The Open Network (TON) blockchain has reached an impressive milestone, with its total value locked (TVL) surging to nearly $610 million as of Monday, as per DefiLlama data. This remarkable achievement highlights the rapid growth and increasing adoption of the Telegram-linked blockchain network.
In a span of just three weeks, TON’s TVL has more than doubled from $300 million to $609.78 million, demonstrating its robust expansion. Key protocols within the network have shown significant progress, with many of the top 10 protocols experiencing substantial growth in the past week. DeDust, a TON-based decentralized exchange liquidity pool, witnessed a remarkable 53% increase in TVL, reaching nearly $300 million. Smaller protocols like bemo, Stakee, and EVAA also posted double-digit growth during the same period.
TON’s integration with Telegram, a messaging giant with over 900 million users, has been a critical driver of its success. Rachael Lucas, a crypto analyst at BTC Markets, remarked, “This massive potential user base, about 100 times larger than the current on-chain user base of all other blockchains combined, provides a strong foundation for a thriving ecosystem.”
The adoption of TON within the Telegram platform has led to the rise of several play-to-earn mini-games, enhancing user engagement and network popularity. Games like Notcoin, Yescoin, and Hamster Kombat have become fan favorites, contributing to the network’s growing appeal.
Further boosting the ecosystem, Telegram recently introduced Telegram Stars, a digital mini-app payment system offering lower promotion fees for app developers compared to traditional platforms like Apple and Google app stores.
Recent investments have also fueled optimism around TON. Last month, Pantera Capital, a prominent crypto venture capital firm with over $5 billion in assets under management, announced its investment in TON, citing its strong link with Telegram. Additionally, Tether, the issuer of the USDT stablecoin, revealed its collaboration with the TON blockchain in April.
However, the network’s increasing popularity has attracted unwanted attention from cybercriminals. Kaspersky, a cybersecurity firm, reported that scammers have exploited the messaging app and TON’s native cryptocurrency, Toncoin, to create a pyramid scheme targeting crypto users.
Despite these challenges, the price of Toncoin has seen a modest rise, inching up 0.23% in the past 24 hours to $7.83, according to The Block’s Toncoin price page.
The continuous growth in TVL and strategic developments indicate a promising future for the TON blockchain, solidifying its position as a significant player in the Web3 landscape.
