TON Blockchain’s TVL Doubles in Three Weeks, Hitting a Record

The Total Blocked Value (TVL) of the Open Network (TON) blockchain has increased since early March, surpassing $600 million.

In just three weeks, it has doubled to reach an all-time high, showing rapid growth and investor confidence in TON’s decentralized financial ecosystem.

TON’s TVL reaches $600 million

According to DefiLlama data, TON’s TVL rose to more than $605 million on Monday. This milestone came just three weeks after the network’s TVL hit $300 million for the first time in late May, representing a more than twenty-seven-fold increase since early March.

TVL’s rapid rise has been driven primarily by decentralized exchanges like Ston.fi and Dedust, as well as liquid stake projects like Tonstakers and bemo.

According to DefiLlama, many of the top 10 TON protocols have experienced notable TVL growth over the past week. DeDust, the largest TON-based decentralized exchange liquidity pool, saw its TVL increase by more than 50% in the last week, reaching almost $300 million. Smaller protocols such as DAOLama, bemo, Stakee and EVAA also recorded double-digit growth during the same period.

According to CoinGecko, Toncoin (TON), the network’s native token, recently hit a new all-time high of $8.25 on June 15th, reaching a market capitalization exceeding $19 billion for the first time. At the time of writing, the token is trading at $7.77, making it the 10th largest cryptocurrency by market capitalization, valued at $18.6 billion. Its fully diluted trading volume is $39 billion.

Meme Coin Rally and Layer 1 Outperformance

In addition to the increase in the price of TVL and TON, the meme coins deployed on The Open Network have increased in the last day. TON native meme coins such as Resistance Dog (REDO) and The Resistance Cat (RECA) are up 12.8% and 60.9% respectively in the last 24 hours.

Meanwhile, a recent report by CryptoQuant also revealed that TON has become one of the top-performing Layer 1 blockchains in 2024, outperforming Bitcoin by 118% since the beginning of the year, while other popular chains of layer 1 have struggled to gain momentum.

Originally developed by the team behind the popular messaging app Telegram and led by the Durov brothers, the TON blockchain was created to integrate cryptocurrency and blockchain functionality into the Telegram ecosystem.

This integration has led to the popularity of a series of game-to-win mini-games that can be played within the messaging app, further increasing the appeal of the network. Simplistic and rewarding games like Notcoin, Yescoin and Hamster Kombat have become especially popular and driven more users to the platform.

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