Toncoin is the native cryptocurrency of The Open Network.

The total value locked on the network has grown 97% so far in May.

TON hosts hundreds of applications, wallets, DeFi protocols and video games.

The Open Network (TON) is a cryptocurrency network specialized in smart contracts. It has grown greatly within the ecosystem of the messaging application, Telegram.

According to recent data, the majority of transactions currently being carried out on this network are for amounts exceeding one million dollars. Market analyst, Joao Wedson, shows that this implies a growing interest from large investors and greater activity on the network among these participants.

This increase in million-dollar transactions can be seen in the following graph in the yellow indicators.

This has transformed TON into a “robust network with high value transfer capacity and a gradual increase in participation from large investors,” Wedson says.

Total transactions on the network have increased from 4.5 million to 6 million daily during the current month, representing an increase of 33%. This can be seen in the graph below:

The increase may be related to the addition of the tether (USDT) stablecoin to the TON network. By early May, more than $100 million worth of USDT had been issued on TON. The TON development team highlighted that the launch of Tether was the fastest growing in said network.

Additionally, TON launched an incentive program for depositing USDT. In the first phase, users could earn up to 50% annual yield (APY) by storing USDT, getting TON as a reward.

Currently, this yield percentage is 25% until June 12. To participate in the program you can deposit up to 3,000 USDT.