Bridging The Open Network and Ethereum for Decentralized Lending

DUBAI, UAE / ACCESSWIRE / April 17, 2023 / Tonpound Protocol is the first decentralized lending protocol that enables TON staked in The Open Network nodes to be used as collateral on the Ethereum blockchain. This integration has the potential to connect billions of dollars worth of liquidity on both networks, allowing TON holders to use powerful DeFi apps, while simultaneously drawing the attention of Ethereum users to The Open Network.

The Tonpound DAO will leverage an innovative system of governance NFTs (gNFT) for voting and providing benefits such as distribution of protocol income to DAO members. To obtain gNFTs, users have to earn and burn the Tonpound Participation Index (TPI), which will serve as an index of community engagement. A large part of its supply will be airdropped for free to early supporters and liquidity providers through a Fair Launch model.

The MVP of Tonpound was shipped in March 2023 and underwent a public testing. The protocol development team is advised by HashEx security consulting and Tonpound’s smart contracts were audited by 0xGuard before the mainnet release. Tonpound was successfully launched on 1 April with integration of further blockchains planned throughout the year.

Introducing Tonpound Protocol

The Open Network’s native token, Toncoin ($TON), is one of the most valuable digital assets on the stock market. Tonpound Protocol has been designed to increase the utility of $TON by allowing its use as collateral for lending and borrowing on the Ethereum blockchain.

The integration of The Open Network and Ethereum via Tonpound Protocol will create an unprecedented opportunity for liquidity providers, traders, and investors on both networks. Tonpound’s unique approach to lending will provide a secure and efficient way for TON holders to unlock the value of their tokens, while at the same time, offering Ethereum users access to the vast liquidity of The Open Network.

Tonpound DAO

Tonpound’s governance will be run by the Tonpound DAO, which will be responsible for the long-term development and management of the protocol. The DAO members will be able to vote on protocol upgrades and changes, as well as receive certain benefits such as share in the protocol earnings.

To become a member of the Tonpound DAO, users must hold at least one governance NFT (gNFT). The governance NFTs can be minted for free by anyone and later upgraded through burning the Tonpound Participation Index (TPI) token. Designed in the unique style, gNFTs can be one of three tiers: topaz, emerald or diamond. A better gNFT tier brings its holder more benefits and voting power.

Fair Launch

Tonpound will follow the Fair Launch model, distributing Tonpound Participation Index (TPI) to early supporters and liquidity providers. The rest of the supply is reserved for necessary allocations such as marketing or integrations with no token pre-sale taking place whatsoever. This approach is designed to incentivize early adoption and engagement with the protocol, creating a strong and active community from the outset.

The TPI token will therefore serve as an index of community engagement, with the most active and dedicated community members receiving the greatest rewards. Such involved users will also build up a large part of the Tonpound DAO members, since upgrading and activating a governance NFT can be achieved only by burning TPI.

Conclusion

The Tonpound protocol represents an innovative and forward-thinking approach to decentralized lending, bridging The Open Network and Ethereum for the benefit of both communities. By unlocking the value of TON tokens and providing access to The Open Network’s liquidity, Tonpound Protocol has the potential to revolutionize the DeFi landscape. With the protocol launch already completed and further blockchain integrations planned throughout the year, Tonpound Protocol is set to be one of the most exciting projects of the year, both on The Open Network and the Ethereum blockchain.

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SOURCE: Tonpound Protocol