The decentralized exchange Tradoor on The Open Network (TON) blockchain has raised $3.2 million in funding, according to a press release.
The investment round was led by TON Ventures and Kenetic Capital, with participation from Sigil Fund, Protagonist, VentureSouq, T Fund, TONX, Re7 Capital, and BitsLab.
The funds will be used to implement the project’s roadmap for developing the “fastest DEX” supporting high-frequency trading on TON, as well as conducting the Turbo Rewards campaign based on the trade-to-earn model.
Since its launch in the third quarter of 2024, Tradoor has attracted 360,000 users, with a total trading volume exceeding $400 million. The peak daily volume reached $49 million, which, according to DEX representatives, is a record on TON. The project team also won the Open League 6 competition and the TON Code Summer Asia hackathon.
Tradoor offers users two technological solutions:
- Turbo Mode — provides throughput of up to 10,000 TPS with a confirmation time of 50 milliseconds;
- Turbo Accounts — allows one-click trades and deposits from other blockchains, including Ethereum, BNB Chain, and Solana.
According to the project’s lead developer, Balal Khan, Tradoor is akin to Hyperliquid on Telegram.
“Thanks to Turbo Mode, users execute trades 600 times faster than before — fully on-chain on TON with minimal network fees,” he comments.
Tradoor has also added support for the tokenized version of Bitcoin on TON — tgBTC. According to developers, it provides liquidity providers with double-digit returns on USDT, TON, and tgUSD.
In the future, the project team plans to launch:
- text-to-trade — a token exchange feature using AI for executing trades via text commands;
- a copy trading system.
“Integrating Tradoor into Telegram offers centralized exchange-level trading to hundreds of millions of users. We believe Tradoor has unique opportunities to bring high-frequency trading to the rapidly growing TON ecosystem,” stated Kenetic Capital co-founder Jehan Chu.
Earlier in May, Ethena Labs and TON Foundation announced plans to integrate the USDe and sUSDe stablecoins into the Telegram ecosystem.