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TON has been nothing but a success, with the past few months making this hard to ignore. Even though the wider crypto market crashed unceremoniously last week, TON reached an all-time high (ATH) of $8.2. A 302% price rise in the token from $2.05 in February 2024, is only one of the indicators of the massive success underway in The Open Network ecosystem. TON is ranked #3 on Proof-of-Stake Coins and #4 among Layer 1 ranks by market cap.
TON initially grabbed attention for its innovative gaming scene with projects like Notcoin exploding in popularity. But apart from this TON also has a diverse network humming with activity. From DeFi protocols offering lending and trading to liquid staking solutions, TON caters to a wide range of blockchain enthusiasts. This versatility, coupled with its Telegram integration, positions TON as a serious contender in the ever-evolving blockchain landscape. We’re only just beginning to see the potential of this platform, and it’s an exciting space to watch.
What is TON?
TON stands for “The Open Network” and it is a community-driven, scalable multi-blockchain platform designed to empower the creation and operation of DApps and smart contracts. Utilizing the proof-of-stake consensus mechanism it can support up to 2^92 accompanying blockchains or shards. While initially conceived by the Telegram team to conquer the scalability challenges posed by their massive user base, TON has transcended its origins. It’s now an open-source project, with validators holding the power to approve network modifications.
The Ecosystem of TON
Telegram Games
Play-to-earn games on Telegram have become TON’s stand-out feature. These games first came into picture with “Notcoin” which gained a lot of attention but now the hype has become even more with games like Catizen and Hamster combat.
Catizen is a popular Telegram-based play-to-earn game in which players become the mayor of a virtual cat city. The game combines city-building with crypto economics, offering strategic gameplay in which players can earn Catizen coins by developing their city, completing tasks, and participating in airdrop campaigns. Due to its innovative gaming mechanism, it has experienced rapid growth with ~ 22 Mn users and ~ 1.8 Mn daily active users.
Hamster Kombat is another telegram-based game that has seen tremendous growth. In this game you roleplay a hamster, the CEO role of an up-and-coming crypto exchange where it’s your job to grow the exchange. To do so, players tap (like with Notcoin) a golden coin to earn coins and then use those coins to buy upgrades for their exchange, which in turn earns them more coins. The game has more than ~ 200 Mn users with a huge and active social media presence.
Liquid Staking on TON
Source: DefiLlama
The TVL in liquid staking platforms built on TON has seen a significant surge of over ~ 540% from the start of this year and currently stands at ~ $370 Mn. Tonstakers and Bemo Finance have emerged as leaders in this space. Both these platforms allow users to “liquid stake” their TON for even more gains.
Users can stake their TON to validate the network and earn rewards on Tonstakers, and also receive a tradable receipt token (Jetton Pool) that keeps your rewards flowing. Bemo Finance also offers a similar setup, letting users stake TON for stTON tokens, which can be freely used in DeFi.
DEXes
Source: DefiLlama
The TVL across DEXes has surged to $633 Mn as STON.fi and DeDust have emerged as leaders in this category accounting for over 99% of this TVL.
STON.fi is a decentralized automated market maker (AMM) on TON that boasts near-zero fees, low slippage, and a user-friendly interface that is perfect for swapping tokens in a flash. On the other hand, DeDust is also built for gas efficiency, with a focus on user experience. It also has additional features like bridging, staking for its native SCALE token, and attractive liquidity pools with sky-high APYs (like HYDRA/USDT ~ 420%).
Lending Protocols
Evaa Protocol allows users to lend and borrow TON, stTON, tsTON, and even USDT directly from Telegram. With double-digit interest rates on TON and USDT, Evaa is a competitive option for serious DeFi players. They have also integrated an XP points program which can be used for redeeming their upcoming EVAA token.
DAOLama allows users to rent out their prized NFTs for TON. Users have to create a proposal, and then collect TON based on the agreed-upon terms. They also offer a “Buy Now, Pay Later” feature for NFTs.
Looking Ahead
There’s no doubt TON has become one of the rising stars in the crypto world. While play-to-earn games like Notcoin and Hamster Kombat have undoubtedly been the vanguard, TON is more than just a mechanism of having fun earning – it’s a hub of a multifaceted ecosystem. Combined with its smooth Telegram integration means the TON is an extremely easy-to-use and flexible blockchain ready for gigantic adoption.
Looking beyond the initial play-to-earn wave, TON also offers powerful DeFi for more experienced users as well. From Staking and trading to token swap and lending platforms TON offers a comprehensive list of services for a network that cannot simply become obsolete overnight.
