Binance set to list Toncoin spot trading pairs amid surge in TON blockchain activity

Binance is set to list Toncoin and open trading for four spot pairs at 10 a.m. UTC on Thursday.

The new spot trading pairs are TON/BTC, TON/USDT, TON/FDUSD and TON/TRY, according to an announcement by the crypto exchange. 

Users can deposit TON to Binance ahead of the listing and withdrawals will open at 10 a.m. UTC on Friday, the firm said — adding that the TON listing fee was 0 BNB.

A seed tag will be applied to TON, meaning users must pass quizzes every 90 days on the Binance spot platform to gain access to trading the tokens. The quizzes are designed to ensure users are aware of the risks before trading such tokens. “TON is a new listed token that poses a higher than normal risk, and will likely be subject to high price volatility. Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token,” Binance wrote in the announcement.

Binance applies seed tags to “innovative projects” that “may exhibit higher volatility and risks compared to other listed tokens,” the exchange added. Tags may be removed over time based on factors, including trading volume, liquidity, development activity, network stability and projects’ responsiveness to due diligence requests.

Users residing in Canada, Cuba, Crimea, Iran, Japan, the Netherlands, North Korea, Syria, the U.S. and Ukraine are not eligible to trade the pairs.

Binance previously launched TON/USDT perpetual futures trading in March.

TON blockchain's rapid growth amid Telegram mini app game craze

TON blockchain claims to have 5.8 million monthly active on-chain wallets, benefitting from close collaboration with the popular messaging app Telegram to leverage its claimed 950 million users. 

In February, Telegram announced ad revenue sharing, which splits profits 50/50 with channel owners. Notably, the revenue is paid out in TON and facilitated through the network.

Tether also launched its USDT stablecoin on the network in April, granting TON users access to the largest dollar-pegged stablecoin, with the supply of USDT on TON quickly surpassing $500 million.

However, the most recent surge this year came following the advent of popular Telegram mini-games like Notcoin, Hamster Kombat, Yescoin and Catizen, seeing the seven-day moving average of TON daily active addresses reach more than 444,000 as of Aug. 7, according to The Block’s data dashboard. The tap-to-earn games allow users to earn in-game currencies that may eventually convert into real token airdrops on TON.

Toncoin has risen to become a top ten cryptocurrency by market cap this year amid the surge in popularity of its blockchain, with a current market capitalization of $15.8 billion, according to The Block’s TON Price Page — more than doubling since the start of 2024.