dApps Spotlight Series Ep. 1: Curve

Curve on TAC

Curve Finance has been a day-1 partner on TAC and has seen substantial growth since July mainnet. In under two months, Curve on TON powered by TAC is currently:

• The second largest DeFi dApp on TAC, contributing over 20% of total chain TVL
• The largest DEX on TAC by TVL and volume
• Over $25m in TVL across dozens of assets, with a +150% monthly growth
• The third largest chain in the Curve ecosystem excluding Ethereum mainnet, and the largest, fastest growing new deployment
• One of Curve’s important growth drivers reaching a broad user base through a different form factor: the Telegram mini-app

Let’s take a look into the drivers behind Curve’s growth on TAC and outstanding opportunities for DeFi users to take advantage of:

Bitcoin:

Bitcoin Curve pools dominate the top TVL pools on TAC. This is a very important achievement, as it marks the kickstart of Bitcoin-based liquidity on TON and Telegram.

By having deep liquidity across Bitcoin pairs enabled by TAC, the Telegram ecosystem can easily access Bitcoin-based swaps easily and with low slippage. In fact, of the top 6 pools by TVL, 5 are Bitcoin pairs. 

Leading the pack is the uniBTC/cbBTC pair at over $11m TVL. Bedrock’s uniBTC is an ERC20 token that aggregates both Babylon staking yields and Bedrock Diamonds in a staked, wrapped Bitcoin product and is always backed 1:1 by redeemable wrapped BTC.

‍Coinbase’s cbBTC is the ERC20 backed by Bitcoin held by Coinbase. Providing liquidity into this pool earns roughly 8 $WTAC per $1k deposited daily, with APRs hovering around 4%. Users can take advantage of the multitude of rewards from both uniBTC’s yield & points and TAC’s pool incentives to earn extra yield on their Bitcoin, directly from their Telegram app.

A lower TVL, higher yielding Bitcoin liquidity pool is LBTC/cbBTC. Lombard’s LBTC is a liquid-staked Bitcoin that brings native yield to BTC holders. Hovering at just over $1.3m TVL, providing liquidity to the pool yields around 20 $WTAC per $1k deposited daily, which translates to over 8% in incentives-based yield for a BTC stable pair, ranks amongst the top yielding BTC pairs across the entire DeFi ecosystem and is markedly higher than the same liquidity pool in Curve mainnet (currently yielding ~4%). 

Other BTC pairs include:

• SolvBTC/xSolvBTC yielding ~3.5% with over $4.5m TVL. SolvBTC is a universal Bitcoin reserve token that connects and unlocks Bitcoin’s value across multiple blockchains and financial ecosystems through the Solv Protocol, enabling BTC holders to participate in DeFi, CeFi, and TradFi for lending, trading, yield, and staking while retaining full control over their Bitcoin assets.
• uniBTC/satUniBTC at ~3.5% with over $4.5m TVL

uniBTC/M-BTC at ~4.5% with over $3.5m TVL. M-BTC (Merlin’s Seal BTC) is a wrapped or “sealed” form of Bitcoin that is securely bridged onto the Merlin Chain, a Bitcoin Layer 2 protocol designed to expand the utility of Bitcoin by improving scalability and enabling decentralized finance (DeFi) applications.

As shown above, there are plenty of Bitcoin yield opportunities that still offer attractive returns within the TON ecosystem. Being able to finally have deep liquidity across BTC assets for the TON ecosystem is indicative of the continued progress of interweaving an EVM-native ecosystem for Ton, and Curve is at the forefront in facilitating the productive utilization of BTC-denominated tokens across telegram, TON users.

High yielding opportunities:

There are also plenty of opportunities outside of BTC-denominated pools with incentivized yield. Some highlights that provide very favorable yields due to $WTAC incentives based on different risk profiles:

TON pairs (exposure to TON and TON-related assets, little to no impermanent loss):

• TON/tsTON at over 29%. tsTON is the liquid staking token of TON through Tonstakers. 

Stablecoin pairs (exposure to stablecoins, no impermanent loss):

• sUSN/USN at over 13%. USN is a 1:1 USD-pegged stablecoin minted by users who deposit USDT or USDC into the Noon Capital protocol. sUSN is the yield-bearing staked version of USN.
• USD0/USD0++ at over 18%. USD0 is a stablecoin created by Usual Labs that is fully backed 1:1 by Real-World Assets (RWA), such as US Treasury Bills. 

USR/USDT at over 11%. USR is a stablecoin issued by the Resolv decentralized finance (DeFi) protocol.

ETH pairs (exposure to ETH and ETH-related assets, little to no impermanent loss):

• WETH/pufETH at over 14%. pufETH is a liquid re-staking token representing staked Ether (ETH) on the Ethereum network, developed by Puffer Finance. 
• WETH/wrsETH at over 9%. wrsETH is the wrapped version of the Kelp DAO restaked ETH token (rsETH) within the Kelp DAO ecosystem. 
• WETH/wstETH at over 10%. wstETH is a wrapped version of Lido's staked Ether token (stETH)

The strong liquidity being onboarded on Ethereum-based assets is an important step to bring onto Telegram the Ethereum DeFi. 

Users on Telegram, via a simple swap on the Curve’s Telegram Mini App are able to access.

Volatile pairs (exposure to two assets, potential impermanent loss):

• USDT/WTAC at over 25%
• WTAC/TON at over 85%

Upcoming opportunities:

The past two months have been a spectacular growth period for Curve on TON powered by TAC, and Curve is looking to expand its product offerings even further. Presently, swaps and liquidity pools are available for stablecoins and major crypto assets such as BTC, ETH, TON; Curve will soon bring, through the new FXSwap design, FX pairs to TAC, allowing users to swap and provide liquidity to low-volatility pairs such as EUR/USD, XAU/USD and other assets outside of the current tradeable tokens.

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