- Binance’s listing of Toncoin would bring significant liquidity to the altcoin while allowing users to deposit TON to trade against BTC, USDT, FDUSD, and TRY.
- The TON ecosystem has seen substantial growth in 2024, driven by the increasing popularity of TON-based clicker apps accessible via Telegram.
Toncoin (TON), the native cryptocurrency of the TON ecosystem, has been on investors’ radar. The TON ecosystem saw strong retail adoption this year in 2024. As a result, the TON-based clicker apps accessible through the widely used instant messaging app Telegram are growing in popularity.
In the latest development, crypto exchange Binance announced its plans to list the TON cryptocurrency for spot trading, per the CNF report.
On Thursday, August 8, Binance announced that it would list the TON crypto for spot trading purposes. This is a massive development as the listing will usher in a lot of liquidity for the altcoin, with Binance being one of the largest crypto exchanges by trading volumes.
Per the exchange’s announcement, users can now deposit TON to trade against BTC, USDT, FDUSD, and TRY. Withdrawals are set to open on Friday, August 9.
Binance will list @ton_blockchain $TON with Seed Tag applied.
Details here
https://t.co/q4pmNujPmp pic.twitter.com/9ZTFAA2fq8
— Binance (@binance) August 8, 2024
However, Binance added that it would list the TON cryptocurrency using a seed tag. This is basically a label applied to cryptocurrencies that tend to show higher “volatility and risks” in comparison to other listed assets. Furthermore, in order to trade TON, Binance users need to pass a quiz on the perceived risk of the asset every 90 days. The exchange noted:
TON is a new listed token that poses a higher than normal risk, and will likely be subject to high price volatility. Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token.
Toncoin Goes Gasless, TON Elevates Web3 mini-Games
Last July, the core development team of the TON ecosystem unveiled its W5 smart wallet standard, which introduces gasless transactions to the blockchain and reduces the barrier to entry.
At that time, the team revealed that the standard would initially be limited to a few assets on Tonkeeper. In the future, the feature will be introduced to other popular TON ecosystem wallets, such as TON Space and MyTonWallet.
Furthermore, the TON user base has continued to grow at a good pace, with the TON blockchain hosting more than 11 million users in the past 30 days.
In another recent development, Cocos Studio announced the integration of its SDK to the TON blockchain, thereby allowing Web2 developers to seamlessly create and deploy the TON-based Mini Apps. This partnership also allows developers to engage with the rapidly expanding TON ecosystem while accessing Telegram’s vast user base of more than 950 million users. Earlier this month, Toncoin announced integration with Magrex for swift deposits and withdrawals, reported CNF.
TON Foundation teams up with Cocos Studio to elevate Web3 mini-games!
Cocos Studio’s SDK has integrated with #TON, enabling Web2 developers to easily create and deploy TON-based Mini Apps. This partnership allows developers to tap into the rapidly growing TON Ecosystem and… pic.twitter.com/mIC6ZieeZD
— TON
(@ton_blockchain) August 9, 2024
On Thursday, the Toncoin (TON) price surged more than 18% following Binance’s announcement. As a result, it has recovered all of its early-week losses on the weekly chart. As of press time, Toncoin is trading at $6.59 with a market cap of $16.59 billion. Per the CNF report, some strong whale activity in TON could lead to further price action in August.
