Since March, The Open Network (TON) blockchain has been turning heads as capital flows into the ecosystem.
In the past month, the TON blockchain’s Total Value Locked (TVL) has more than doubled to $608 million.
TON Blockchain TVL Ascends To $608 Million
TON has recorded a 128% surge in TVL in 30 days, moving from $266.02 million to $608.65 million. DefiLlama data shows a steep climb in the TVL metric since the onset of March to a new all-time high.
This increase shows growing interest and investment in TON. The TVL surge is a positive sign for the DeFi platform, indicating more users are depositing assets into The Open Network. This could lead to increased liquidity and higher returns for network participants.
According to DefiLlama, protocols running atop the TON blockchain are also thriving. The top performer is decentralized exchange (DEX) DeDust, which saw a 50.78% increase in TVL over the last seven days, reaching $297.12 million. Liquid staking protocol Tonstakers follows with $277.73 million, up 3% in a week.
Read more: 6 Best Toncoin (TON) Wallets in 2024
The Open Network’s popularity is increasing due to simple, token-rewarding games like Notcoin (NOT), Yescoin, and Hamster Kombat. Telegram, the popular messaging platform with nearly 1 billion users, uses The Open Network as its preferred solution for Web3 integration.
Another bullish fundamental for TON blockchain is the recent investment by Pantera Capital. The venture capital firm injected an undisclosed sum into The Open Network, marking a significant milestone as TON continues to gain traction within the expansive Telegram user base.
In April, USDT issuer Tether announced its collaboration with TON. The alliance, which includes Oobit, aims to offer crypto transactions worldwide, aiding unbanked populations with financial solutions. This partnership is set to create a borderless financial system through decentralized technology, improving accessibility and transaction efficiency.
Read more: What Are Telegram Bot Coins? All You Need To Know
Amid these developments, on-chain metrics show massive support for the network. Daily active addresses have increased by 310% since March 10. Trading volume and the number of holders have risen by 805% and 138% since February 28.
The increasing numbers indicate that more users are actively participating in the network and investing in its potential. With support from Telegram and key investments, TON’s future looks promising.
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