The Total Value Locked (TVL) on The Open Network (TON) has increased tenfold to more than $300 million, according to data from DeFiLlama.
The growth in TVL follows the rollout of The Open League initiative. The initiative seeks to reward those using the decentralized applications (DApps) created atop the TON blockchain.
The rise in TVL has been significant, given that the network’s TVL sat at $23 million in early March. Data from DeFiLlama shows that the TVL is now at $315 million. The growth comes from the increasing popularity of several DApps created on the blockchain.
TON TVL Surges Past $300M
The $300M TVL is contributed mainly by liquid staking programs such as Tonstakers, bemo, and Stakee. Decentralized exchange (DEX) platforms such as STON.fi and Dedust also contribute to the growth of TVL.
Network usage has also increased significantly following the creation of the Notcoin game. TON has since seen one million wallet addresses on the network. This game was created as a Mini App for Telegram.
The architecture of the TON blockchain has been created to attract more users by allowing them to handle transactions without experiencing network outages. The network also boasts other user-friendly features, such as low fees and delays.
The close association between Telegram and the TON network has also helped drive value. Telegram Mini Apps, smaller applications integrated with Telegram, allow users to integrate with other services without exiting the messaging application.
Developers Push Network Growth
The Telegram messaging platform initially created the TON network as a blockchain project. The project secured a $1.7 billion raise after two private token sales in 2018.
However, Telegram ran into regulatory issues with the US Securities and Exchange Commission (SEC) over the network’s launch. According to the regulator, the network violated securities laws.
The TON blockchain has promoted itself to be decentralized through the TON Foundation, which took over from Telegram for the active development of the network. The network restarted in 2021 as a decentralized platform. It has maintained close ties with Telegram for services such as ad-revenue sharing.
TON has managed to post slight gains in the last 24 hours. The token was trading at $6:40 at 06:43 EST. It has a market cap of $22 billion, according to data from CoinGecko.
The project is fast securing interest across the market, including from one of the leading crypto venture funds, Pantera.
The USDT TON also recently secured an exchange listing from ChangeNow. The exchange also launched a promotion to offer USDT TON trading at zero service commission.
