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Since the launch of the Open League initiative, TON’s TVL has soared from $23 million in early March to its current $317 million.
The Open Network (TON) has achieved another significant milestone after onboarding one million users in less than 24 hours. The milestone occurred during a token generation event for Notcoin (NOT), one of the newly launched crypto projects with the fastest-growing community in the industry.
According to data from DeFiLlama, the total value locked (TVL) for the TON blockchain made history on Monday, surpassing $317 million for the first time since its launch.
The impressive growth in TVL is largely attributed to The Open League (OL), an ongoing ecosystem initiative launched by TON to incentivize users to engage with leading decentralized applications within its ecosystem.
TON’s TVL Soars
The program, which will see the network share 30,000,000 Toncoin (TON), the platform’s native token, with users, has seen considerable user participation, significantly contributing to the soaring TVL.
Since the launch of the Open League initiative, TON’s TVL has soared from $23 million in early March to its current $317 million. This means that the TVL on the TON blockchain increased by approximately 1278% since early March.
The blockchain first reached the $100 million milestone in April and then surpassed the $200 million mark on May 6, 2024.
This remarkable growth has been primarily fueled by the popularity of decentralized exchanges such as Ston.fi and Dedust, alongside liquid staking projects like Tonstakers and bemo.
The steady rise in locked value highlights TON’s growing influence and the effectiveness of its ecosystem initiatives in attracting and retaining users.
Despite reaching a new milestone in TVL, the network’s token, TON, has remained relatively stable, trading around the $6 mark for the past seven days. TON is currently valued at around $6.38, reflecting a modest 0.23% increase since last week.
Other Significant Achievements of TON
Apart from the soaring TVL, TON has recorded several notable achievements in the industry since its launch.
The Open Network, developed in collaboration with Telegram, one of the world’s largest messaging apps, became the world’s fastest blockchain in November 2023 when it recorded a speed of 104,715 transactions per second.
Last month, TON entered the ranks of the top ten cryptocurrencies globally, boasting a market capitalization of $20.8 billion.
In terms of funding, the protocol has raised a total of $504 million in funding, according to DeFiLlama. Among its investors is Pantera Capital, a prominent crypto venture capital company with billions of assets under management.
The US-based company recently announced that it invested an undisclosed amount of funds in TON.
In addition to the funding, the Open Network has secured partnerships with key industry players to enhance its business offerings.
In April, the TON Foundation, a group of contributors overseeing the network’s management, teamed up with Hong Kong’s HasKey Group to improve access to fiat on- and off-ramps for Telegram wallet users.
Other notable partners of the network include crypto exchanges KuCoin and MEXC, as well as stablecoin issuer Tether. The Open Network has also collaborated with MoonPay, Transak, DWF Labs, and FireBlocks.
