TON Network Crosses $200M in TVL, Toncoin’s Price Follows

The Open Network (TON), a Telegram-affiliated blockchain network, has crossed a new milestone in its ecosystem. According to on-chain data from the blockchain analytics platform DeFiLlama, the blockchain has surpassed a total value locked (TVL) of $200 million, signalling a massive engagement with its decentralized finance (DeFi) sector.

🔥 TON DeFi is on Fire! 🔥$TON just crossed $200M Total Value Locked (TVL)

When @TONOpenLeague began @ March 1st. TVL stood at $22.9million. Since then TVL has grown 900% to $206.74 Million.

Time to Double Down.

JOIN https://t.co/oW0WjBJ8KB pic.twitter.com/AU5t7PZXvp

— TON 💎 (@ton_blockchain) May 6, 2024

TON Breaks New TVL

Among the DeFi projects that have helped upscale TON’s TVL are STON.fi and DeDust. STON.fi, a Ton-based decentralized automated market maker, has a TVL of over $129 million. DeDust, another decentralized exchange on the TON blockchain, has a TVL of more than $56 million.

The TON network saw its first $1 million in TVL in February 2023. Fast forward to a year later and the network struggled to hold a TVL of up to $20 million. However, its narrative has changed for the better with the surge in attention the crypto community has given to the layer-1 blockchain.

Source: DeFiLlama

Several factors have sparked TON’s recent performance. For example, the leading stablecoin issuer Tether launched its flagship product, USDT, on the Telegram-affiliated network last month.

The network has also skyrocketed in attention due to its connection with the popular social app, Telegram. Telegram’s co-founder, Pavel Durov, initially created the TON blockchain under the name – Telegram Open Network. He was forced to abandon the project after a regulatory crackdown from a United States regulator. A team picked up from where Durov left off and used the blockchain’s open-source codes to create the TON blockchain as we know it today.

Recently, Durov declared plans for a potential initial public offering (IPO) for the social app. The news sparked an uptrend for Toncoin, TON’s native cryptocurrency.

Toncoin Trades Above $5.8

At the time of writing, Toncoin’s price traded at $5.8, representing a 12% surge over the past week. This price move was driven by news of an investment from Pantera Capital, an industry-leading venture capital firm.