Total value locked in the open network ( ton
+0.100%
) Blockchain surpasses $300 million for the first time, a more than ten-fold increase since early March.
The network is seeing a surge in fixed value amid ongoing ecosystem initiative The Open League. This is contributing to the surge in TVL by rewarding users of TON’s top decentralized applications.
Since the incentive program was launched, the network’s TVL has increased from $23 million in early March to $315 million now, according to DeFiLlama data. TVL’s rapid growth has been primarily driven by decentralized exchanges such as Ston.fi and Dedust, and liquid staking projects such as Tonstakers and bemo.
The network recently mounted one million wallets during the token generation event for Notcoin, the viral clicker game built on the Telegram Mini app. TON’s architecture allowed these users to trade without network outages, increased fees, or processing delays.
Telegram Mini Apps are small applications integrated into the Telegram messaging platform that allow users to interact with various services without leaving the application.
Open Network was first developed as a blockchain project by popular messaging platform Telegram, which raised $1.7 billion through two private token sales in 2018. However, the mainnet launch was halted due to a legal dispute with the US Securities and Exchange Commission (SEC). This is about unregistered security products.
Following these events, community members established the Ton Foundation and resumed active development, leading to the establishment of The Open Network, often abbreviated as TON. This community-driven blockchain debuted in 2021 and continues to be promoted and utilized by Telegram, including for sharing advertising revenue with channel owners.
According to The Block’s pricing page, the native token of the network Toncoin is currently trading at $6.4, with a market capitalization of $22 billion and a fully diluted value of $32 billion.
Pantera, one of the oldest venture funds in the cryptocurrency space, recently announced its largest investment ever in TON.
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