Layer1 blockchain TAC has simultaneously launched its public mainnet and unveiled its native token on major exchanges including Bitget, Binance Alpha and Bybit.
According to a press release received by crypto.news, the public mainnet is currently live with major DeFi protocols deployed into its public network, including Morpho, Curve, Bancor, Euler, ZeroLend, IPOR Fusion, and Market.win.
As the mainnet has gone public, TAC will proceed to distribute validator grants, activate liquidity incentives on partner DEXs, and publish proposals for its community growth programs. In collaboration with liquidity distribution protocol Turtle Club, the mainnet comes equipped with more than $800 million in TVL upon launch.
Built using Cosmos-EVM architecture, the layer1 blockchain is designed to ensure compatibility with Ethereum (ETH)’s Cancun hard fork. The mainnet is also integrated with Bitcoin (BTC) staking protocol Babylon, which will serve to strengthen on-chain security by enhancing consensus validation.
The project’s native token, $TAC, is now available on the Telegram Wallet. The token is available for trading on Binance Alpha, Bitget, Bybit, and Kraken.
The token will serve three purposes: gas fee payment, staking and governance. The native token will be the exclusive gas token on the protocol’s EVM as it includes a back-end logic mechanism that converts TON-denominated fees into TAC.
Next, the token is used to secure the network through delegated proof-of-stake. This means that validators must bond the native tokens to produce blocks. Holders can earn yields through staking the native token, ranging from 8% to 10% APY.
Lastly, the mainnet’s token unlocks on-chain governance, allowing stakers to direct upgrades, incentive programs, and the community treasury.
Co-founder of TAC, Pavel Altukhov stated that the mainnet and token launch marks a major step not just for TON (TON), but for the evolution of Telegram. With the mainnet launch, builders can now integrate blockchain-use case into products.
“TAC enhances the TON ecosystem with a ready-to-use DeFi layer, battle-tested and live from day one,” said Altukhov in his statement.
TAC is a purpose-built blockchain that enables EVM dApps to access TON and the Telegram Ecosystem’s user base consisting of more than one billion users. By bringing EVM functionality and liquidity to the TON ecosystem, the project helps builders to focus on consumer use cases.
The launch of it mainnet comes after the company successfully raised $11.5 million in a seed and strategic funding round led by Hack VC held on June 18.
