TON’s TVL Hits Record $600M as On-Chain Activity Booms

The Open Network (TON), a layer-1 blockchain affiliated with the social media app Telegram has crossed a new milestone in its ecosystem. According to on-chain data from the analytics platform DeFiLlama, the blockchain has surpassed a total value locked (TVL) of $600 million.

TON Record a New Milestone

Per data from DefiLlama, Ton’s TVL currently stands at $602.16 million, a testament to the network’s growing user base which has contributed to its thriving ecosystem. Notably, Ton’s recent surge in total value locked comes just three weeks after the network recorded $300 million in TVL.

There has been a significant growth among the top protocols on TON as shown by DefiLlama data. For instance, DeDust, a decentralized exchange liquidity pool on TON, saw a notable 53% increase in TVL over the past week, reaching close to $300 million.

Similarly, other protocols such as bemo, Stakee and EVAA have also seen double-digit growth during the same period. Despite recording this new milestone in TVL, the network’s token, TON, has dropped by 2.2% at the time of writing, trading at $7.796.

Meanwhile, several factors have contributed TON’s recent performance. One of them is it’s growing prominence as Telegram’s preferred solution for Web3 integration which has play a major role in the network’s rapid adoption. The popular messaging platform reportedly boasts over 900 million users, making Ton more accessible to users.

Additionally, Ton facilitates the adoption of play-to-earn mini-games like Notcoin, Yescoin, and Hamster Kombat within the messaging app. These games reward users with tokens therefore garnering considerable attention and contributed to the network’s increasing popularity.

Furthermore, the network has notable collaboration with Tether, the issuer of the USDT stablecoin, renowned crypto venture capital firm Pantera Capital and other key industry players which has contributed to the growth of the blockchain.

TON-Based Meme Coins Rally

Meme coins deployed on the TON network have demonstrated strong resilience to the overall bearish trend faced by the broader crypto market. The top memecoins by market cap have increased by 35.2% in the past day to now stand at $172 million.

Memecoins native to the TON network, such as Resistance Dog (REDO) The Resistance Cat ($RECA) and Ton Inu (TINU) posted gains of 32%, 49% and 9.5%, respectively, over the past 24 hours.