TVL TON increased 10 times in 3 months, exceeding 317 million USD
Thanks to The Open League initiative, the total value locked (TVL) on the TON blockchain has increased tenfold to 317 million USD.
The total value locked (TVL) of The Open Network (TON) blockchain for the first time conquered the milestone of 317 million USD on May 27, increasing more than 10 times since the beginning of March 2024.
This spike is driven by The Open League, a new initiative that encourages increased user engagement with top applications on TON. The program is expected to deduct 30 million Toncoin (TON) - approximately 180 million USD to reward users.
Since then, the network's TVL has skyrocketed from just $23 million to the current $315 million, according to DeFiLlama. Decentralized exchanges like Ston.fi and Dedust, along with liquid staking projects like Tonstakers and bemo are attracting the most interest.
In particular, Notcoin - a coin mining game just listed on Binance - has contributed more than 1 million participating wallets, increasing the bustle of the network.
The Open Network started out as a layer-1 blockchain built by the Telegram team in 2018, raising capital up to 1.7 billion USD. However, it was suppressed by the US government in the period 2019-2020, forcing it to be transferred back to the community for further development. However, this blockchain is still promoted and used by Telegram for its advertising revenue sharing strategy with channel owners.
Despite achieving the new TVL milestone, the main coin Toncoin (TON) is still trading stably around 6.4 USD, down slightly by 3% compared to last week.
In addition, TON also possesses many other significant achievements. In November 2023, TON officially became the fastest blockchain in the world with a processing speed of 104,715 transactions per second. By last month, TON also reached the top 10 largest cryptocurrencies in the world with a market cap of about 20.8 billion USD.
