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TON Blockchain hits 500M in Total Value Locked
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TON Blockchain hits 500M in Total Value Locked

2024-06-13 by Ndaman Olayinka 7 minutes read
TON Blockchain hits 500M in Total Value Locked

The Open Network blockchain has crossed $500 million in total value locked (TVL) for the first time.

The TON network posted on social media platform X about the incredible landmark achievement of an over 2,000% increase from $22.9 million in TVL in March 2024 to more than half a billion today belonging to the community. 

“The GDP of a small country is in use across TON's apps, and the achievement belongs to the community. It’s still only the beginning. Slowly, then suddenly,” the Open Network added.

DeFiLlama data shows that TVL soared from $23 million to $534.83 million, driven by liquid staking projects like Tonstakers, Bemo, and Stakee and decentralized exchanges like Dedust, Ston.fi, and Megaton Finance.

The Open League, an ongoing ecosystem initiative rewarding users of TON's most popular decentralized applications, is helping to fuel the rise in TVL.

The community and projects that are part of the TON ecosystem have received prizes totaling over $150 million in TON through the rewards program. This initiative enables a vibrant and active community by providing incentives for user participation, such as token battles and app development.

The Open Network started out as a blockchain project developed by the well-known messaging app Telegram. Via two private token sales, the company raised $1.7 billion in 2018. However, it was unable to launch on the mainnet due to a legal dispute with the US Securities and Exchange Commission regarding unregistered securities offerings.

Pantera Capital made an undisclosed investment in The Open Network (TON) in May 2024, which the company stated was motivated by the network's affiliation with the well-known messaging service Telegram. The company's blog post suggests that this move could aid TON's development into one of the largest cryptocurrency networks.

With a market capitalization of $18 billion and a fully diluted valuation of $38 billion, TON is currently trading at $7.56. Out of all 10,092 active cryptocurrencies listed on CoinMarketCap, it is ranked ninth.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.