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Decentralized crypto exchange Curve Finance and the TON Foundation have announced a joint hackathon aimed at developing a new Stable Swap project on the TON blockchain. The initiative, which runs until October 17, will bring together teams of developers interested in improving stablecoin trading and user experience on the network, according to a press release dated October 11. During the hackathon, participants will use Curve’s solution, designed to optimize exchange processes and simplify the exchange of yield tokens. Curve Finance also noted that at least 70 teams from the TON community have already expressed interest in participating, although no specific names were named.
A jury consisting of Curve founder Michael EGOROV and TON representatives will evaluate the teams based on their solutions to specific development tasks related to the project. The top three teams will have the opportunity to continue working with Curve and TON. This collaboration follows a turbulent period for Curve, during which Egorov saw significant liquidations across multiple positions, causing the token’s price to drop by 30%. These liquidations had a ripple effect throughout the ecosystem, as CRV serves as a trading pair and collateral in various liquidity pools. For example, an address on the Frax Lend protocol saw $3.3 million worth of liquidations as CRV prices fell.
Founded in 2020, Curve Finance has raised significant funding from notable investors including Binance Labs and Platinum Capital VC, according to PitchBook, with the goal of improving the efficiency of stablecoin trading through its automated market maker platform.
Image: Binance Academy
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