- TON blockchain’s TVL surpassed $300 million, growing over tenfold since March.
- Key contributors: DEXs like Ston.fi, Dedust; staking projects Tonstakers, bemo.
- Toncoin trades at $6.4 and has a $22B market cap, driven by DeFi’s growth and ecosystem initiatives.
The Open Network (TON) blockchain has hit a milestone, surpassing $300 million in total value locked (TVL). This achievement marks a remarkable increase of over tenfold since early March, signaling substantial growth and adoption within the ecosystem.
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Decentralized Exchanges and Liquid Staking Projects
The surge in TVL can be attributed to the active participation of various decentralized exchanges (DEXs) such as Ston.fi and Dedust, alongside liquid staking projects like Tonstakers and bemo. These platforms have played a pivotal role in attracting users and locking in value within the TON blockchain ecosystem.
The ongoing ecosystem initiative, The Open League, has also contributed to the surge in TVL. This initiative rewards users of TON’s top decentralized applications, promoting increased engagement and participation across the network.
The network’s TVL has grown exponentially since the incentive program was introduced in early March. DeFiLlama data shows that the TVL increased from $23 million to $315 million, demonstrating how quickly TON’s decentralized infrastructure has been adopted and used.
Integration of Telegram Mini Apps
The recent integration of 1 million wallets during the token generation event for Notcoin, a viral clicker game accessible as a Telegram Mini App, further highlights the scalability and efficiency of TON’s architecture. Users were able to transact seamlessly without experiencing network outages, increased fees, or processing delays.
The Open Network originated from a blockchain project by Telegram, a well-established messaging platform. Despite initial setbacks due to legal disputes with the U.S. Securities and Exchange Commission, community members formed the Ton Foundation and reinitiated active development, leading to the establishment of The Open Network.
Current Market Performance
The native token of the network, Toncoin, is currently trading at $6.4, boasting a market cap of $22 billion and a fully diluted valuation of $32 billion, according to data from Coin Market Cap.
The surpassing of $300 million in total value locked on the TON blockchain underscores its growing significance within the decentralized finance (DeFi) landscape. With active participation from decentralized exchanges, liquid staking projects, and ongoing ecosystem initiatives, TON continues to demonstrate its potential as a scalable blockchain platform.
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