Coinspeaker
TON Blockchain Doubles TVL to $600M in Just 3 Weeks
On Monday, The Open Network, or the TON blockchain, witnessed a major surge in its total value locked (TVL), which shot up to $608.65 million. As per the data provided by DefiLlama, three weeks ago, the TVL stood at $300 million, and the rapid rise shows TON’s expanding ecosystem.
TON’s integration with the encrypted messaging platform Telegram is a major reason behind this rapid expansion. The blockchain seeks to integrate the features of blockchain technology within the popular messaging platform thus, gaining attention of its users.
It is important to note that Telegram has a whopping 900 million users globally which makes TON more accessible to users. Rachael Lucas, a crypto analyst at Australian exchange BTC Markets, pointed out the role played by Telegram’s massive user base in providing a strong foundation for TON. She told TheBlock that the millions of users of Telegram now have access to the TON ecosystem, giving it a significantly larger user base than other blockchains.
TON also facilitates the adoption of play-to-earn mini-games directly within the messaging app. Games like Notcoin, Yescoin, and Hamster Kombat, which reward users with tokens, have garnered considerable attention and contributed to the network’s increasing popularity.
DefiLlama’s data also highlights significant growth among the top protocols on TON. DeDust, a decentralized exchange liquidity pool on TON, saw a big 53% increase in TVL over the past week, reaching close to $300 million. Smaller protocols such as bemo, Stakee, and EVAA have also experienced double-digit growth during this period.
TON Meme Coins Rally amid a Sluggish Market
In terms of market performance, Toncoin, the native cryptocurrency of TON, saw a drop of 2% in the past 24 hours, trading at $7.77. The token currently boasts $18.8 billion in market capitalization and stands at 9th position on the list of largest cryptocurrencies by market cap.
Meanwhile, meme coins deployed on the TON network have shown strong resilience to the overall bearish trend faced by the broader crypto market. Leading meme coins like Resistance Dog (REDO) and Ton Inu (TINU) posted gains of 21% and 3% respectively over the past day, reaching a combined market cap of over $130 million.
Recent developments have further fueled bullish sentiment around the TON blockchain. Tether, the issuer of the USDT stablecoin, announced a collaboration with the TON blockchain in April to allow “seamless value transfer.” Moreover, in May, renowned crypto venture capital firm Pantera Capital, which manages more than $5 billion in assets, announced its investment in TON. It cited its strategic alignment with Telegram as a key factor behind this investment.
The positive developments have failed to make the TON blockchain immune to challenges that haunt the digital asset sector. In April, cybersecurity firm Kaspersky published a warning about scams exploiting the TON blockchain. Scammers have been touting pyramid schemes, targeting crypto users who lack expertise in the space.