Elluminex (ELX) Gains Momentum as TON Expands in US

Thorchain Faces Challenges as Elluminex Emerges in DeFi

Decentralized exchanges (DEXs) are quickly becoming the cornerstone of blockchain networks. While most traders still use centralized exchanges like Binance, DEXs have a crucial role in supplying liquidity. 

One of them, Thorchain, has played a key role in bridging liquidity between major networks. However, a new rival for the network is emerging, the TON-based Elluminex. 

Thorchain Brushes Off Controversy

DEX platform Thorchain (RUNE) saw significant volatility last year, especially in the past few months. The decentralized liquidity protocol that enables cross-chain swaps lost most of its recent gains. During the latest bull market cycle, when Thorchain rose more than 200% to $7.5, the price saw a significant correction. Now, Thorchain trades at $3.21, down 35.26% in the last 30 days.  

The reason for this volatility is a mix of factors. For one, Thorchain recently saw controversy as one crypto analyst suggested that the protocol may be illiquid. In an X post, atebites claimed that Thorchain does not have nearly enough Bitcoin to repay its creditors. This caused a bank run on the project, with many users withdrawing funds. 

Over the course of the week, Thorchain released several documents about its solvency. Despite a run on the protocol, there were no service shutdowns, and all users managed to redeem their Bitcoin. Atebites even acknowledged he was wrong about Thorchain’s solvency. 

https://x.com/ate_bites/status/1878992226748973409

While the protocol was vindicated in the solvency of its assets, it faced other issues. For one, several traders, including atebites, suggested that Thorchain is selling significant amounts of tokens. This has put downward pressure on its price recently. 

TON Sets Its Sight On The United States

Telegram’s TON blockchain is gearing up for a new wave of expansion. After seeing more than 800% growth in total value locked (TVL) last year, TON is pushing to the mainstream. Most recently, the platform is gearing up for US expansion, seeing it as a key market in 2025. 

The decision came after Donald Trump’s November election victory. Many traders believe that his pro-crypto stance will benefit the market. For that reason, TON believes it will lead global markets in retail adoption, which is key for TON. 

So far, TON has been leading the markets in retail applications. Its clicker apps like Notcoin have reached millions of users. With more favorable regulations, TON could expand even further in this segment. Regulation is key, as an earlier lawsuit by the US regulator SEC forced Telegram to cut ties with TON. Despite that decision, Telegram has continued to integrate TON into its platform. 

Elluminex Set To Overhaul TON

Other than its US expansion, TON has another potential catalyst for growth. A new TON-based competitor to Thorchain is just entering the market, and it could make all the difference for TON. Elluminex is a DeFI platform for simple cross-chain swaps, connecting TON to 40 major blockchains. 

Its focus on cross-chain interoperability is key for several reasons. For one, connecting TON to other major chains brings in significant amounts of liquidity. This is important, as higher liquidity helps stabilize prices and increases market confidence. 

At the same time, more liquidity means less slippage, making trades much more efficient. This is especially important for both high-frequency traders and smaller traders. These traders are most exposed to slippage, which can eat up a lot of their profits

Thanks to its focus on the fastest-growing network out there, Elluminex has the potential to rival Thorchain. 

For more information about Elluminex (ELX) visit the links below:

Website: https://elluminex.com
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex