Exchange App Development on the TON Blockchain: Your 2024 Roadmap

Table of Contents

Introduction

Telegram Open Network, now known as “The Open Network,” is a leading layer 1 blockchain project making significant strides in 2024. Hailing from the popular Telegram’s Durov brothers and team, the project aimed at integrating blockchain and cryptocurrency into the conventional Telegram ecosystem. The TON’s promise of exceptional speed, scalability, and efficient decentralization makes it a great choice for exchange app development.

Let’s discover the intricacies behind building your crypto trading empire on the promising blockchain network…

A Brief History of the TON Blockchain

This project has had an amazing history, with quick success, a bad smash, and then a stronger rise after years. A history recap before you decide if you should prefer the TON blockchain for your exchange platform development will help you understand the potential, limitations, and background of the protocol. Let’s Begin…

Proposed in 2018 to integrate scalable, secure, and speedy applications into its messaging service, this ambitious project gained significant attention and its ICO raised $1.7 billion. Back then, Telegram released a whitepaper charting the plans for incorporating a decentralized DNS (domain name service), a VPN (virtual private network), and a platform enabling decentralization. It was smacked down by the US SEC, which declared Grams (its native tokens) as unregulated securities offerings. The commitment of developers, enthusiasts, and the community kept the project alive despite Telegram’s withdrawal from it in May 2020. Later, it expanded its capabilities independently, changed guises from Telegram Open Network to Free TON, and then became “The Open Network,” but remained committed to the product vision.

Top Reasons to Choose TON for Exchange App Development

Now you know how a robust Web 2 project became the best Web 3 project. Its exemplary comeback is enough reason to consider it for your exchange software development. Here are other compelling reasons why a robust exchange project cannot resist the TON temptation:

1. Unparalleled Scalability: The robust blockchain network is designed to handle millions of transactions per second, making it suitable for a future-focused exchange app development project. Its promise of high scalability is maintained by a unique multichain architecture that includes multiple workchains and a masterchain. 

2. Speed and Efficiency: The TON chain’s multichain architecture embraces sharding technology that splits the blockchain state into manageable segments, optimizing the speed and efficiency of the transaction processing processes.

3. Fort Knox Security: With its robust proof-of-stake consensus algorithms and advanced encryption protocols, TON fosters top-tier security for its users, making it a great fit for exchange platform development. 

Source: The Block

4. Thriving Ecosystem: Backed by the founders of a popular messaging platform and a future-oriented TON foundation, the TON ecosystem is committed to improving and upgrading. Moreover, more businesses are recognizing its potential for building diverse applications, making it a thriving ecosystem for your exchange software development project.

5. Inherent User Base: Telegram’s user base is already above 900 billion and the number is still on the rise. As claimed by Pavel Durov, it might hit the 1 billion user mark by the end of the year. Leveraging Telegram’s extensive user base, entrepreneurs can drive adoption for their exchange projects as well.

6. Limited Blockchain Development Experience Required: The primary smart contract programming language required for TON-based exchange app development is FunC, which is relatively simpler than its other counterparts.

If you want to dig deeper into the blockchain’s performance and technical aspects to validate if it is suitable for exchange software development, you can take a look at the table below.  

The comparison below demonstrates the differences among the prominent competitors of TON in the ecosystem:

Source: Mezen.io

Key Insights Into TON’s Explosive Growth

Here are some bonus insights that you may consider before you finally opt for the TON chain for your exchange app development:

• The total value locked in TON experienced a staggering 27-fold surge to $386 million from just $14 million, transcending all the popular Layer 1s and ETH Layer 2s. 
• Toncoin, the network’s native token, has also soared, securing the fifth-largest year-to-date gain among the top 50 cryptocurrencies and ousting Cardano from the top 10.
• In April 2024, Tether partnered with the TON Foundation, introducing $60 million worth of USDT to the TON blockchain, solidifying the TON’s position as the eleventh largest blockchain among the 16 supporting Tether. 

Key Considerations for a Successful TON-Based Exchange Platform Development

TON is a high-performance layer 1 blockchain network designed to offer a robust infrastructure that supports mass-scale dApps and lightning-fast transactions. By leveraging its potential, entrepreneurs can create a trading platform that outshines the competition with these features:

• User Authentication: By partnering with your Crypto Exchange Website Development Company, you can create a customer-oriented, simple, and seamless user onboarding process. 
• Multi-Wallet and Currency Integration: Study your target audience carefully and accordingly facilitate support for preferred cryptocurrencies and wallets. 
• Trading Engine: TON can comprehensively support sturdy trading expected to meet a high-frequency trading load. 
• Order Types: By partnering with the exchange development company, exchanges can enable market, limit, and stop orders for flexible trading strategies.
• Customer Support: Offer 24/7 support by including multi-channel support with human agents as well as chatbots.  
• Liquidity Management: Liquidity is a basic necessity for frictionless transactions on exchange and therefore an essential determinant for user acquisition and retention. Collaborate with subject matter experts at your crypto exchange website development company to figure out tools and solutions for enhanced liquidity and minimized slippage chances.   
• Security Measures: Depending on your budget and requirements, you can set up the level of security for your trading. platform. However, robust security with advanced mechanisms is recommended. 
• User Interface: Nothing replaces an attractive, smooth, and easily navigable user interface. So, join forces with your exchange development company to create intuitive and user-friendly designs for your trading platform. 
• Compliance with Relevant Regulations: No matter what you choose for your trading platform development, regulatory compliance is essential for the smooth running of your trading platform. So, integrate advanced KYC/AML modules and prioritize 

Steps for Exchange Software Development on the TON Chain:

1. Conduct thorough market and target audience research and strategic planning to ensure that you’re offering a unique product on the market.
2. Set up the exchange platform development environment on the TON Chain and choose the right technology stack.
3. Ensure an intuitive UI/UX and efficiently implement the front-end and back-end functionality.
4. Ensure meticulous smart contract development and deployment, followed by rigorous audits. 
5. Integrate wallets, payment gateways, third-party APIs, a robust trading engine, and an order-matching system. 
6. Conduct rigorous unit, integration, stress, and other types of testing to identify and fix bugs.
7. Collaborate with a marketing agency at your exchange development company to develop a marketing strategy to attract users.
8. Launch the app and gather user feedback for improvements.

Conclusion

Telegram’s TON is all set to drive mainstream Web3 adoption. It extends a robust, decentralized infrastructure, perfect for building and supporting messaging, payment, entertainment, and trading-based dApps. It’s scalability and advanced smart contract capabilities can support trail-blazing crypto exchange app development.  

Get all set to leverage the exclusive benefits of the TON chain to your advantage by shaking hands with the best TON-powered exchange software development experts at Antier. Share your requirements right away to become an early bird with a novel concept.