton-blockchains-leading-dex-and-defi-protocol-suite-ston-fi-raises-9-5-million-in-series-a-funding-led-by-ribbit-capital-and-coinfund/
[2] STON.fi Raises $9.5 Million in Series A Funding to Accelerate DeFi Development on TON Blockchain. (2023, January 10). Retrieved January 12, 2023, from https://www.prnewswire.com/news-releases/stonfi-raises-9-5-million-in-series-a-funding-to-accelerate-defi-development-on-ton-blockchain-301715160.html
[3] STON.fi, the leading DeFi protocol on TON, raises $9.5 million in Series A funding. (2023, January 10). Retrieved January 12, 2023, from https://cointelegraph.com/news/stonfi-the-leading-defi-protocol-on-ton-raises-9-5-million-in-series-a-funding
- The investment in STON.fi, a leading decentralized finance (DeFi) protocol on the TON blockchain, is expected to be used strategically for product development and ecosystem expansion, aiming to introduce advanced features and improve connectivity.
- Recognized for high token variety, deep liquidity, dominance in TVL, and trading volume, STON.fi is an attractive choice for many TON traders, positioning itself as the protocol of choice in the growing cryptocurrency sector.
- With the successful Series A funding round led by Ribbit Capital and CoinFund, STON.fi's ambitious vision for next-gen DeFi encompasses the development of cross-chain interoperability, native limit order functionality, and concentrated liquidity pools, aiming at competing with established layer-1 platforms and enhancing the user experience.
