TON TVL Exceeds $300M Mark Boosted by The Open League Incentives

The Open Network (TON) blockchain has achieved a significant milestone, with its total value locked (TVL) surpassing $300 million for the first time. This marks a more than tenfold increase in locked value since early March, reflecting substantial growth driven by ongoing initiatives within the ecosystem.

The surge in TVL can be attributed to the ecosystem initiative known as The Open League. This initiative incentivizes users to engage with TON’s leading decentralized applications. As a result, the network’s TVL has experienced rapid growth, rising from $23 million in early March to $315 million, according to DeFiLlama data. Key contributors to this growth include decentralized exchanges such as Ston.fi and Dedust, along with liquid staking projects like Tonstakers and bemo.

A notable development in the TON ecosystem was the recent onboarding of 1 million wallets during the token generation event for Notcoin, a viral clicker game integrated as a Telegram Mini App. TON’s robust architecture facilitated seamless transactions for these users, free from network outages, increased fees, or processing delays.

Telegram Mini Apps are small applications embedded within the Telegram messaging platform. These apps allow users to interact with various services without leaving the application, enhancing user experience and engagement within the TON ecosystem.

As of today, the price of Toncoin (TON) stands at $6.35, with a 24-hour trading volume of $136,182,368.87. This reflects a 0.37% price increase in the past 24 hours, despite a slight 0.02% price decline over the past week. Toncoin has a circulating supply of 3.5 billion TON, resulting in a market cap of $22,084,307,812.

Over the past week, Toncoin has shown a price decline of 0.00%, underperforming the global cryptocurrency market, which has seen a 0.40% increase. Additionally, Toncoin has underperformed compared to similar Layer 1 (L1) cryptocurrencies, which have experienced a 7.70% increase.