The total value locked (TVL) on The Open Network (TON) blockchain has surpassed $300 million for the first time, marking an impressive tenfold increase since early March.
Total Locked Value of TON Blockchain Exceeds $300 Million
This increase is largely attributed to The Open League, TON's ongoing ecosystem initiative that encourages users of the network's top decentralized applications (dApps).
According to DeFiLlama data, since the launch of the incentive program, TVL on the TON blockchain has increased dramatically from $23 million in early March to $315 million.
The rapid growth has been driven primarily by decentralized exchanges such as Ston.fi and Dedust, as well as liquid staking projects such as Tonstakers and bemo.
In addition to the increase in TVL, the network recently acquired 1 million wallets during a token creation event for Notcoin, a viral clicker game developed as a Telegram Mini App.
This influx of new users demonstrated TON's robust architecture that enables transactions without network outages, increased fees, or transaction delays.
Originally conceived as a blockchain project by popular messaging platform Telegram, Open Network raised $1.7 billion through two private token sales in 2018.
However, the mainnet launch was delayed due to a legal dispute with the US Securities and Exchange Commission over unregistered securities offerings.
In response, community members founded the Tone Foundation and continue to develop it, culminating in the launch of The Open Network in 2021.
Telegram continues to support blockchain by promoting its use for applications such as sharing advertising revenue with channel owners.
*This is not investment advice.