This marks a significant increase from $300 million just three weeks ago, showing rapid growth.
The Open Network (TON) blockchain saw its total value locked (TVL) soar to $609.78 million on Monday, according to DefiLlama data. This marks a significant increase from $300 million just three weeks ago, showing rapid growth.
Many of the top 10 protocols on TON have shown significant growth in TVL over the past week. For example, the TVL on DeDust, a decentralized exchange liquidity pool on TON, surged by 53% in the past week, reaching nearly $300 million. Smaller protocols like bemo and EVAA have also seen double-digit growth during the same period, which is quite impressive.
Telegram’s Massive User Base Boosts TON Ecosystem
TON blockchain is getting a lot of attention because it is Telegram’s chosen Web3 solution. Telegram is one of the most popular messaging apps in the world, with over 900 million users. This large number of users gives TON a strong foundation for its ecosystem. With such a large potential user base, there is a huge opportunity for growth and development.
Telegram’s integration with TON has led to the popularity of several play-to-earn mini-games, which can be played within the messaging app. Games like Notcoin, Yescoin, and Hamster Kombat have boosted the network’s popularity by offering token rewards. These simple yet engaging games attract users and encourage more activity on the network.
Additionally, Telegram recently introduced a digital mini-app payment system called Telegram Stars. This system offers app developers lower promotion fees compared to traditional platforms like the Apple and Google App Stores. This is a big advantage for developers looking to promote their apps more affordably.
Recent developments have also contributed to positive sentiment around TON. Last month, Pantera Capital, a crypto venture capital firm with over $5 billion in assets, announced its investment in TON, highlighting its connection with Telegram. In April, Tether, the issuer of the USDT stablecoin, announced a collaboration with the TON blockchain. These partnerships bring more credibility and resources to the network.
However, the increased popularity of TON has also attracted cybercriminals. Cybersecurity firm Kaspersky reported that scammers have used the messaging app and Toncoin, TON’s native cryptocurrency, to build a pyramid scheme targeting crypto users. This highlights the need for users to be cautious and vigilant.