Toncoin

Million

Momentum

Foundation

Read

<ul>
 <li>TON blockchain’s TVL surpassed $300 million, growing over tenfold since March.</li>
 <li>Key contributors: DEXs like Ston.fi, Dedust; staking projects Tonstakers, bemo.</li>
 <li>Toncoin trades at $6.4 and has a $22B market cap, driven by DeFi’s growth and ecosystem initiatives.</li>
</ul>
The Open Network (TON) blockchain has hit a milestone, surpassing $300 million in total value locked (TVL). This achievement marks a remarkable increase of over tenfold since early March, signaling substantial growth and adoption within the ecosystem.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$TON</a> Network blockchain TVL has: – Surpassed $300 million – Increased over tenfold since early March <a href="https://t.co/a8cftR7EQU" rel="noopener noreferrer nofollow">pic.twitter.com/a8cftR7EQU</a>— TheLordofEntry (@thelordofentry) <a href="https://twitter.com/thelordofentry/status/1795025656939434465?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 27, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Decentralized Exchanges and Liquid Staking Projects
The surge in TVL can be attributed to the active participation of various decentralized exchanges (DEXs) such as Ston.fi and Dedust, alongside liquid staking projects like Tonstakers and bemo. These platforms have played a pivotal role in attracting users and locking in value within the TON blockchain ecosystem.
The ongoing ecosystem initiative, The Open League, has also contributed to the surge in TVL. This initiative rewards users of TON’s top decentralized applications, promoting increased engagement and participation across the network.
The network’s TVL has grown exponentially since the incentive program was introduced in early March. <a href="https://defillama.com/chain/TON" target="_blank" rel="noopener noreferrer nofollow">DeFiLlama data</a> shows that the TVL increased from $23 million to $315 million, demonstrating how quickly TON’s decentralized infrastructure has been adopted and used.
Integration of Telegram Mini Apps
The recent integration of 1 million wallets during the token generation event for <a href="https://cryptonewsland.com/ton-blockchain-hosts-notcoin-launch-over-80-billion-tokens-airdropped/" target="_blank" rel="noopener noreferrer nofollow">Notcoin</a>, a viral clicker game accessible as a Telegram Mini App, further highlights the scalability and efficiency of TON’s architecture. Users were able to transact seamlessly without experiencing network outages, increased fees, or processing delays.
The Open Network originated from a blockchain project by Telegram, a well-established messaging platform. Despite initial setbacks due to legal disputes with the U.S. Securities and Exchange Commission, community members formed the Ton Foundation and reinitiated active development, leading to the establishment of The Open Network.
Current Market Performance
The native token of the network, Toncoin, is currently trading at $6.4, boasting a market cap of $22 billion and a fully diluted valuation of $32 billion, <a href="https://coinmarketcap.com/currencies/toncoin/" target="_blank" rel="noopener noreferrer nofollow">according</a> to data from Coin Market Cap.
The surpassing of $300 million in total value locked on the TON blockchain underscores its growing significance within the decentralized finance (DeFi) landscape. With active participation from decentralized exchanges, liquid staking projects, and ongoing ecosystem initiatives, TON continues to demonstrate its potential as a scalable blockchain platform.
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/flokifi-locker-surpasses-100m-tvl-milestone-floki-holders-bullish/" rel="noopener noreferrer nofollow">FlokiFi Locker Surpasses $100M TVL Milestone, FLOKI Holders Bullish</a></li>
 <li><a href="https://cryptonewsland.com/binance-smart-chain-to-hit-32b-total-value-locked/" rel="noopener noreferrer nofollow">Binance Smart Chain to Hit $32B Total Value Locked</a></li>
 <li><a href="https://cryptonewsland.com/flokifi-locker-secures-18-million-worth-of-ats-tokens-a-testament-to-innovation/" rel="noopener noreferrer nofollow">FlokiFi Locker Secures $18 Million Worth of ATS Tokens: A Testament to Innovation</a></li>
 <li><a href="https://cryptonewsland.com/flokis-latest-flokifi-locker-update-preps-to-make-its-mainnet-launch/" rel="noopener noreferrer nofollow">Floki’s Latest FlokiFi Locker Upgrade Preps to Make Its Mainnet Launch&nbsp;</a></li>
 <li><a href="https://cryptonewsland.com/cardano-gains-momentum-as-tvl-grows-to-137-21-million/" rel="noopener noreferrer nofollow">Cardano Gains Momentum as TVL Grows to $137.21 Million</a></li>
</ul>
The post <a href="https://cryptonewsland.com/ton-blockchain-surpasses-300m-in-tvl-achieving-tenfold-growth-since-march/" rel="noopener noreferrer nofollow">TON Blockchain Surpasses $300M in TVL, Achieving Tenfold Growth Since March</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

TON Blockchain Surpasses $300M in TVL, Achieving Tenfold Growth Since March

Crypto News Land

Other articles published on May 27, 2024

Nvidia (NVDA) Beats Expectations Boosting These Crypto AI Tokens

Crypto Exchange Coinbase Adds Bitcoin Ecosystem Altcoin to Its Listing Roadmap

What comes after spot Ether ETF approvals? Execs weigh in

Crypto Guru Michaël Van De Poppe On When To Buy Bitcoin Amid Market Flux: 'The Level Where You'd ...

Solana DEX volume tumbles: Could SOL be in trouble?

Balaji Srinivasan Criticizes Fed’s Unpredictable Monetary Policy, Praises Bitcoin’s Stability

Join our free newsletter for daily crypto updates!