The Open Network (TON) blockchain reached a new milestone today as its total value locked (TVL) increased to $609.78 million, according to data from DefiLlama.
TON Blockchain's TVL Breaks a Record by Exceeding $600 Million
This significant growth comes just three weeks after the network's TVL reached $300 million.
Several top protocols on the TON blockchain have seen significant growth in TVL over the past week.
DeDust, a decentralized exchange liquidity pool on TON, experienced a 53% increase, reaching almost $300 million in TVL.
Smaller protocols like Bemo, Stakee, and EVAA also showed impressive double-digit growth during the same period.
The rapid adoption of the TON blockchain is closely linked to its integration with Telegram, one of the world's most popular messaging platforms with over 900 million users.
This large user base provides a solid foundation for TON's ecosystem.
“This massive potential user base, approximately 100 times larger than the current on-chain user base of all other blockchains combined, provides a strong foundation for a thriving ecosystem,” said Rachael Lucas, a crypto analyst at Australian crypto exchange BTC Markets.
The popularity of play-to-win mini-games on Telegram, such as Notcoin, Yescoin and Hamster Kombat, has significantly increased TON's user engagement.
Additionally, Telegram's recent launch of Telegram Stars, a digital mini-app payment system that offers lower promotional fees than traditional app stores, has further increased the attractiveness of the platform.
Recent investments and collaborations have also contributed to the bullish sentiment around TON.
Last month, Pantera Capital, a crypto venture capital firm with over $5 billion in assets under management, announced its investment in TON, highlighting its connection with Telegram.
In April, Tether, the issuer of the USDT stablecoin, also announced its collaboration with the TON blockchain.
*This is not investment advice.