Aiming to revolutionize cross-chain transactions, STON.fi, a decentralized exchange (DEX) on The Open Network (TON) blockchain, is set to introduce innovative tools that eliminate the need for bridging and wrapping. This initiative seeks to enhance user convenience and address critical challenges in the decentralized finance (DeFi) ecosystem.

Decentralized finance empowers users by removing intermediaries, granting them greater control over their assets. However, the lack of interoperability between blockchain networks has been a significant barrier, limiting access to diverse trading opportunities within DeFi. Typically, users must rely on third-party services for transferring assets between blockchains, which can expose them to security risks, incur high costs, and delay transactions.

In contrast, STON.fi's approach leverages a multichain structure to provide users with a seamless way to transact tokens across networks without needing additional services. This enhances the overall value of the Web3 space.

Cross-Chain Swaps Without Bridges and Wrapped Tokens

STON.fi aims to streamline cross-chain swaps by eliminating the need for wrapped tokens—representations of base tokens on other blockchains—and bridges, which facilitate transfers between blockchains. The DEX, which boasts a total value locked (TVL) of over $200 million and a trading volume exceeding $600 million, is designed for easy integration with TON wallets such as Tonkeeper and TON Space. These integrations enable the trading of any TON-based token.

To minimize price impact and slippage, STON.fi employs a liquidity pool model. This model comprises funds that multiple users lock into smart contracts—self-executing agreements—enabling instant transactions without relying on traditional buyer-and-seller markets. Additionally, the platform offers advanced functionalities like farming and staking, allowing users to earn rewards by providing liquidity or supporting network operations by locking their assets.

Innovative Transaction Protocols

STON.fi utilizes a request for quote (RFQ) system combined with hashed timelock contracts (HTLC) to facilitate secure and efficient cross-chain transactions. In RFQ-based protocols, traders express their intention to swap assets by sending an RFQ to professional market makers (PMMs). The PMMs respond with signed quotes detailing swap rates and conditions, from which the protocol selects the best quote based on predefined criteria and presents it to the trader.

HTLC protocols, also known as atomic swaps, ensure that both parties receive the intended assets or the transaction is canceled, and all assets are refunded. This mechanism provides a high level of security, preventing dishonest behavior during transactions.

Recent Developments and Investments

STON.fi has achieved significant milestones, including the listing of the TON-based Tether (USDT) and the launch of NOT, the token for the popular Web3 game Notcoin, which has over 35 million players. The platform also secured investments in an undisclosed funding round led by CoinFund, with contributions from Delphi Ventures, Karatage, and TON Ventures. Notable individual investors, including LI.FI CEO Philipp Zentner and 1inch co-founders Sergej Kunz and Anton Bukov, also participated.

CEO Slavik Baranov emphasized that these strategic moves align with STON.fi’s broader vision of enabling Telegram users to swap tokens securely across networks without third-party intermediaries. "STON.fi exists to make it simple and fair for everyone to access DeFi as easily as they use Telegram," Baranov noted.

Future of DeFi Interoperability

Ensuring seamless interoperability in asset transfers is crucial for making the DeFi environment more inclusive and efficient. As platforms like STON.fi continue to enable secure asset trading across different networks without complexity, the decentralized space is poised to gain greater value and accessibility. This evolution is essential for fostering a more robust and user-friendly DeFi ecosystem.