TON Blockchain Hits $317M in Total Value Locked

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As an analyst with a background in blockchain technology and cryptocurrency markets, I’ve been closely monitoring the developments within the industry, including the impressive growth of The Open Network (TON). Having analyzed the data and trends presented in this article, I believe that TON’s recent achievement of onboarding one million users in less than 24 hours and surpassing $300 million in total value locked (TVL) is a significant milestone that underscores the network’s growing influence.

One million users joined The Open Network (TON) within a day, marking a notable achievement during Notcoin (NOT)’s token distribution event. This swiftly growing crypto project boasts an expanding industry community.

Based on information from DeFiLlama, the TON blockchain reached a new milestone on Monday, with its total value locked (TVL) exceeding $317 million for the initial time since its debut.

As a crypto investor, I’ve noticed the remarkable surge in Total Value Locked (TVL) in the TON ecosystem. A significant portion of this growth can be attributed to The Open League (OL), an initiative launched by TON to motivate users to interact with top decentralized applications within our community. This ongoing project aims to incentivize active participation and fosters a vibrant, growing ecosystem.

TON’s TVL Soars

As a crypto investor, I’ve been excitedly following the development of the program that distributes 30 million Toncoin (TON) tokens, the native currency of the platform, amongst its users. The level of engagement from the community has been remarkable, leading to a substantial increase in Total Value Locked (TVL).

Over the past few weeks, the TVL (Total Value Locked) on the TON blockchain has experienced a remarkable surge. Following the debut of the Open League initiative, the TVL grew from a modest $23 million in early March to an impressive $317 million as of now. This equates to a staggering increase of around 1278% since the beginning of March.

In April, the blockchain network passed the $100 million mark for the first time. Just two weeks later, on May 6, 2024, it exceeded the $200 million threshold.

The extraordinary expansion of this phenomenon can mainly be attributed to the surge in demand for decentralized platforms like Stone.fi and Dexadex, as well as the success of liquid staking initiatives such as Tonstakers and Bomo.

The increasing number of locked values in TON is a clear indication of its expanding influence and the success of its ecosystem projects in drawing and keeping users.

Over the past week, despite hitting a fresh high in TVL (Total Value Locked), The Network’s token, TON, has mostly held steady, trading close to the $6 level. At present, TON holds a market value of approximately $6.38, which represents a slight gain of 0.23% compared to the previous week.

Other Significant Achievements of TON

As a crypto investor, I’ve been impressed with Ton’s significant strides since its launch. Beyond the impressive surge in Total Value Locked (TVL), this project has left an indelible mark on the industry through various noteworthy accomplishments.

As a blockchain analyst, I’d express it this way: In a joint effort with Telegram, the creators of The Open Network achieved an impressive milestone in November 2023. We recorded a remarkable transaction speed of 104,715 transactions per second, making The Open Network the fastest blockchain in the world at that time.

In the past month, TON has joined the elite group of the world’s ten largest cryptocurrencies with a market value of approximately $20.8 billion.

As an analyst, I’ve discovered that the protocol in question has managed to secure a total funding amount of $504 million, based on information from DeFiLlama. Notably, this funding round saw the participation of Pantera Capital, a distinguished venture capital firm within the crypto space, which manages billions of assets.

The US-based company recently announced that it invested an undisclosed amount of funds in TON.

The Open Network has not only obtained financing but also formed alliances with major industry figures to boost its commercial services.

In April, the TON Foundation, which manages the TON network with a team of contributors, collaborated with HasKey Group based in Hong Kong to enhance the accessibility of fiat on-ramp and off-ramp functions for Telegram wallet users.

Some other significant collaborators of the Open Network are the cryptocurrency exchanges KuCoin and MEXC, as well as Tether, the issuer of stablecoins. Additionally, the Open Network has worked with MoonPay, Transak, DWF Labs, and Fireblocks.

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2024-05-27 10:57