The Open Network (TON) Blockchain has reached a significant milestone by exceeding $300 million in total value locked (TVL) for the first time. Since early March, TVL has surged over tenfold, signaling TON’s rapid expansion and growing prominence in the decentralized finance (DeFi) sector. The increase was fueled by various applications, including decentralized exchanges and liquid staking projects, with Ston.fi, Dedust, Tonstakers, and bemo being key contributors to the ecosystem.
What Factors Contributed to TON’s Success?
A critical factor in TON’s success is an initiative known as The Open League, which incentivized participation by rewarding users of the network’s top decentralized applications. According to data from DeFiLlama, the launch of this program saw TVL in TON soar from $23 million at the beginning of March to its current value of $315 million. This growth underscores the appeal of the opportunities and user experience offered by TON.
Why Did TON See New Wallet Surge?
Further enhancing TON’s growth, the creation event for Notcoin, a popular game integrated as a Telegram Mini Application, led to the addition of 1 million new wallets. This demonstrated the network’s robust architecture, which efficiently managed increased activity without network outages, higher fees, or transaction delays. Telegram Mini Applications allowed users to interact with various services seamlessly within the messaging platform.
Concrete Insights from TON’s Growth
For those interested in TON’s development, the following concrete insights are essential:
- TON’s TVL growth highlights the value of incentivizing participation through programs like The Open League.
- The surge in new wallets during the Notcoin event showcases the network’s ability to handle significant user influxes effectively.
- Integrating services like Telegram Mini Applications can foster user engagement and growth within Blockchain ecosystems.
TON’s blockchain journey began in 2018 as a project initiated by Telegram, with a $1.7 billion raise through private token sales. Despite delays due to legal disputes with the U.S. Securities and Exchange Commission, the Ton Foundation continued development, leading to the launch of The Open Network in 2021. Since then, TON has evolved, with Telegram leveraging the network for initiatives such as revenue sharing with channel owners.
TON Blockchain’s cryptocurrency, Toncoin, is currently trading at $6.37, boasting a market cap of $22 billion and a fully diluted valuation of $32 billion. The latest financial backing came from Pantera, one of the oldest venture funds in the cryptocurrency sector, marking its largest investment in the network to date.