DeFi
TON Network Surpasses $200M TVL, Boosted by Open League and DeFi Growth ⋆ ZyCrypto
The TON network recently reached a major milestone, with a total value locked (TVL) exceeding $200 million. This achievement has been propelled by innovative initiatives such as the Open League and strategic partnerships, notably with Telegram, highlighting the network’s growing presence in the crypto landscape.
DefiLlama said the TON network surpassed $200 million in total value locked (TVL) on Monday. This increase represents a 900% increase from the $22.9 million TVL recorded in March, highlighting the growing adoption and relevance of the TON ecosystem.
The Open League drives growth
Over the past few months, the TON network has grown in popularity and importance, propelled by the integration of new protocols and the introduction of the Open League. This rewards program has allocated over $150 million worth of TON in prizes to the community and projects operating within the TON ecosystem.
This initiative encourages user participation through various activities such as application development and token battles, thus fostering a vibrant and engaged community.
The Open League was a game changer for TON, leading to a remarkable 264% increase in Monthly Active Users (MAU), now totaling 1.5 million. Integration with other protocols could further improve the relevance and adoption of the TON ecosystem. Additionally, the network saw a substantial increase in Jetton holders, growing by over 1,000% to 1.2 million users.
Strategic Partnerships Expand TON’s Reach
Pantera Capital, a leading venture capital firm specializing in cryptocurrency investments, recently made an undisclosed investment in The Open Network (TON). According to the company, this is Pantera’s most recent investment in TON, driven by the network’s association with popular messaging service Telegram.
In a recent blog post, Pantera expressed their excitement Telegram’s decision to integrate TON in April, citing it as a move that could propel TON to become one of the largest crypto networks. With Telegram’s vast user base of 900 million monthly users and 36.7 million monthly downloads, Pantera believes that Telegram’s alignment with the Web3 philosophy positions it well to introduce crypto to a wider audience.
See more
We are excited to announce our investment in TON – a Layer 1 network built by Telegram, for Telegram.
We believe that TON, which can operate a network of 900 million monthly active users, can truly bring crypto to the mainstream.https://t.co/AzGxL5lpXc
– ryan.wallet (@Ryan__Barney) May 2, 2024
Highlighting TON’s strengths, Pantera praised the blockchain architecture for its performance and scalability, which it said rivals leading blockchains. Additionally, Pantera praised TON’s wallet for its high utility and user-friendly interface.
On April 19, Tether announced its plans, including the launch of the stablecoin Tether Gold (XAUT) on the TON network. The announcement was part of a collaborative keynote featuring Paolo Ardoino, CEO of Tether, Pavel Durov, founder of Telegram, and Andrew Rogozov, CEO of The Open Platform, at the Token2049 crypto event in Dubai.
The price of TON responded positively to the expansion of the network ecosystem, reaching an all-time high of $7.63 on April 11. However, it saw a correction to $4.67 on May 1 following the recent downturn in the crypto market. Despite this decline, TON showed signs of recovery, trading at $5.9 on Tuesday.