Toncoin gains 8% as STON.fi secures $9.5M to expand DeFi on TON

The cryptocurrency market plunged on Wednesday amidst Fed policy jitters and Indonesia's crypto tax updates.

Telegram-based Toncoin was among the few tokens with gains in the past 24 hours.

Toncoin exhibited an upbeat outlook following a crucial announcement.

According to a 30 July press release, TON’s core DEX STON.fi has raised $9.5 million in a Series A funding led by CoinFund and Rabbit Capital.

The massive bet signals growing investor trust in the TON ecosystem as it aims to democratize the DeFi world in the web3 era.

Also, the investment confirms STON.fi’s dedication to its roadmap and mission.

According to the announcement:

STON.fi has grown into a backbone of TON’s DeFi infrastructure since launching in late 2022.

Its increasing dominance in user activity (over 27 million transactions) and trading volume (more than $6 billion) has attracted financial support from industry leaders.

It also commands around 80% of all Toncoin traders, ranking 1st by active addresses on the TON network.

That sets the stage for another era of growth, while reflecting investor confidence in the protocol.

Support from investors like Rabbit Capital is more than funding a decentralized exchange.

The move signals a bold bet on a network that is transforming DeFi.

STON.fi Dev CEO Slavik Barano commented on the latest funding round, saying:

Lucrative plans for a brighter future

The capital will fund various initiatives, including:

• Developing concentrated liquidity pools for enhanced capital efficiency.
• Giving users more control through a new community governance layer.
• Launching a limit order feature to enrich the trading experience.
• Fuel the upcoming liquidity aggregation platform (Omniston), which promises bridge-free, seamless swaps across various blockchains.

These plans reflect STON.fi’s goal to make DeFi frictionless, more connected, and faster without bridges that are often prone to risks.

Omniston aims to revolutionize decentralized finance through interoperability.

Toncoin price outlook

The native token soared from $3.2238 to $3.4841 on its daily chart as the announcement sparked bullish momentum.

Toncoin trades at $3.44 after a slight dip from its intraday peak, with a 36% uptick in daily trading volume suggesting upward momentum.

The altcoin remains poised for a lucrative long-term performance amid proactive DeFi developments.

It will enjoy more utility as Telegram grows into a DeFi powerhouse.

Meanwhile, the broad market outlook will possibly determine Toncoin’s direction in the coming hours.

Continued bearish tendencies could limit the upside and catalyze price corrections.