TON blockchain’s TVL surges above $600 million to set record high

The Open Network, or TON blockchain, soared to $609.78 million in total value locked on Monday, according to DefiLlama data. This comes just three weeks after the network’s TVL recorded $300 million.

Many of the top 10 protocols on TON, as detailed by DefiLlama, made significant growth in TVL over the past seven days. The TVL on DeDust, a TON-based decentralized exchange liquidity pool, surged by 53% in the past week, reaching nearly $300 million. Smaller protocols such as bemo, Stakee and EVAA have also seen double-digit growth during the same period, the data showed.

TON blockchain has been gaining prominence as Telegram's preferred solution for Web3 integration. Telegram, one of the world's most-used messaging systems, reportedly boasts over 900 million users. 

“This massive potential user base, about 100 times larger than the current on-chain user base of all other blockchains combined, provides a strong foundation for a thriving ecosystem,” Rachael Lucas, crypto analyst at Australian crypto exchange BTC Markets, told The Block. 

TON adoption

Telegram's integration with the TON blockchain has led to the popularity of a series of play-to-earn mini-games, which can be played on the messaging app. Simplistic and token-rewarding games such as Notcoin, Yescoin and Hamster Kombat appear to have further boosted the network’s popularity.  

Earlier this month, the messaging app introduced a digital mini-app payment system named Telegram Stars, which offers app developers lower promotion fees compared to traditional platforms like Apple and Google app stores.

The latest developments from TON also contributed to the bullish sentiment. Pantera Capital, a crypto venture capital with more than $5 billion in assets under management, announced its investment in TON last month, citing its linkage with Telegram. In April, USDT stablecoin issuer Tether announced its collaboration with TON blockchain.

However, the increased popularity of the network has made it a target of cybercriminals. Cybersecurity firm Kaspersky specifically stated that scammers have utilized the messaging app and Toncoin, TON’s native cryptocurrency, to build a pyramid scheme targeting crypto users.

The price of Toncoin inched up 0.23% in the past 24 hours to $7.83 at the time of publication, according to The Block’s Toncoin price page.