The Open Network (TON) blockchain has experienced a significant surge in its total value locked (TVL), surpassing $600 million and setting a new record high. According to DefiLlama data, TON’s TVL reached $609.78 million on Monday, marking a remarkable increase from $300 million just three weeks prior.
This rapid growth has been driven by the success of decentralized exchanges like DeDust and Ston.fi, as well as liquid staking projects such as Tonstakers and bemo. DeDust, the largest TON-based decentralized exchange liquidity pool, saw its TVL increase by over 50% in the last week, reaching nearly $300 million.
The native token of the network, Toncoin (TON), also reached a new all-time high of $8.25 on June 15, with a market cap exceeding $19 billion for the first time. As of the latest data, Toncoin is trading at $7.77, making it the tenth largest cryptocurrency by market cap, valued at $18.6 billion.
The TON blockchain, initially developed by the team behind the popular messaging app Telegram, has integrated cryptocurrency and blockchain functionality into the Telegram ecosystem. This integration has led to the popularity of play-to-earn mini-games on the messaging app, further boosting the network’s appeal.
In addition to the rise in TVL and TON’s price, meme coins deployed on The Open Network have also rallied. Meme coins such as Resistance Dog (REDO) and The Resistance Cat (RECA) have seen significant increases over the past 24 hours.
The recent developments and the strong foundation provided by Telegram’s massive user base have contributed to the bullish sentiment around TON, making it one of the top-performing Layer 1 blockchains in 2024.
