The recent market rally is seeing big moves from many crypto assets. With more people entering the market, dynamics among major chains are changing, and new challengers are emerging. In this environment, Fantom faces increased competition from several sources. One of the biggest potential competitors is Toncoin, which is rapidly expanding due to its Telegram links. At the same time, the new DeFi hub Elluminex promises to boost Toncoin further. Fantom Sees Sluggish Growth Fantom (FTM) has seen significant volatility during the last cycle. After doubling to its multi-year high of $1.44, the token lost most of its gains. Currently, Fantom is trading at $0.5935, down 2.0% from before the cycle started. The sluggish growth came despite several significant developments for Fantom. For one, the chain recently rebranded to Sonic, to project its high-speed capabilities. What is more, Fantom also made significant efforts toward decentralization. For one, Fantom reduced the validator self-staking requirement by 90%. This move will decentralize the network, enabling more validators to participate. Despite these developments, Fantom is not getting a lot of traction in terms of users. For this reason, it is exposed to new challenges. Toncoin Grows On Real Utility Toncoin (TON) has seen strong growth this year, on the heels of its network growth. Since the same time last year, Toncoin rose 150.70%, to its current level of $5.30. The main catalyst for its growth is its deepening integration with Telegram, which is driving network growth. In particular, Telegram mini-apps integrated the TON blockchain directly into the app. This made it easier than ever to interact with the blockchain. Notably, apps like Notcoin attracted millions of users, leading to significant network growth. Over the last year, Toncoin’s network rose 800% in total value locked (TVL), making it the fastest-growing chain in the period. The network also dominated in wallet count and transaction increases, suggesting a vibrant ecosystem. These metrics brought institutional capital to Toncoin, as well as several major partnerships. For instance, TON partnered with Pyth Network for data oracle services. This will be crucial for Toncoin’s use in real-world applications, further boosting its utility. Elluminex To Overhaul TON’s Ecosystem While Toncoin is doing well, its ecosystem still has minor issues. Notably, the DeFi landscape on TON is relatively underdeveloped, which leaves the network starved for liquidity. This is an issue that Elluminex (ELX) is solving, bringing Toncoin into the spotlight again. Elluminex is a TON-based DeFi hub that is building significant cross-chain capabilities. Its network of bridges will enable swaps across 40 blockchain networks, connecting TON to the rest of the crypto space. Critically, this will bring much-needed liquidity to TON. Liquidity is key for any network, and previous examples show this. For instance, the launch of Uniswap led to a significant rise in ETH’s price and Ethereum’s TVL. For instance, ETH rose from $200 to $1000 in 2020, the same year Uniswap launched. Now, Elluminex wants to do the same for TON. What is more, due to TON’s relative size, the effects of a cross-chain liquidity network will likely be even more significant. Thanks to its advanced features, Elluminex hopes to boost TON’s ecosystem as well as Toncoin’s valuation. At the same time, it would position itself as the key platform on the network. For more information about Elluminex (ELX) visit the links below: Website: https://elluminex.com Twitter/X: https://x.com/elluminex Telegram: https://t.me/Elluminex Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice. Times Tabloid is not responsible for any financial losses The post Competition Heats Up For Fantom As Elluminex Brings Toncoin Into The Spotlight appeared first on Times Tabloid .
