OKX Wallet Integrates Toncoin Network
OKX Wallet has announced the integration of the Toncoin (TON) network, which is associated with the popular Telegram messaging app. This development marks the 100th protocol added to OKX Wallet, underscoring its commitment to an “on-chain, any chain” philosophy. The wallet, a standalone Web3 product, operates independently from OKX’s centralized exchange (CEX) but is integrated into its decentralized exchange (DEX).
Strategy for Protocol Support
In an interview, Haider Rafique, Chief Marketing Officer of OKX, explained the company’s strategy for supporting a wide range of tokens and protocols. OKX aims to provide users with a curated experience, ensuring that only tokens meeting certain standards are listed.
“Our listing process typically revolves around a couple of things. First, we want to see some terminal velocity before considering a listing,” Rafique said. “We aim for the right timing when there’s already a built-up community and significant demand. If we launch something without sufficient demand, it doesn’t fit well with our role.”
Market Performance of Toncoin
According to data from CoinMarketCap, Toncoin has become a standout performer on OKX. It ranks as the sixth most-traded coin on the centralized exchange, just behind popular trading pairs such as BTC-USDT and SOL-USDT. Rafique noted that trading activity for TON often spikes with the introduction of new gamification features, which drive user interest and engagement.
“The utility most people are excited about is the ease of participating in network incentives and programs. This gamification aspect is the most popular, based on various signals we track,” he said. “Of course, there are speculators who just want to hold the token, hoping it appreciates because it’s backed by Telegram.”
Expansion and Integration
Prior to adding support for TON, OKX Wallet expanded its capabilities by integrating the NEAR, Blast, and zkLink Nova chains. OKX Wallet has also integrated Uniswap Labs’ trading APIs and launched a platform for Web3 game developers, further enhancing its functionality.
Growth of the TON-based Economy
The integration of Toncoin into OKX Wallet comes amid the growth of a TON-based economy, with Telegram serving as a central hub. This burgeoning ecosystem has contributed to Toncoin’s recent outperformance in the broader crypto market.
FAQ
Q: What is the significance of OKX Wallet’s integration with the Toncoin network?
A: The integration marks the 100th protocol supported by OKX Wallet, aligning with its “on-chain, any chain” philosophy and expanding its ecosystem.
Q: How does OKX determine which tokens and protocols to support?
A: OKX considers factors such as community demand and terminal velocity before listing a token to ensure a curated and high-demand experience for users.
Q: Why has Toncoin become a popular choice on OKX’s exchange?
A: Toncoin has gained popularity due to its association with Telegram and the introduction of gamification features that enhance user engagement and interest.
Q: What recent expansions has OKX Wallet undergone?
A: OKX Wallet has added support for the NEAR, Blast, and zkLink Nova chains and integrated Uniswap Labs’ trading APIs, alongside launching a platform for Web3 game developers.
Q: How is the TON-based economy influencing the crypto market?
A: The growing TON-based economy, centered around Telegram, has contributed to Toncoin’s strong performance and increased interest in the broader crypto market.
