Report Date: October 15, 2025 Source: AIXBT MCP Top Projects
Euler integration offers ~5% APY on yoETH; Carbon DeFi provides 100%+ APR liquidity mining.
TAC Protocol represents a significant infrastructure play in the TON ecosystem, positioning itself as the critical bridge between Ethereum's mature DeFi ecosystem and Telegram's massive user base of nearly one billion users. The project recently achieved a major milestone with its official launch on Binance Contract and Binance Alpha, marking its emergence as a serious contender in the Layer-1 blockchain space.
TAC functions as an independent EVM-compatible Layer-1 blockchain purpose-built specifically for the Telegram ecosystem. Rather than being a traditional cross-chain bridge, TAC implements a unique TON Adapter that enables seamless interoperability between TON and EVM-compatible applications. The fundamental problem TAC addresses is the long-standing division between Ethereum's powerful dApp ecosystem and Telegram's enormous user base—two camps that have remained largely disconnected despite their complementary strengths.
The project packages what can be described as an "Ethereum backend with Telegram frontend" into a complete user experience, allowing developers to deploy existing Solidity-based dApps without modification while enabling Telegram users to access sophisticated DeFi features without leaving the platform. This creates a hybrid dApp architecture that directly embeds Ethereum's protocol capabilities including DeFi, NFTs, and DAOs into Telegram's familiar wallet interface.
The mainnet launch occurred in July 2025, and within just two months, TAC demonstrated impressive traction in terms of both developer adoption and capital deployment. The project entered the market with more than 15 dApps from the EVM ecosystem available from the public token generation event (TGE), including several blue-chip DeFi protocols with proven track records. This represents a strategic advantage over typical alt-L1 launches, as TAC launched with real demand and a built-in audience rather than needing to bootstrap an ecosystem from scratch.
The recent Binance listing across both Contract and Alpha platforms signals institutional recognition and provides significantly enhanced liquidity and visibility for the $TAC token. This listing represents validation from one of the cryptocurrency industry's most influential exchanges and expands access to TAC for both retail and institutional participants.
Euler Finance Integration
Euler Finance has emerged as TAC's flagship partnership and the largest DeFi dApp on the platform with over $60 million in supplied total value locked (TVL). This represents more than three times the TVL of the next largest DeFi dApp on TAC. The partnership has demonstrated remarkable growth, with TVL doubling over a two-month period following the July mainnet launch.
Euler on TAC has become the fourth largest chain across all Euler deployments and represents the largest and fastest-growing new deployment, surpassing established chains like Unichain and Base. The platform maintains high utilization ratios due to performant yield strategies. The most popular strategy involves the cbBTC/LBTC Edge UltraYield Cluster market with over $4 million in TVL, offering maximum returns on equity (ROE) reaching 37% with a 9.98x multiplier. The lending yields stand at approximately 4.9% with borrowing yields around 2.4%, creating attractive arbitrage opportunities with minimal liquidation risk while maintaining Bitcoin exposure.
Your mentioned context of ~5% APY on yoETH aligns with the lending yield structure observed across Euler's TAC deployment, representing competitive rates in the current market environment while maintaining lower risk profiles.
Carbon DeFi Integration
Built by Bancor, Carbon DeFi brings advanced automated trading capabilities and orderbook-like features to TAC. Carbon on TAC has achieved the highest TVL across all Carbon deployments, with the leading pool being LBTC/cbBTC at $2.8 million TVL maintaining mid-single digit APY. However, the more aggressive volatile pairs including TON/USDT, cbBTC/USDT, and WETH/USDT are yielding high double-digit to triple-digit APYs when factoring in $TAC token incentives.
Your context of 100%+ APR liquidity mining is consistent with these high-yield volatile pair strategies, though it's important to note these yields are incentivized through $TAC token emissions and carry significantly higher impermanent loss risk compared to stablecoin or correlated asset pairs.
Additional Protocol Partnerships
Beyond Euler and Carbon, TAC has secured partnerships with other major DeFi protocols including Curve (which has facilitated over $500 billion in trading volume since 2020), Morpho, and ZeroLend. Curve specializes in efficient stablecoin trading with low fees and has become the de-facto platform for stablecoin swaps. The diversity of these partnerships provides TAC users with comprehensive DeFi functionality from day one.
TAC implements several technical innovations that differentiate it from standard EVM Layer-1 chains. The hybrid dApp architecture allows developers to maintain Ethereum-grade smart contract functionality while leveraging TON's integration with Telegram. This tight integration with TON enables developers to access nearly one billion Telegram users through the MiniApp framework without those users needing to navigate complex wallet setups or leave the Telegram environment.
