Sergey Shashev, a co-founder of Broxus, — about his way to Free TON, the difference between New TON and Free TON, farming perspectives and bridge development.
BROXUS: from TON to Free TON
After a long-term algorithmic trading in different markets, including the Russian and American Forex markets, I came to crypto. We launched a huge number of projects, summarized all this experience and formed Broxus.
We began to actively cooperate with TON starting from 2019. After the TON did not work out, we joined Free TON and to this day we are actively developing the system.We created an API for partners, founded DeFi SG and DeFi Alliance, assembled a group of funds, launched a decentralized Free TON↔Ethereum bridge, launched DEX, wallets. We have an impressive product line in this field.
Where’s the real Free TON?
The original TON, which was created by Pavel Durov, appeared in Open Source back in September 2019. In 2020, by the time all the courts were completely lost to the SEC, everything turned out to be in Open Source. After that, forks began to be launched, while TON itself continued to exist in the testnet mode, which was launched by Nikolai Durov.
Testnet token trading began in 2019, and there were rumors that it would be TON. Two forks appeared, they started to develop in parallel: New TON (mainly those who participated in Telegram contests) and Free TON.
TON Blockchain Community is exactly the group that started New TON. I was also there for a while, then I left, and we started working on Free TON. The network was launched in New TON, and it somehow worked. I can note that New TON has a number of good developers, they even made a bridge, but later they were joined by various business leaders who saw a business opportunity in creating a hype around these guys. In 2020, PoW givers were launched, which made it possible to get testnet tokens at an accelerated rate. Currently, 98% of all these tokens are distributed across 70,000 wallets that are linked. Some have heard of TON, some have heard of Free TON, some have heard of New TON, some have heard of Chinese TON. There was confusion in the tickers, this is a common problem.
Free TON resources are many times more powerful than those of TON Coin. At the same time, it is important to understand that the repositories and the New TON website flashed in the SEC documents. There may be unpredictable consequences. Even if it is possible to sell these tokens and earn, it is not guaranteed that there will be no consequences, because formally this code was created for the money that was invested in TON. That’s why, in my opinion, there are various legal risks.
TVL (Total Value Locked) has remained almost unchanged for the last two weeks. Stabilization is in the $22-24 range. We didn’t launch new pairs. The last pair launched as an experiment was the WTON-DAF pair.
About TON Bridge development
The bridge governance goes into DAO mode after the audit. There are 8 relays that were in the first round. 8 relays from the second round will be added to them. Thereafter, the ecosystem of these relays will manage all the liquidity that flows through the bridge.
It will be more decentralized than Polygon, where 52% is owned by one company.
Binance Chain, Polygon will be added because they are close to Ether. One of the Free TON teams made a bridge with Polkadot, they will also go under our DAO. If Polkadot holds these auctions, the ecosystem will come to life, there will be native integration with TON right away.
In the Pool tab, for example, you can pick one asset wrapped in TON, and immediately create a liquidity pool.
You can already click on WTON a beta.TONSwap.io, for example — it calculates charts, trades, volumes. This update is being tested.
First of all, it is analytical support (charts, pairs, volumes, all statistics) that was lacking. For example, the total volume of TON Swap trading is now commensurate with all centralized trading on the exchange. We launched it a month ago.
Second, now there is a Builder. It can be used to create different TON tokens in the constructor. The appearance of tokens will make it easy to launch projects, which will launch their tokens inside the network. And everything will be natively integrated with DEX right away. Farming programs will be launched somewhere. And the next stage is Launchpad. It will be possible to create a token in one place, launch Launchpad, set up pools, start farming.
- It would be great to create some sort of dashboard in the Farming tab for the pairs where I farm, to understand how much money the liquidity pool tokens are currently valued at.
Yes, there is such a request. I agree, it would be more interesting with a dashboard.
- You are developing very well and advancing very progressively. The most encouraging thing is a good profitability in farming and the fact that TON Crystal is staying at a good level.
Yes, it does, because there was no huge PR in TON, no speculative demand, as it was in Polkadot or Solana, for example. We have a lot of Russian engineers, and we need to make everything work first, and then move on. So we’ve created a lot of stuff over the year, there are only the finishing touches with the stabilization of Rust nodes and with the Free TON Whitepaper, after which the big wave will begin.