The Open Network (TON) has emerged as a rising star experiencing explosive growth and solidifying its position as a major player. TON’s total value locked (TVL) has witnessed a meteoric rise, skyrocketing from a mere $23 million in early March 2024 to a staggering $315 million at the time of writing. This represents a phenomenal increase of approximately 1278%.
This meteoric rise can be attributed to several factors, including:
The Open League Initiative launched in March, this program incentivizes users to engage with decentralized applications (dApps) within the TON ecosystem. By offering a share of 30,000,000 Toncoin (TON) tokens as rewards for interacting with dApps, the program has incentivized users to explore the TON ecosystem and participate in its DeFi (decentralized finance) offerings.
Adding a unique twist to TON’s growth story is the emergence of Notcoin. This project combines gaming and cryptocurrency elements on the Telegram platform. Developed by Open Builders and associated with TON, Notcoin is essentially a play-to-earn game where users can “mine” Notcoins by clicking on an animated coin within a Telegram chat.
The rise of TON’s TVL is also heavily influenced by the popularity of decentralized exchanges (DEXs) built on its blockchain. Ston.fi and Dedust are prime examples of DEXs flourishing within the TON ecosystem. Ston.fi boasts an impressive TVL of $218.97 million with a remarkable 108% growth in the past month. Dedust contributes significantly with a TVL of $80.93 million and a 76.22% increase over the same period. Ston.fi boasted an average daily trading volume of approximately 450,000 TON, while Dedust saw 200,000 TON. Just a month later, in March, these numbers skyrocketed to 3 million and 2 million daily TON for Ston.fi and Dedust, respectively. April witnessed a sustained increase, with Ston.fi averaging 4 million TON in daily volume and Dedust maintaining a solid 1.6 million TON.
Liquid staking projects like Tonstakers and Bemo are fueling TON’s TVL growth, expanding its DeFi ecosystem. Unlike traditional staking requiring technical expertise, TON’s user-friendly approach attracts a wider audience. Data shows that Tonstakers’ locked Toncoin grew 34% from February (25 million TON ) to May (33.5 million TON). Bemo saw a similar jump, rising 55% from 7.2 million TON in February to a peak of 11.2 million TON in April before a slight dip in May. While Hipo fluctuated (peaking at 980k TON in February/March), Stakee exhibited modest growth (2.6 million to 2.5 million TON). Notably, Whales’ locked Toncoin remained stable around 1.1 million TON. This surge in locked assets across protocols, combined with the previously mentioned DEX trading activity rise, confirms user-friendly liquid staking’s significant contribution to TON’s TVL.
Despite the significant increase in TVL, the TON token itself has exhibited relative price stability. Over the past week, TON has traded around the $6 mark, with a current value of approximately $6.38, reflecting a modest 0.23% increase. This stability suggests a healthy growth pattern, attracting users seeking a balance between innovation and measured investment.
TON’s Accolades
TON’s achievements extend beyond TVL growth. Here are some additional milestones:
- Speed Demon: Developed in collaboration with Telegram, TON holds the record for the world’s fastest blockchain, achieving a remarkable speed of 104,715 transactions per second in November 2023. This technological prowess positions TON as a scalable solution for future blockchain applications.
- Top Ten Contender: TON has secured a coveted spot among the top ten cryptocurrencies globally, boasting a market capitalization of $21.8 billion. This recognition highlights TON’s growing influence and market value within the cryptocurrency space.
- Investment Powerhouse: TON has secured a robust financial foundation, having raised $504 million in funding from prominent venture capital firms like Pantera Capital. This funding fuels ongoing development and expansion efforts.
- Strategic Collaborations: TON has forged partnerships with key industry players, including crypto exchanges (KuCoin, MEXC), stablecoin issuer Tether, and fiat on-ramp provider HashKey Group. These collaborations enhance the TON ecosystem’s functionality and user experience.
Looking Ahead
The Open Network (TON) has exploded onto the crypto scene, boasting impressive TVL growth fueled by a vibrant DeFi ecosystem. Innovative projects like Notcoin and user-friendly liquid staking options paint a bright future for TON. But its true potential lies in its strategic partnership with Telegram, a messaging giant with over 800 million monthly users. This unique integration positions TON to onboard millions to the DeFi world, fostering wider adoption and potentially becoming a top blockchain contender. As TON refines its offerings, the question remains: will it be the network that shapes the future of decentralized finance? Only time will tell, but TON’s innovative approach, coupled with Telegram’s massive user base, positions it for a transformative journey.
