Ethena’s synthetic dollar is making inroads into DeFi on Telegram’s TON blockchain, boosted by incentives from the TON Foundation.
DeFi protocol STON.Fi is integrating Ethena’s USDe stablecoin into its platform as it seeks to enhance yield opportunities on the Telegram-linked TON blockchain.
The deployment of USDe on TON aims to bolster DeFi adoption on TON and is integrated with wallets in Telegram and externally owned accounts (EOAs) that are compatible with TON.
The activation combines Ethena’s delta-neutral yield strategy with additional TON incentives sponsored by the TON Foundation, enabling users to earn up to 18% annual percentage yield (APY) on their funds. The extra 10% yield is limited to 10,000 tsUSDe per eligible wallet.
STON.Fi is the second-largest protocol on TON, and commands more than 40% of the network’s total value locked (TVL). STON.Fi holds $66 million while the chain itself manages $158 million.
While STON.Fi remains the dominant yield protocol on TON, both the platform and the network’s TVLs are down significantly from their all-time highs in August 2024. STON.Fi’s TVL is down 82% from its high of $370 million, and TON’s is down 79% from its high of $775 million.
Slavik Baranov, the CEO of STON.Fi said, “With USDe, the ecosystem is introduced with more than just a new on-chain asset — it’s an integration of a reward-bearing asset that helps users manage their holdings without giving up control or flexibility. It’s a meaningful step forward for DeFi on TON.”
TON has had a strong week compared to the rest of the market, rising 6.3% over the last seven days, while BTC has declined 4% during the same timeframe.
