TAC raised $11.5 million across its seed and strategic funding rounds in an effort to integrate DeFi with Telegram’s massive user base. The network also partnered with leading DeFi platforms like Curve, Morpho, and Euler.
Also known as the TON Application Chain, TAC is a purpose-built EVM-compatible blockchain designed to bridge Ethereum dApps with the TON and Telegram ecosystem.
Expanding DeFi to Telegram’s Billion Users
While TON was purpose-built to launch new blockchain and crypto-native applications on Telegram, its native smart contract environment could not host existing Ethereum apps, which manage the lion’s share of DeFi activities.
So, true DeFi adoption cannot happen without these existing protocols on Ethereum. TAC launched with an ambitious goal to address this.
With this goal in mind, the network’s mainnet launch is set to happen sometime in the near future. To facilitate this project, TAC recently conducted a $5 million strategic funding round led by Hack VC, bringing the firm’s total war chest to $11.5 million.
“TAC is committed to giving EVM developers the tools and reach to deploy their applications into Telegram’s billion-user ecosystem. This strategic round accelerates our mission to bring Ethereum applications to everyday users and lays the groundwork for the next wave of TON-native consumer apps,” claimed TAC co-founder and CEO Pavel Altukhov.
Hack VC has a history of leading these major funding rounds, and it evidently believes in this endeavor. Managing Partner Ed Roman claimed that TAC’s goal of bringing Ethereum dApps to Telegram is “building the future of the internet.”
Hopefully, this level of support will produce impressive results.
Of course, TAC can’t revolutionize Telegram’s access to DeFi alone. It’s partnering with leading DeFi firms like Curve, Morpho, and Euler to pre-build 20+ apps for immediate mainnet integration.
Combined, these firms have a TVL of over $7 billion. As soon as TAC goes live, these apps will ensure that users can enjoy utility, liquidity, and proven DeFi primitives.
“Curve going live on TON and Telegram marks a breakthrough for DeFi accessibility. TAC delivers on a bold vision to bring battle-tested EVM applications to meet users where they are. We’re proud to be one of the first to deploy and set the pace for what comes next,” claimed Curve founder Michael Egorov.
Additionally, TAC has two testnet campaigns to make further preparations for the Telegram launch.
The Summoning, TAC’s pre-mainnet liquidity bootstrapping campaign, raised over $700 million in TVL from leading funds, liquidity providers, and infrastructure players.
Combined, TAC’s two campaigns currently have $817 million in TVL, further signifying this high support.
To be clear, the $11.5 million in seed funding will fund pre-launch development. After TAC actually deploys a DeFi stack on Telegram, this $817 million will make sure that this ecosystem has solid momentum.
Together, these investments represent the community’s strong confidence in TAC. Hopefully, it can fulfill these hopes with a powerful and long-lasting project.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Read the full article here
