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The crypto space is evolving rapidly, as new players enter the scene. BNB, the ecosystem token of the largest crypto exchange, has seen steady gains through last year. However, the token recently saw a significant dip, as traders weighed the risks of new entrants into the market.
One of these is Elluminex, a TON-based DeFi platform, which has significant advantages over Binance (CRYPTO: BNB). This new decentralized exchange is taking TON’s ecosystem by the storm, as TON continues to see rapid growth.
BNB Dips As Traders Move To DEXs
Binance Token (BNB) has long been the dominant exchange token out there. Due to the continued crypto market growth, BNB has seen steady progress, recently reaching its all-time high of $793.35 in early December.
After a slight correction, BNB was back up, seeing a monthly high of $745.15 in late January. However, it once again entered a period of volatility, dropping down to $678.34. This drop was despite continued developments in the BNB ecosystem.
For instance, BNB recently unveiled solutions for both the AI and the memecoin market. For one, BNB released a launchpad for AI projects on the chain. This launchpad enables easier development and monetization of AI agents. At the same time, the project also unveiled a memecoin launchpad, hoping to take advantage of the rapidly growing memecoin market.
Still, BNB is facing increased pressure, as Binance sees competition from other players. Decentralized Exchanges (DEXs) are becoming increasingly advanced, with many players making the shift.
TON Benefits From DeFi Growth
The Open Network (TON) is among the networks benefiting from the increasing shift to DeFi. Currently the fastest-growing blockchain out there, TON is in a great position to grow further. Thanks to its integration with Telegram, it also has access to its over 950 million monthly active users.
Telegram recently flexed its muscles in the blockchain space, showing just what it means for TON. The network announced it would only support Toncoin for payments in mini apps, driving out the competition. At the same time, B2BinPay recently integrated TON into its platform. Traders can now accept payments in Toncoin and TON-based USDT.
These factors suggest that TON has incredibly strong fundamentals. Still, TON’s DeFi ecosystem is still relatively small, leading to liquidity issues. Notably, technicals for TON are currently leaning bearish, especially the weekly momentum indicators.
Elluminex Set To Boost TON
DEXs are not only threatening Binance’s dominance. One of them, Elluminex (ELX), also promises to fix TON’s liquidity issues. This could significantly boost TON’s size, making it a potential hub for decentralized tech.
Despite the access to millions of users, TON is still a relatively small network. TON’s Total Value Locked (TVL) is under $300k, which puts it in 26th place among all chains. The main reason for this is a lack of liquidity, which makes trading very inefficient. This, in turn, is hurting trader sentiment.
Elluminex hopes to solve this problem by bringing in liquidity from other chains. Thanks to a network of over 40 cross-chain bridges, Elluminex will enable traders to access liquidity from all major chains. This will likely bring in more traders to TON.
At the same time, Elluminex has several key advantages over Binance. For one, it is self-custodial, offering much more security to traders. It also has advanced AI features that help traders make better decisions. For this reason, Elluminex could both boost TON and eat into Binance’s dominance.
Join the community and make Elluminex part of your portfolio today!
Website: https://elluminex.com/
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex
YouTube: https://www.youtube.com/@Elluminex
Medium: https://medium.com/@Elluminex
Elluminex is unique in that it is bringing DeFi to the TON Network/Blockchain which at the moment is very limited in this sense with very few options available to its users. Despite this the TON Network is still the fastest growing blockchain in the world and many view it as a future powerhouse to rival Bitcoin, Ethereum and Solana.
By bringing DeFi to the TON Network, it would immediately transform the chain and take its capabilities and vast reach to the next level. (ELX is a transformative crypto for the TON chain)
Simply having lots of token holders and liquidity means nothing if project owners, developers are not able to tap into and utilise it, and crypto users are not able to trade it freely and seamlessly.
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