What Can You Do with Your $TON: Yield Opportunities On and For TON

Telegram and the TON (The Open Network) DeFi ecosystem represent a bold attempt to merge DeFi with one of the world’s largest messaging platforms of over 1 billion users. Leveraging Telegram’s user base, TON enables on-chain financial applications—like decentralized exchanges, staking platforms, and token games—to be accessed directly within the messenger. Its technical design prioritizes high transaction throughput and low fees, making DeFi more accessible to millions who may have never interacted with blockchains before. However, many stalwart DeFi apps have been slow to deploy on TON. 

With TAC, this changes. 

Since TAC mainnet went live in July, several top DeFi apps such as Curve, Morpho and Euler, each boasting over $1B TVL and a longstanding track record of execution and safety, have deployed with TAC. Newer dApps such as Carbon and ZeroLend have also capitalized on the opportunity to provide DeFi capabilities to the Telegram userbase, resulting in TAC offering a rich network from inception. 

In this article, we explore the extensive opportunities that TAC has enabled for TON, telegram and EVM users alike.

DEX

Curve

Curve is a decentralized exchange (DEX) specializing in efficient, low-fee stablecoin trading using automated market maker technology. Having launched in January 2020, Curve has facilitated over $500B in trading volume and has become the de-facto platform for stablecoin swaps.

Curve launched as a Day-1 partner on TAC Mainnet, currently holding over $12M TVL across a multitude of liquidity pools, including some that are exclusive to TAC:

Stablecoins:

An interesting non-volatile LP opportunity involves Noon, a yield-bearing stablecoin. 

Earn both $TAC rewards and a multiplier on Noon points to provide liquidity on the below pairs:

• SUSN/USN
• USN/USDT

The aforementioned pools present a best-in-class stablecoin LP yield compared to stablecoin liquidity pools on DefiLlama. These pools present yields of over 15% at a significant scale before including the additional Noon points offered.

The Resolv stablecoin liquidity pool USR/USDT currently yields a best-in-class 25% on Curve, outstripping equivalent USR liquidity pools by over 1,000 basis points due to TAC incentives. 

Bitcoin (BTC):

For the Lombard users, there’s also an LBTC/cbBTC pool at an ~14% APR, whereas the next highest yielding pool hovers around mid-single digits.

Ether (ETH):

Finally, there’s an option for ETH maxis out there with both a staked ETH WETH/wstETH and restaked ETH WETH/wrsETH & WETH/pufETH pools. Currently yields hovering between 7%-18%.

Find the comprehensive list of pools here: https://www.curve.finance/dex/tac/pools/

TG MiniApp: https://t.me/CurveAppBot

Carbon

Built by Bancor, Carbon empowers users with automation and superior orderbook-like features. Carbon on TAC has the highest TVL across all Carbon deployments and a wide variety of asset pairs and automated strategies.

The leading TVL pool is the LBTC/cbBTC pool at $2.8M TVL, which maintains a healthy mid-single digit APY.

Additionally, there are smaller opportunities that mainly focus on volatile pools, with pairs such as 

• TON/USDT
• cbBTC/USDT
• WETH/USDT 

all yielding in the high double-digit APYs with $TAC incentives.

Find the comprehensive list of pools here: https://tac.carbondefi.xyz/explore/

Lending

Euler

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Euler is a decentralized lending protocol focused on permissionless, flexible, and efficient crypto lending and borrowing. Launched in 2021, it has reached over $1B in TVL and supports over 140 lending pools. Euler’s expansion through TAC has resulted in Euler becoming the highest TVL protocol on the chain, with over $68M TVL as of today. Within Euler, there are several interesting opportunities to earn DeFi yields, particularly with its different risk curation clusters:

The highest TVL pool at $19M comes from the USDT+USN loop utilizing the Edge Ultrayield strategy. With both rEUL and TAC rewards, supplying USDT results in 17% APY, borrow rates for USN are at 2%, and with a max LTV of 0.85, a 6.55x multiplier implies >80% APY on what is essentially unliquidatable due to market volatility.

Several other looped strategies yield north of triple-digit yields: 

• For the ETH holders, Re7 Lab’s wrsETH+WETH loop is the highest yielding at 30% 
• For BTC maxis, the LBTC+cbBTC loop offers north of 90% yields at the max multiplier of 9.98x
• Stablecoin holders also have the option to implement the USDT+sUSN and sUSN+USN loops, also by Edge Ultrayield, both sustaining >80% yields
• Finally, for TON holders, tsTON+TON loop also provides ~100% APRs.

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Find all lending assets and looped strategies here: https://app.euler.finance/borrow?sorting=liquidity-desc&network=tac

TG MiniApp: https://t.me/EulerFinanceBot/app

Morpho

Morpho is a decentralized, peer-to-peer lending protocol that optimizes borrowing and lending efficiency by directly matching users. Launched in 2021, it has surpassed $6 billion in TVL and supports over 450 lending markets across multiple chains. Morpho’s expansion on TAC has garnered over $56mil TVL across a range of assets, with several high-yielding opportunities for DeFi users:

•  30% yield to supply TON curated by Re7

• WETH and cbBTC lending rates above 10% curated by 9Summits and Re7
• USDT rates hovering around 20% curated by Re7

As these are vaults with a timelock of 1 day, there is no inherent leverage behind the yields, and as shown, there’s a healthy amount of assets across all vaults, providing a mix of underlying lending yield and additional TAC incentive rewards.

Find all lending assets here: https://lite.morpho.org/tac/earn

TG MiniApp: https://t.me/MorphoOrgBot

Conclusion

As we can see, the DeFi ecosystem on TAC is quickly growing and budding with opportunity, providing a user-friendly interface through Telegram to be able to easily access best-in-class yields across a variety of assets and risk profiles. By leveraging in-app mini-programs and seamless wallet integrations, users can swiftly deposit, stake, or swap tokens on some of DeFi’s most popular dApps without ever leaving their chat apps. 

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1. Filtering for stablecoin DEX liquidity pool yields with TVL of at least $1 million