SINGAPORE, SINGAPORE / ACCESSWIRE / November 25, 2024 / Last year, Paradigm's CTO Georgios Konstantopoulos pointed out the inefficiencies in how crypto chains and assets work together via one of his tweets. His thoughts highlighted a major issue in Web3 adoption: complexity.
This native model has become a big hurdle in mass adoption of web3. Even completing one single transaction at times requires too many complex steps Just to make a transaction on a new Layer 1 or Layer 2, a user needs to create an account, securely store the private key or seed phrase, buy gas tokens via a centralized exchange, or bridge assets from another chain-just to start interacting with the new ecosystem.
This process can overwhelm traditional users used to simple "plug-and-play"systems. Thankfully, Web3 builders are introducing "execution-free" solutions to make onboarding easier.
DuckChain: Bridging Web2 and Web3 with ISO
DuckChain is leading the way of this evolution. As the first consumer-grade Layer solution on The Open Network (TON), DuckChain introduced the innovative concept of ISO (Initial Star Offering). This allows users to convert Telegram Stars into on-chain Star assets, bridging Web2 and Web3 seamlessly.
This unique feature makes DuckChain the key to onboarding millions of Telegram users into Web3. It also connects TON with EVM and Bitcoin ecosystems, boosting liquidity and bringing developers to TON.
The market has also recognized DuckChain's narrative and growth potential.
DuckChain's Testnet Achievements
DuckChain's testnet was a massive success:
Daily Active Users: Over 2 Million on MiniApps
Total Transactions: 29 million
User Deposits: $2 million from Web2 users
Paying Users: 1 Million
Partners: Supported by 20+ partners like Arbitrum and OKX
With the mainnet launch, DuckChain is all set to accelerate Telegram's evolution into a super app and open a portal connecting the Web2 and Web3 worlds.
ISO: Introducing Telegram Stars as Unified Gas for Chain Transactions
DuckChain, the first TON-based Layer solution built on Arbitrum Orbit, positions itself as a consumer layer. Its mission is to onboard nearly a billion Telegram users to blockchain infrastructure.
Today, most blockchains use their native tokens as gas fees which means users need different tokens for various ecosystems, which makes cross-chain transactions complicated. DuckChain solves this by creating a unified gas system through ISO (Initial Star Offering). With ISO, Telegram Stars can easily be turned into on-chain assets to pay gas fees.
DuckChain's new mainnet supports assets for on-chain activities. Future updates will also add features like account and chain abstraction to make transactions even easier.
Telegram Star, the native token for the Telegram ecosystem, simplifies payments for services and goods. It can be purchased directly with Apple Pay or Google Pay without needing third-party platforms. Both Web2 and Web3 users can use Telegram Stars within DuckChain, making transactions simple and accessible.
This system not only connects Web2 and Web3 users but also opens doors for wider use of decentralized finance (DeFi) within Telegram's ecosystem.
DuckChain: Enabling Telegram's Super App Ambitions
Telegram has integrated with TON and launched MiniApps, aiming to become a Web3 super app.
However, building a mature Web3 ecosystem requires three essentials: user traffic, liquidity, and a thriving ecosystem.
Currently, the Telegram ecosystem faces 3 key challenges:
A predominantly off-chain user base of nearly 1 billion.
A TVL of $300M concentrated in TON and stablecoins, indicating liquidity shortages.
Complex development frameworks which slows developer participation.
DuckChain addresses these challenges through ISO, liquidity hubs, and modular development tools.
TON's Liquidity Hub
EVM-compatible chains currently hold 80% of the total $100 billion in DeFi, while Bitcoin assets represent a large, untapped $1.8 trillion market. TON's ecosystem, however, faces liquidity shortages. DuckChain, built on Arbitrum Orbit, connects TON with EVM-compatible ecosystems for seamless interoperability.
Moreover, it integrates deeply with Bitcoin L2 solutions, such as Babylon, making it a crucial bridge for TON's liquidity and value exchange.
DuckChain's mainnet introduces solutions like multi-chain and liquidity abstraction, enabling users to pay gas fees using various tokens, including TON and Telegram Star. It also incentivizes TON staking through DuckChain, offering annual yields and facilitating liquidity flow between ecosystems.
Modular Tools for Developers
To overcome TON's development complexity, DuckChain collaborates with Arbitrum to provide an EVM-compatible framework, simplifying the creation, deployment, and migration of applications. Developers can leverage staking, marketplaces, DID systems, and other modular tools to build scalable dApps, seamlessly integrated with Telegram MiniApps.
DuckChain has already attracted over 50 ecosystem projects, fueling early-stage growth in TON's application layer.
Soda Lee
https://duckchain.io/
info@duckchain.io
SOURCE: DuckChain
View the original press release on accesswire.com
