Achieving sustainable growth in DeFi requires more than just a well-designed product — it demands a carefully structured token economy that attracts liquidity and incentivizes participation. This case study explores how Mezen helped a trading protocol on TON optimize its tokenomics to more than double its TVL, driving growth from $600K to $1.27M through strategic tokenomics and market positioning.

Client overview

Our client is a decentralized trading platform within the TON ecosystem, offering spot swaps, perpetual contracts, and options trading in a unified environment. Despite its strong foundation, the platform initially held a TVL of $600K and needed a structured approach to liquidity incentives and market positioning to scale further.

Recognizing the need for a native token, the team aimed to create a sustainable model that would drive user engagement, boost liquidity, and maintain ecosystem stability.

Challenges faced

Transitioning from a promising trading protocol to a high-TVL leader required tackling several critical challenges:

1. Token launch readiness: The team needed a clear roadmap to determine whether the platform was ready for a token launch without compromising scalability and sustainability.
2. Strategic tokenomics design: To compete with established DeFi protocols, the platform required a well-structured tokenomics framework that incentivized liquidity providers, traders, and long-term holders.
3. TVL growth and market positioning: The project sought to enhance liquidity inflow and trading activity while differentiating itself from competitors in the TON ecosystem.
4. CIS market expansion: Entering the CIS market presented challenges in identifying and partnering with the right influencers and thought leaders who could drive adoption and community trust.

Objectives

To drive sustainable growth and strengthen the platform’s market position, Mezen focused on:

• Developing a high-performance tokenomics model that incentivizes active user participation and liquidity provision.
• Establishing a strong market presence by differentiating the platform’s value proposition within the competitive DeFi landscape.
• Implementing innovative reward mechanisms to enhance user retention and TVL expansion.
• Facilitating CIS market penetration through strategic partnerships with reputable influencers and community leaders.

Approach

TON market analysis

We began with an in-depth analysis of the TON DeFi ecosystem to identify key gaps and opportunities in perpetual trading. By understanding market demand and user needs, we developed a competitive positioning strategy that resonated with the target audience.

Competitor benchmarking

To refine the client’s approach, we analyzed over 15 leading and emerging perpetual trading platforms, including GMX, Jupiter, Hyperliquid, Valhalla, Omni Finance, and Morpho. By evaluating their tokenomics models, liquidity strategies, and engagement mechanisms, we identified best practices and areas for differentiation.

Tokenomics and incentive design

We developed incentive-driven token utilities designed to encourage early adoption and ensure long-term ecosystem sustainability. By structuring incentives to appeal to both retail traders and institutional liquidity providers, we helped create a balanced and engaged user base. Transparent and structured reward mechanisms were implemented to build trust and drive participation.

Growth and scalability optimization

The platform’s core mechanics were fine-tuned to support sustainable expansion. By aligning tokenomics with the platform’s projected growth trajectory, we ensured resilience and scalability, laying the foundation for long-term success.

Facilitating successful CIS market entry

We identified and connected the platform with established marketing partners specializing in the CIS region. By leveraging their networks of influencers and community leaders, these partners effectively took charge of driving adoption and expanding the platform’s user base.

Results achieved

Our strategic initiatives delivered measurable results:

• TVL growth: The platform's TVL surged from $600K to $1.27M, more than doubling its liquidity. This growth is a clear testament to the strength of our tokenomics strategy and its ability to attract and retain liquidity providers.
• Creation of a compelling market narrative: One of the pivotal achievements of this project was building a strong narrative from the ground up. We developed a unique positioning strategy that clearly defined the platform's place within the niche market. This narrative served as a foundation for long-term growth, guiding the project's evolution and helping it establish a lasting competitive edge.
• Development of sustainable incentive mechanisms: We built innovative incentive mechanisms specifically designed to expand the platform's reach and support long-term, sustainable growth. These mechanisms not only enhanced user engagement but also differentiated the platform from its competitors, driving significant TVL growth.
• Consistent and transparent communication materials: We crafted a full suite of materials for both users and investors. These materials offered clear, data-driven insights into the platform’s mechanics and aligned with industry best practices. The transparency and consistency of these resources helped build trust and ensured effective communication with all stakeholders.

Conclusion

This case study highlights how a thoughtful approach to tokenomics, market positioning, and community engagement can significantly boost a DeFi project's growth. By helping the platform more than double its TVL, establishing a strong market narrative, and facilitating a successful entry into the CIS market, we not only strengthened the platform's market presence but also ensured sustainable growth within the competitive TON ecosystem.

Want to build a compelling narrative for your project that drives user growth and ensures long-term success? Mezen specializes in creating strategic, data-driven market positioning and tokenomics solutions. Let’s connect and explore how we can support your project's success!