TVL TON Surges Tenfold in 3 Months, Crossing $317 Million Mark

Thanks to The Open League initiative, Total Value Locked (TVL) on the TON blockchain has skyrocketed tenfold to reach $317 million.

TVL TON Surges Tenfold in 3 Months, Crossing $317 Million Mark. Image: ONUS

The Total Value Locked (TVL) on The Open Network (TON) blockchain surpassed the $317 million mark for the first time on May 27, 2024, marking an over tenfold increase since the beginning of March 2024.

TVL of The Open Network, screenshot from DeFi LIama on May 28, 2024

This significant spike was driven by The Open League, a new initiative aimed at encouraging users to increase interactions with leading applications on TON. The program plans to allocate 30 million Toncoin (TON) - approximately $180 million - to reward users.

Since then, the network's TVL has surged from just $23 million to the current $315 million, according to DeFiLlama. Decentralized exchanges such as Ston.fi and Dedust, along with liquid staking projects like Tonstakers and bemo, are garnering increased attention.

Leading applications on TON, ranked by TVL. Source: DeFi LIama (05/28/2024)

Notably, Notcoin - a coin mining game recently listed on Binance - has attracted over 1 million wallets, adding further vibrancy to the network.

The Open Network originated as a layer-1 blockchain developed by the Telegram team in 2018, raising up to $1.7 billion in funding. However, it faced pressure from U.S. authorities during 2019-2020, leading to its transfer to community-led development. Nonetheless, Telegram continues to promote and use this blockchain for revenue-sharing strategies with channel owners.

Recently, Pantera - one of the oldest venture funds in the cryptocurrency sector - disclosed its largest investment ever in TON.

Despite achieving a new TVL milestone, Toncoin (TON) is currently trading steadily around $6.4 USD, a slight 3% decrease from the previous week.

Price fluctuations of TON over the daily timeframe, screenshot from CoinMarketCap at 09:45 AM on May 28, 2024

TON also boasts several other notable achievements. In November 2023, TON officially became the world's fastest blockchain with a processing speed of 104,715 transactions per second. Last month, TON ranked among the top 10 largest cryptocurrencies globally with a market cap of approximately $20.8 billion.