TON Network Surpasses $300 Million in Total Value Locked

The Open Network (TON), a rapidly growing player in the cryptocurrency industry, has seen a boost in its total value locked (TVL). According to data from DeFiLlama, the blockchain has surpassed $300 million in total value locked for the first time, marking a remarkable tenfold increase since March.

Reasons Behind the Surge in TVL

A significant factor behind the recent surge in TON Network‘s TVL is The Open League. It is an incentive program for TON users, teams, projects, and traders with a goal to distribute about 30 million TON in three months as a reward. TON Network allows these users to transact without processing delays, increased fees, and network outages.

Since the incentive program began, the network’s TVL has increased from $23 million in early March to the current $315 million. Furthermore, the popularity of liquid staking projects such as bemo and Tonstakers, as well as decentralized exchanges like Ston.fi and Dedust, is fueling TVL’s rapid rise.

The network recently onboarded 1 million wallets during the token generation event for Notcoin — a viral clicker game created as a Telegram Mini App. These users were able to conduct transactions without experiencing processing delays, additional fees, or network outages thanks to TON’s architecture.

The recent increase in total value locked demonstrates TON’s growing influence, as well as the effectiveness of its ecosystem initiatives in attracting and retaining users.

However, despite recording a new milestone in TVL, the network’s token, TON, has remained relatively stable, trading around the $6 mark for the past seven days. At the time of writing, the token exchange hands at $6.38, represnting a modest 0.21% increase since last week and 0.6% in the last 24 hours.

TON’s Other Notable Accomplishments

Aside from the increase in TVL, the network has made other notable achievements in the industry since its inception. Recently, Ton entered the ranks of the top ten cryptocurrencies globally, boasting a market capitalization of $20.8 billion.

The network has also raised about $504 million in funding. Among its investor is Pantera Capital, a prominent crypto venture capital company with billions of assets under management.

In addition to funding, The Open Network has formed partnerships with key industry players including Hong Kong’s HasKey Group, Transak, DWF Labs, and FireBlocks to expand its business offerings.