The TON Adapter represents the core technical innovation, functioning as the bridge mechanism that achieves interoperability between two fundamentally different blockchain architectures—TON's unique sharded architecture and the EVM execution environment. This adapter enables the deployment of existing Ethereum dApps without requiring code modifications, significantly lowering the barrier to entry for developers.
The $TAC token serves multiple functions within the ecosystem, capturing network-level value through various mechanisms. The token functions as the native gas token for all transactions on the TAC blockchain, with every swap executed in a Telegram MiniApp, yield strategy powered by TAC, or game running on TAC contracts contributing to $TAC utility and demand.
The tokenomics design includes staking functionality, governance rights for protocol parameter adjustments, and a DAO treasury supporting future development, ecosystem incentives, and new integrations. This multi-faceted utility model creates a mutually reinforcing loop between user activity on TON and value accrual to $TAC. Unlike many tokens that serve purely speculative purposes, $TAC is designed to capture real economic activity flowing through the network.
TAC occupies a unique strategic position as TON's dedicated DeFi infrastructure accelerator. While TON provides distribution through Telegram's massive user base, TAC provides the execution layer for Ethereum-compatible applications—a symbiotic relationship that benefits both ecosystems. This positioning addresses a critical gap in the TON ecosystem, which has historically lacked mature developers and sophisticated DeFi projects.
The project's competitive advantages include first-mover advantage in the Telegram-EVM bridge space, partnerships with established blue-chip protocols rather than unproven startups, and immediate access to a billion-user distribution channel. The technical design prioritizes high transaction throughput and low fees, making DeFi more accessible to millions who may have never interacted with blockchains before.
TAC's approach differs from isolated alt-L1 launches by entering the market with existing demand, proven protocols, and a clear value proposition rather than attempting to bootstrap network effects from zero.
Technical Risks
As a newly launched Layer-1 blockchain, TAC faces execution risks related to smart contract security, network stability, and the complexity of maintaining interoperability between TON and EVM environments. The hybrid architecture, while innovative, introduces additional attack surfaces and potential failure points that don't exist in simpler blockchain designs.
Token Incentive Sustainability
The high APY rates mentioned in your context (100%+ APR on Carbon liquidity mining) are heavily dependent on $TAC token incentives. These incentive programs are typically unsustainable in the long term and require careful management to prevent excessive token inflation that could depress price performance. As emissions decrease, yields will likely compress significantly unless organic protocol revenue can replace token incentives.
Competition and Market Positioning
TAC faces competition from other Layer-1 and Layer-2 solutions attempting to bridge different ecosystems, as well as from native TON development efforts. The success of the project is heavily dependent on continued support from Telegram and TON, relationships that could change based on business or regulatory factors outside TAC's control.
Regulatory Uncertainty
Operating at the intersection of cryptocurrency DeFi and a major messaging platform creates potential regulatory exposure, particularly as global regulators increase scrutiny of crypto services accessible through consumer apps. Telegram itself has faced regulatory challenges in various jurisdictions, which could impact TAC's ability to deliver on its core value proposition.
Smart Contract and Protocol Risks
While partners like Euler, Curve, and Carbon have established track records, the deployment of these protocols on a new blockchain represents additional risk. Euler specifically experienced a major exploit in 2022 (prior to TAC), highlighting that even mature protocols can have vulnerabilities. Users should exercise caution and conduct thorough due diligence before committing significant capital.
Bull Case
TAC addresses a clear market need with a large addressable market. If the project successfully onboards even a fraction of Telegram's user base to DeFi, the potential for network effects and value accrual to $TAC is substantial. The Binance listing provides credibility and liquidity, while the partnerships with established protocols reduce execution risk. The current yields, particularly the ~5% APY on lower-risk strategies through Euler, offer attractive risk-adjusted returns compared to traditional finance while the 100%+ APR opportunities provide speculative upside for risk-tolerant participants.
Bear Case
The project is extremely early stage with only two months of mainnet operation. High yields may attract mercenary capital that exits once incentives decrease. The complexity of the three-way integration between Ethereum, TON, and Telegram creates multiple points of failure. Competition in the Layer-1 space is intense, and TAC's success depends on factors partially outside its control, including Telegram's continued cooperation and TON ecosystem development. Token dilution from ongoing incentive programs could pressure price performance.
Portfolio Positioning
For investors considering TAC exposure, the project represents a high-risk, high-reward play on the thesis that Telegram can become a major gateway for mainstream DeFi adoption. Conservative investors might allocate a small percentage of their crypto portfolio while maintaining awareness that the project could fail to achieve product-market fit. More aggressive investors attracted to the yield opportunities should understand that current APYs are likely unsustainable and position sizing should account for significant volatility and downside risk. The ~5% APY opportunities represent a more sustainable middle ground, though still carry smart contract and bridge risk inherent to new blockchain infrastructure.
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