TON Blockchain Doubles TVL to $600M in Just 3 Weeks

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As an analyst with extensive experience in the cryptocurrency market, I find The Open Network (TON) and its recent expansion particularly intriguing. The surge in Total Value Locked (TVL), which reached $608.65 million on Monday, is a clear indication of TON’s growing ecosystem.

On Monday, The Open Network, or the TON blockchain, witnessed a major surge in its total value locked (TVL), which shot up to $608.65 million. As per the data provided by DefiLlama, three weeks ago, the TVL stood at $300 million, and the rapid rise shows TON’s expanding ecosystem.

As a crypto investor, I’m excited about TON‘s integration with Telegram because it brings blockchain technology directly to the masses. By merging the functionality of this blockchain with the widely-used messaging app, TON is attracting the interest of Telegram’s vast user base.

It is important to note that Telegram has a whopping 900 million users globally which makes TON more accessible to users. Rachael Lucas, a crypto analyst at Australian exchange BTC Markets, pointed out the role played by Telegram’s massive user base in providing a strong foundation for TON. She told TheBlock that the millions of users of Telegram now have access to the TON ecosystem, giving it a significantly larger user base than other blockchains.

TON makes it convenient for users to engage in earnings-based mini-games straight from their messaging app through TON. These games, such as Notcoin, Yescoin, and Hamster Kombat, have gained significant traction and boosted the platform’s growing appeal by offering tokens as rewards.

As a crypto investor, I’ve been closely monitoring DefiLlama’s data for insights into the TON blockchain’s top DeFi protocols. One project that has particularly caught my attention is DeDust, a decentralized exchange with liquidity pools on TON. In just the past week, this protocol has seen a remarkable 53% increase in Total Value Locked (TVL), bringing it close to $300 million. Smaller DeFi initiatives like bemo, Stakee, and EVAA have also shown impressive growth, with double-digit percentage increases during this period.

TON Meme Coins Rally amid a Sluggish Market

I’ve observed a 2% decline in Toncoin‘s value over the last 24 hours, with its current price sitting at $7.77. With a market capitalization of $18.8 billion, Toncoin ranks ninth among the largest cryptocurrencies by market cap.

Currently, meme coins operating on the TON platform have demonstrated remarkable strength against the prevailing bearish sentiment in the larger cryptocurrency sector. Notably, prominent meme coins such as Resistance Dog (REDO) and Ton Inu (TINU) registered impressive increases of 21% and 3% respectively within the last day, amassing a total market capitalization exceeding $130 million.

As a researcher, I’ve been closely monitoring the latest advancements in the blockchain space, and one project that has recently piqued my interest is the TON blockchain. The momentum surrounding TON has gained significant traction in recent times, with notable developments fueling bullish sentiments.

Despite the advancements, the TON blockchain remains vulnerable to issues prevalent in the digital asset industry. In April, a cybersecurity alert was issued by Kaspersky, revealing scams preying on TON’s network. These fraudsters have been peddling pyramid schemes, specifically targeting crypto users with limited knowledge and experience in the sector.

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2024-06-17 13:45