The Open Network (TON) has achieved a remarkable milestone, with its total value locked (TVL) surpassing $320 million, according to DeFiLlama.
This growth marks an increase from $23 million in early March, showcasing a surge of over 1278%. The impressive rise in TVL is largely attributed to the launch of the Open League initiative, which has successfully incentivized user engagement with decentralized applications within the TON ecosystem.
The Open League program aims to distribute 30,000,000 Toncoin (TON), the platform’s native token, among its users. This initiative has driven substantial participation, contributing significantly to the network’s TVL. The blockchain first hit the $100 million milestone in April, and subsequently surpassed $200 million on May 6, 2024, before reaching the current figure.
Role of Decentralized Applications
Decentralized exchanges and liquid staking projects have played a crucial role in TON’s TVL growth. Platforms such as Ston.fi and Dedust, along with staking projects like Tonstakers and bemo, have garnered considerable user interest. These applications have attracted and retained users, contributing to the steady increase in locked value on the TON blockchain.
The rise in TVL underscores the growing influence of TON and the effectiveness of its ecosystem initiatives. Despite the significant increase in TVL, the network’s token, TON, has maintained relative stability in its market value. 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.
In addition to the surge in TVL, TON has recorded several noteworthy achievements since its launch. Developed in collaboration with Telegram, TON became the world’s fastest blockchain in November 2023, achieving a speed of 104,715 transactions per second. This accomplishment underscores the network’s technological capabilities and its potential for high transaction throughput.
2/ On Oct 31, 2023, #TON officially became the world’s fastest and most scalable #blockchain, hitting 104,715 transactions per second! Validated and confirmed by @CertiK https://t.co/CPASNEclnc
— TON (@ton_blockchain) November 3, 2023
Moreover, TON has entered the ranks of the top ten cryptocurrencies globally, with a market capitalization of $20.8 billion. This milestone highlights the network’s growing prominence in the cryptocurrency space.
Additionally, the protocol has raised $504 million in funding, with investments from prominent entities such as Pantera Capital. The US-based crypto venture capital company recently announced an undisclosed investment in TON, further bolstering the network’s financial foundation.
Partnerships and Collaborations
TON has also secured partnerships with key industry players to enhance its offerings and expand its reach. In April, the TON Foundation, responsible for overseeing the network’s management, collaborated with Hong Kong’s HasKey Group. This partnership aims to improve access to fiat on- and off-ramps for Telegram wallet users, facilitating smoother transactions between fiat and cryptocurrency.
Other notable partners of TON include crypto exchanges KuCoin and MEXC, as well as stablecoin issuer Tether. These collaborations are expected to enhance liquidity and trading options within the TON ecosystem. Additionally, the network has partnered with MoonPay, Transak, DWF Labs, and FireBlocks, further strengthening its infrastructure and service offerings.
The post Decentralized Applications Fuel TON’s Explosive TVL Surge to $320M appeared first on Coinfomania.
