The growth started after the launch of the user incentive program

TON network’s total value locked has grown by 14 times since the beginning of March

27.05.2024 - 08:25

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2 min

What’s new? The total value locked (TVL) of The Open Network blockchain has surpassed $300 million, increasing more than tenfold since the beginning of March. The growth has been driven by activity on decentralized exchanges (DEXs) Ston_fi and Dedust, as well as liquid staking protocols such as Tonstakers and bemo.

DeFiLlama’s data

What else is known? The growth comes on the back of The Open League’s ongoing ecosystem incentive program targeting users of the best TON-based decentralized applications (DApps).

Since the incentive program was launched, TVL has grown from $23 billion in early March to its current $317,19 million, according to data from analytics platform DeFiLlama.

And during the launch of the NOT token on May 16, 1 million new wallets joined the TON network. Previously, NOT was exclusively an in-game currency that users could earn by tapping the screen in the Notcoin game for the Telegram messenger. Users were then able to convert the in-game balance into a cryptocurrency with real-world value.

The asset was listed by major centralized exchanges (CEXs), and the Notcoin team later launched a platform to earn it passively.

Notcoin team has launched a passive NOT token earning program

Notcoin team has launched a passive NOT token earning program

Last week, the asset was listed on the largest centralized crypto exchanges

Read more

At the time of writing, the native token TON ranks tenth in the overall ranking of cryptocurrencies with a capitalization of over $22 billion and is trading at $6,35, having added 0,3% over the day. The weekly gain was 0,8% and the asset has added 173% since the beginning of the year.

Earlier this month, one of the oldest and largest cryptocurrency venture capital funds, Pantera Capital, announced an investment in TON. Pantera said that this deal, the amount of which was not disclosed, was the largest in the fund’s history. Pantera representatives also emphasized that TON is able to introduce cryptocurrency to the masses, as it is widely used in Telegram.

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