The Open Network, TON reaches 317M dollars in its Total Value Locked (TVL) a few months after it was just $23 million.
The Open Network (TON) has reached another significant milestone by enrolling one million users in less than twenty-four hours. The milestone was reached during a token generation event for Notcoin (NOT), a recently launched cryptocurrency initiative with the industry’s most rapidly expanding community.
On Monday, the TON blockchain’s total value secured (TVL) surpassed $317 million for the first time since its inception, according to data from DeFiLlama.
The Open League (OL), an ongoing ecosystem initiative initiated by TON to encourage users to interact with prominent decentralized applications within its ecosystem, is mainly responsible for the remarkable expansion of TVL.
TVL of TON Soars
User participation in the program, through which the network will distribute 30,000,000 Toncoin (TON), the native token of the platform, has been substantial, contributing substantially to the soaring TVL.
Since the Open League initiative was introduced in early March, TON’s TVL has increased from $23 million to its current $317 million. Since early March, the TVL on the TON blockchain has increased by approximately 1,278 percent.
After surpassing the $200 million mark on May 6, 2024, the blockchain subsequently surpassed the $100 million mark in April.
The substantial expansion has been driven predominantly by adopting decentralized exchanges, including Dedust and Ston: fi, and liquid staking initiatives, such as Tonstakers and Bemo.
The consistent increase in secured value is evidence of TON’s expanding sphere of influence and the efficacy of its ecosystem-related endeavors in user acquisition and retention.
Notwithstanding attaining a fresh milestone in TVL, the network’s token, TON, has maintained a comparatively consistent value over the last week, hovering around the $6 mark. As of last week, the current value of TON is approximately $6.38, representing a marginal increase of 0.23%.
Additional notable accomplishments of TON
Since its inception, TON has accomplished several noteworthy things besides its soaring TVL.
In November 2023, The Open Network, developed in partnership with one of the most significant messaging applications, Telegram, achieved the distinction of being the quickest blockchain in the world, with 104,715 transactions per second.
TON made its global debut in the top ten cryptocurrencies last month, commanding a market capitalization of $20.8 billion.
DeFiLlama reports that the protocol has amassed a cumulative sum of $504 million in funding. Pantera Capital, an esteemed venture capital firm specializing in cryptocurrency and managing billions of dollars worth of assets, is one of its investors.
Recently, the American corporation disclosed that it had allocated an unspecified sum of capital to TON.
Further to the financial support, the Open Network has established strategic alliances with prominent entities in the sector to augment its commercial portfolio.
The TON Foundation, a consortium of contributors responsible for the administration of the network, collaborated with HasKey Group of Hong Kong in April to enhance Telegram wallet users’ access to fiat on- and off-ramps.
In addition to stablecoin issuer Tether and cryptocurrency exchanges KuCoin and MEXC, the network has several noteworthy associates. Collaborations have also been established between the Open Network and MoonPay, Transak, DWF Labs, and FireBlocks.
