The total value locked (TVL) in The Open Network (TON) has dropped to $248 million, a sharp decline from its record high of $740 million in July 2024, according to Wu Shuo. TON's earlier growth was fueled by the surge in mini-applications and the network's native support for USDT.
Meanwhile, the supply of Tether (USDT) has surpassed $1.43 billion, accounting for 25% of DEX trading volume. The number of daily active users on TON has stabilized at approximately 1 million, while meme cryptocurrency trading activity continues to grow, reflecting sustained interest in the ecosystem.
