Binance, a prominent cryptocurrency exchange, has recently announced the integration of Tether (USDT) on the Toncoin Network. This development allows users to easily deposit and withdraw USDT using the network, showcasing Binance’s commitment to expanding its multi-chain capabilities and providing more flexibility for transactions.
The Toncoin Network, also known as TON (The Open Network), is a decentralized blockchain network that originated from the Telegram Open Network, initially created by the messaging app Telegram. Following legal challenges, Telegram stepped away from the project, and it was subsequently continued by open-source developers.
Just this week, the TON blockchain achieved a significant milestone by recording a high total value locked (TVL) of over $600, according to DefiLlama data.
Another notable update related to the Toncoin Network comes from Flipster, which announced a partnership with TON to enable deposits via USDT.
TON is specifically designed to offer fast and efficient blockchains, with the aim of processing millions of transactions per second. Its sharding technology allows it to split and merge to accommodate varying loads, ensuring seamless and rapid processing times. Additionally, TON utilizes a Proof-of-Stake consensus mechanism, which enhances its security and efficiency compared to traditional Proof-of-Work systems.
The integration of USDT, the largest stablecoin in terms of market capitalization, onto the TON network greatly enhances its utility. Users can now take advantage of the network’s high transaction speeds and low costs while benefiting from the stability and liquidity that Tether provides.
For Binance, integrating USDT on the TON network aligns with its broader strategy of supporting multiple blockchain networks and offering users diverse options for managing their digital assets. To facilitate this integration, Binance has provided users with specific token deposit addresses for USDT on the TON network.
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