DefiLlama’s reports show Toncoin’s TVL raises to about $620 million even though the crypto market has been experiencing a downturn.
The Open Network (TON) is one of the few blockchains that users continue to engage with despite the ongoing market winter that resulted in the Bitcoin (BTC) price reaching a one-month low of $64,000 on June 18.
The network, closely linked to the social media messaging platform Telegram, achieved its first $600 million milestone on Monday and reached a new record high. The figure illustrates a growth rate of more than 130% within four weeks.
Performance of Toncoin (TON)
The protocol has a market capitalization of over $17 billion and has registered over $24 million in trading volume in the past 24 hours.
TON, initially introduced by Telegram in 2019, underwent a complete transformation into a decentralized network due to regulatory obstacles. Subsequently, the protocol was transferred to the TON Foundation, responsible for monitoring the network’s advancement.
The Open Network has now exceeded the $620 million milestone in TVL and is on track to achieve the $1 billion milestone in total value secured.
Toncoin (TON price data), the native token of the network that drives all ecosystem activities, has also experienced substantial development in recent days despite the adverse market sentiments.
TON, which is currently valued at approximately $7.18 on CoinMarketCap, has experienced a 5.55% increase in the past 24 hours, surpassing Bitcoin and Ethereum (ETH price data), which have only experienced minor increases of 0.86% and 1.40%, respectively.
TON achieved an all-time peak of $8.25 for the first time since its launch on June 15, as indicated by additional data from CoinGecko.
Inspiring On-Chain Metrics
The token’s on-chain metrics are also increasing, as noted by analysts at CryptoQuant. In September 2021, the token was trading at approximately $0.51. In 2024, it has become the most performant altcoin associated with the layer-1 blockchain.
TON has experienced a remarkable price increase of more than 220% since January, surpassing the performance of the more established cryptocurrencies Ether, BNB, and SOL, which have only experienced modest growth of 55%, 80%, and 40% this year.
The token’s transmission volume has also surged during this period, surpassing even that of Bitcoin, with a range of $5 billion to $10 billion.
Additionally, the analysts reported that TON’s number of on-chain token holders has increased significantly in the past year. The digital asset is currently held by 32 million wallet addresses, a tenfold increase from the 2.9 million it had last year.
The total quantity of stablecoins held on the Open Network has surpassed $449 million as of Thursday, as demonstrated by DefiLlama, in addition to the token holders.
