Megaton Finance
Decentralized exchange protocol on the TON network.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $1.5m | Seed | |
| Total Funding | 000k | ||
Megaton Finance is an automated market maker (AMM)-based decentralized exchange (DEX) built on The Open Network (TON). The protocol was developed by Ozys, a South Korean blockchain technology company established in 2018. Megaton Finance launched on January 30, 2023, with the goal of providing DeFi services like token swaps and yield farming to users within the TON ecosystem.
The platform operates on a business model common in the DeFi space, using liquidity pools to facilitate token trades instead of a traditional order book. Users, acting as liquidity providers, deposit pairs of tokens into these pools and, in return, earn a share of the 0.1% transaction fee generated from trades within that pool. Revenue is also generated for users through yield farming, where they can earn rewards in the form of the protocol's native governance token, $MEGA. The total supply of $MEGA is 100 million.
On March 20, 2023, Megaton Finance announced a $1.5 million seed funding round led by TONcoin.Fund, the ecosystem fund for The Open Network. Other investors in the round included Cypher Capital, First Stage Labs, Orbs, and MEXC Ventures. This funding was intended to further develop and expand the AMM-DEX on TON. A key part of Megaton's strategy is its integration with Telegram, aiming to onboard the messenger's large user base to Web3 through features like a Telegram chatbot wallet called T@connect.
The development team behind Megaton Finance is from Ozys, which has experience building other DeFi protocols like KLAYswap on the Klaytn network. The leadership team includes Jake Li, founder of Ozys, as chairman, and Jinhan Choi as CEO. The platform has undergone a security audit by CertiK.
Keywords: Decentralized Exchange, DEX, Automated Market Maker, AMM, The Open Network, TON, Yield Farming, Liquidity Pools, DeFi, Token Swap, Ozys, MEGA token, TONcoin.Fund, Crypto, Blockchain, Telegram integration, Web3, Cross-chain, Orbit Bridge, KLAYswap.