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TON blockchain’s Total Value Locked (TVL) reaches a record high of over $600 million

TON Blockchain Surges to $609.78 Million in Total Value Locked, Gaining Popularity and Adoption

The Open Network, or TON blockchain, has seen a remarkable surge in total value locked (TVL) to $609.78 million, as reported by DefiLlama data on Monday. This milestone comes just three weeks after the network’s TVL hit $300 million, showcasing rapid growth and adoption.

According to DefiLlama, many of the top 10 protocols on TON have experienced significant growth in TVL over the past seven days. DeDust, a TON-based decentralized exchange liquidity pool, saw a 53% surge in TVL, reaching nearly $300 million. Smaller protocols like bemo, Stakee, and EVAA also recorded double-digit growth during the same period.

The TON blockchain has been gaining traction as Telegram’s preferred solution for Web3 integration. With over 900 million users, Telegram’s integration with TON has led to the popularity of play-to-earn mini-games like Notcoin, Yescoin, and Hamster Kombat, which can be played directly on the messaging app.

Additionally, the recent introduction of Telegram Stars, a digital mini-app payment system, has provided app developers with lower promotion fees compared to traditional platforms like Apple and Google app stores.

Investment from prominent players like Pantera Capital and collaboration with USDT stablecoin issuer Tether have further bolstered TON’s bullish sentiment. However, the network has also attracted cybercriminals, with reports of scammers using Toncoin, TON’s native cryptocurrency, in pyramid schemes targeting crypto users.

Despite these challenges, the price of Toncoin has seen a slight increase of 0.23% in the past 24 hours, reaching $7.83 at the time of publication. The Block will continue to monitor and report on the developments surrounding TON blockchain and its growing ecosystem.

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