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

TON’s DeFi sector has grown above $200 million, representing an approximately 900% surge in just two months.

Avatar image of Mishael Nwani Mishael Nwani•May 6, 2024

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 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.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.