TON Accelerator launches $5M ‘Synergy’ for cross-chain partnership between Toncoin and Mantle

TON Accelerator, one of the Toncoin chain’s leading incubators, launched the “Synergy” cross-chain initiative. Synergy will dedicate $5M to projects linking Toncoin with Mantle, an EVM-compatible machine. 

Toncoin projects linking to Mantle will be able to receive funding from TON Accelerator. The new Synergy initiative will go toward builders aiming to connect Toncoin with the EVM-compatible chain, Mantle. 

Synergy will support Toncoin’s EVM goals

Synergy will work toward integrating TON users with EVM networks, fixing one of Toncoin’s biggest setbacks. Currently, the chain is not EVM-compatible, and its liquidity is not connected to the Ethereum ecosystem.

The initiative also believes Synergy will bring more focus to TON Accelerator. The funding will come from TON Ventures, a special VC entity, and Mantle’s Eco Fund from the project’s treasury. Mantle Eco Fund carries $200M specifically set aside for technological partnerships. 

“This partnership isn’t just about collaboration, it’s about unlocking new markets, deep liquidity, and groundbreaking advancements in DeFi, AI, and Gaming,” said Sophia Rusconi, Head of Acceleration at TON Accelerator.

The goal is for cross-chain projects to tap over 950M Telegram users and activate up to $90B in cross-chain liquidity. Eligible projects include cross-chain DeFi, infrastructure like wallets and aggregators, liquid staking, cross-chain games, and other general apps. The Synergy program is not interested in general DeFi or TON-based apps with no cross-chain connections.

In addition to funding rounds for qualifying projects, all startups will receive mentoring and support on product design, technical integration, and marketing. Developers from the early rounds will also tap into Mantle’s liquidity and Toncoin’s ecosystem of apps. 

Among the mentors and supporters, projects can rely on Ian Whittkorp of TON Ventures, the TON Foundation, as well as other project-specific experts.

Mantle chosen for its DeFi growth

Mantle holds up to $1.3B in value locked, of which $369.1M is in various stablecoins. The chain is one of the niche L2 platforms, which still has an array of DEX and lending protocols, as well as cross-chain startups. It is still a growth-stage L2 chain, and some of the activity may be subsidized by the treasury.

The Mantle platform is careful about vetting and subsidizing its projects. Mantle also works as a DAO, requiring MNT token ownership to resolve voting issues. 

A potential reason for the partnership is that Mantle already carries one of the high-profile Toncoin games, Citizen, after a successful migration. Catizen on Mantle sees 2.36K players daily, and it is expected to build up liquidity through micropayments.

On Mantle, more than 58% of all activity is focused on DeFi, with other active categories like utility and token transfers. The Agni DEX router is the most active smart contract on Mantle, and its popularity is boosted by the growing popularity of token swaps. 

Mantle also carries multiple Web3 games and apps from previous development cycles. The platform serves as an accelerator itself, keeping up to $1.6B in its treasury for future development. 

Another prominent feature of Mantle is the mETH ecosystem of decentralized finance. Locked ETH on Mantle is valued at $1.19B, feeding multiple yield protocols. The mETH ecosystem is a source of predictable annualized gains and one of the main drivers of Mantle activity. Most of the inflows into Mantle tokens go toward bridged WBTC, PENDLE, and mETH. Mantle is still using bridging as the most compatible cross-chain technology with Ethereum. 

Mantle, formerly BitDAO, is built with Optimum technology from the Optimism superchain. The Mantle main net launched in the summer of 2023, and has yet to achieve some of its decentralization milestones. Despite this, its ecosystem has grown with a partially centralized consensus. As an L2, Mantle uses optimistic rollup technology and is among the top 5 chains for games and DeFi.  

Excluding stablecoins, Mantle carries more than $10B in bridged and native tokens. Only some of the USDT and USDC supply is bridged onto Mantle. The chain carries multiple DeFi assets, including the recently launched SolvBTC from BabylonLabs. 

After the news, MNT tokens traded at $0.57, down from a peak above $1.40. MNT trading hinges on its presence on Bybit, which carries most of the token’s volumes.