How to Take Part in TON/USDt Liquidity Pool?
The TON Foundation announced the integration of USDT on TON and launched an incentive program to promote the adoption of USDT on the TON platform.
The TON Foundation announced the integration of USDT on TON, making cross-border payments faster, cheaper, and easier for Telegram users. This was announced on April 19 at the TOKEN2049 Conference in Dubai. To celebrate this integration, the Foundation is offering 11 million Toncoin as an incentive to encourage new user adoption.
USDT on TON has simplified global peer-to-peer payments by integrating USDT into the Telegram Wallet. This allows instant and free transfers of USDT between Telegram users via direct messaging, without the need for blockchain addresses or downloading additional apps. Tether is a cryptocurrency that maintains a 1-to-1 peg with the US dollar and is fully backed by Tether's reserves.
The launch includes fully integrated on-ramps for most global fiat currencies, and soon, off-ramps will also be available, allowing users to withdraw to bank accounts or cards directly. The goal of USDT on TON is to provide a cross-border payment system that is faster, simpler, and more cost-effective than traditional financial services.
TON Foundation Incentive Program
TON Foundation has allocated 11 million Toncoin to promote the adoption of USDT on the TON platform.
For a limited time, the TON Foundation rolled out the following initiatives:
- 5 million Toncoin will be allocated to boost rewards in the USDt/TON liquidity pools at STON.fi and DeDust DEXes.
- Another 5 million Toncoin will be awarded to users who deposit USDt into the Wallet's Earn campaign.
- Additionally, withdrawals to TON from supporting exchanges such as OKX, Bybit, MEXC, and KuCoin will be free for all users until the end of June 2024.
For more information and a guide on how to use USDt on TON, refer to the latest blog post.
$30M in TON/USDt LP Boosts
Currently, $30 million in TON/USDt Liquidity Pool (LP) Boosts are already available. According to the Telegram announcement, as the TVL in these pools grows, additional rewards will be added.
Approximately 5 million Toncoin, valued at around $30 million, is being allocated to boost TON/USDt Liquidity Pools on TON’s DEX platforms STON.fi and DeDust.io. Users can visit these platforms, deposit TON and USDt, and begin earning their share.
These Liquidity Pool Boosts, aim to offer a consistent Annual Percentage Yield (APY) of 50-60% over the next three months.
How to Take Part in TON/USDt Liquidity Pool?
1. Pick your DEX: STON.fi or DeDust.
2. Go to Pools section
3. Find TON/USDt Pool
4. Deposit liquidity to TON/USDt
Let's go through the process using STON.fi as an example:
First, navigate to the "Liquidity Pools" section on the STON.fi platform.
Connect your wallet, such as Telegram Wallet or any other supported application.
Exchange the necessary amount of Toncoin for USDT, taking into account potential fees. Enter the amount of TON or USDT you wish to exchange, select the "Swap", then "Confirm swap," and confirm the transaction in your wallet.
Return to the "Liquidity Pools" section, find the TON/USD₮ pair or use the search function by entering "USD" to select the appropriate pool.
On the pool page, select "Add liquidity" and enter the amount of USDT you just obtained. Pay attention to the amount of TON that will be committed to the pool and ensure you leave at least 1 TON in reserve to cover potential fees.
Click "Provide liquidity" and confirm the transaction in your wallet.
Now, you will automatically receive a share of the fees for each swap in the TON/USD₮ pair on the selected DEX. Once farming begins, you can transfer your LP tokens to the farm right from the pool page and start earning rewards
