The local virtual asset service provider (VASP), Philippine Digital Asset Exchange (PDAX), recently announced the listing of Toncoin (TON), the native token of The Open Network blockchain. This addition brings the total number of cryptocurrencies available on the platform to 40.
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What is Toncoin
The addition of TON on PDAX now enables users to buy, sell, and trade the token.
Toncoin (TON) is the native token of The Open Network, a layer-1 blockchain network launched in 2018. It serves various purposes within the ecosystem.
As per its website, Toncoin’s history dates back to November 2019 when the Telegram Open Network (TON) Testnet2 launched, minting 5 billion coins, with a portion allocated to developers and testers. In May 2020, after the U.S. Securities and Exchange Commission’s (SEC) prohibition on issuing Grams, Telegram halted work on the TON Ecosystem, placing Testnet2 tokens into Proof-of-Work Giver contracts. In May 2021, Testnet2 transitioned to the mainnet via a majority participant vote, with ongoing coin distribution. By June 2022, TON progressed, expanding validators and coin involvement, enhancing network stability and security.
TON to PHP
TON Use cases
- Gas Fees: Used to pay for transaction processing and smart contract execution, crucial for decentralized application development.
- Payment Services: Facilitates payments within applications on the TON network, enabling users to buy goods and services.
- Network Security: Validators stake Toncoin to participate in the proof-of-stake consensus mechanism, enhancing network security.
- Cross-chain Transactions: Used for cross-chain transaction fees, facilitating interoperability with other blockchains.
- Governance: Plays a role in TON’s governance system, allowing stakeholders to partake in decision-making.
- Domain Names: Used to purchase and manage blockchain-based domain names on the TON network.
How to Trade in PDAX
- Access Trade Section. Tap ‘Crypto’ or ‘Trade’ on the PDAX app’s home screen.
- Select Cryptocurrency.
- Input the amount you want to buy or sell.
- Execute Trade; press ‘Buy’ or ‘Sell’ to complete.
- Confirm Transaction. Remember to review details and confirm within the given time.
- View the updated cryptocurrency balance in your PDAX portfolio.
Available Tokens in PDAX
- Bitcoin (BTC)
- Ripple (XRP)
- Ether (ETH)
- Tether (USDT)
- USD Coin (USDC)
- The Graph (GRT)
- Litecoin (LTC)
- Aave (AAVE)
- Enjin (ENJ)
- Chainlink (LINK)
- Bitcoin Cash (BCH)
- Uniswap (UNI)
- Basic Attention Token (BAT)
- Compound (COMP)
- Cardano (ADA)
- Algorand (ALGO)
- Apecoin (APE)
- Avalanche (AVAX)
- Axie Infinity Shards (AXS)
- Binance Coin (BNB)
- DogeCoin (DOGE)
- Polkadot (DOT)
- Gala (GALA)
- Green Metaverse Token (GMT)
- Hedera (HBAR)
- Mana (MANA)
- Polygon (MATIC)
- PaxGold (PAXG)
- Paypal USD (PYUSD)
- Ronin (RON)
- The Sandbox (SAND)
- Shiba Inu (SHIB)
- Smooth Love Potion (SLP)
- Solana (SOL)
- SushiSwap (SUSHI)
- Wrapped ETH (WETH)
- Stellar (XLM)
- Tezos (XTZ)
- Yield Guild Games Token (YGG)
This article is published on BitPinas: PDAX Adds Toncoin Token, Total Supported Tokens Now at 40
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
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