Toncoin (TON) Price Rise after the Announcement of Partnership with Pyth Network

Toncoin (TON), the native coin of The Open Network, has seen its value increase due to its recent collaboration with Pyth Network. This collaboration will enhance data delivery on the TON blockchain.

The value of Toncoin (TON), the native coin of The Open Network, has increased following the recent announcement of a collaboration with Pyth Network. This partnership is set to enhance data delivery on the TON blockchain, a move that is expected to contribute to the growth of the Decentralized Finance (DeFi) and gaming industries on the network.

After the August 14, 2024, announcement of the strategic partnership with Pyth Network, Toncoin price increased by 9% in the last 24hrs and was trading at $7.05 at press time. Prices surged and reached an intra day peak of $7.22 before the correction.

The partnership will see the integration of Pyth’s oracle service into the TON blockchain, providing institutional quality and real-time data to developers. This information is crucial for the creation of in-game economies and highly efficient DeFi solutions that require a high degree of accuracy and rapid processing times.

Pyth Network, initially developed for the Solana blockchain, has since expanded significantly and now operates as a multi-chain network, supporting over 70 blockchains, including Ethereum, Arbitrum, and TON.

The partnership is particularly significant for the gaming sector and DeFi on the TON blockchain. Pyth’s real-time data feeds will assist game developers in designing better in-game economics, making TON-based games more appealing to a wider audience.

Additionally, Pyth will provide precise pricing data to DeFi projects on the TON network, enabling them to offer advanced financial services with faster transaction speeds.

With Telegram's connection to casual games and other mini-apps, TON has seen rapid growth in this area. The partnership with Pyth Network will further contribute to TON's presence in the blockchain space, where it has already achieved $600 million in TVL.

Toncoin has also seen other developments, such as its listing on Binance's Launchpool platform. Starting August 15, Binance users will be able to stake BNB and FDUSD to earn rewards in TON tokens.

This follows Toncoin's listing for spot trading on Binance, which also had a similar effect of driving up the price.

Other notable events include the introduction of new components, such as city builder mode in Games like TapSwap, to enhance the play-to-earn model. These developments have contributed to the increasing attention towards TON and its related projects, which have supported the recent price increase of the cryptocurrency.

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