The Open Network (TON) blockchain has reached a new milestone, with its total value locked (TVL) exceeding $300 million for the first time. This marks a remarkable tenfold increase since early March.
Rapid Growth in TVL
The surge in locked value is largely attributed to an ecosystem initiative known as The Open League. This program rewards users of TON’s top decentralized applications, driving significant growth. According to DeFiLlama, the TVL skyrocketed from $23 million in early March to the current $315 million. Key contributors to this growth include decentralized exchanges like Ston.fi and Dedust, and liquid staking projects such as Tonstakers and bemo.
Increasing Adoption
TON’s architecture demonstrated its robustness by supporting one million new wallets during the token generation event for Notcoin, a popular clicker game integrated as a Telegram Mini App. Despite the high transaction volume, the network maintained stability, avoiding outages, increased fees, or processing delays.
Background and Development
Initially developed by Telegram, TON faced legal challenges with the U.S. SEC, halting its mainnet launch. However, the community-driven Ton Foundation revived the project, leading to the official launch of The Open Network in 2021. Since then, TON has continued to grow, with Telegram integrating it for various applications, including ad-revenue sharing.
Current Market Status
- Price: $6.44 (up 1.69% in the last 24 hours)
- Market Cap: $22.39 billion (up 1.70%)
- 24h Volume: $139 million (up 23.86%)
Significant Investment
Pantera Capital, one of the oldest venture funds in the crypto space, recently announced its largest-ever investment in TON, signaling strong confidence in its future.
Stay updated as TON continues to evolve and reach new heights in the blockchain ecosystem.
