TON Network Surpasses $200 Million TVL Boosted by Open League and DeFi Growth

The TON Network has recently crossed a major landmark, boasting a Total Value Locked (TVL) exceeding $200 million. This achievement has been propelled by innovative initiatives like the Open League and strategic partnerships, particularly with Telegram, highlighting the network’s burgeoning presence in the crypto landscape.

DefiLlama said the TON network surpassed $200 million in Total Value Locked (TVL) on Monday. This surge marks 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 gained significant traction and importance, propelled by integrating new protocols and introducing 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 incentivizes user participation through various activities such as app development and token battles, fostering a vibrant and engaged community.

The Open League has been a game-changer for TON, leading to a remarkable 264% increase in monthly active users (MAUs), now totaling 1.5 million. Integration with other protocols could further enhance TON’s ecosystem relevance and adoption. Additionally, the network has witnessed a substantial increase in Jetton holders, surging by over 1000% to reach 1.2 million users.

Strategic Partnerships Expands TON Reach

Pantera Capital, a prominent venture capital firm specializing in cryptocurrency investments, recently made an undisclosed investment in The Open Network (TON). According to the firm, this marks Pantera’s most recent investment in TON, which is driven by the network’s association with the popular messaging service Telegram.

In a recent blog post, Pantera expressed excitement over 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 ethos positions it well to introduce crypto to a wider audience.

We are thrilled to announce our investment in TON – a layer 1 network designed by Telegram, for Telegram.

We believe TON, which can leverage a network of 900 million monthly active users, can truly introduce crypto to the masses.https://t.co/AzGxL5lpXc

— ryan.wallet (@Ryan__Barney) May 2, 2024

Highlighting TON’s strengths, Pantera praised the blockchain’s architecture for its performance and scalability, which it claims rival leading blockchains. Additionally, Pantera lauded TON’s wallet for its high utility and user-friendly interface.

On April 19, Tether announced its plans, including the launch of the Tether Gold (XAUT) stablecoin on the TON Network. This announcement was part of a collaborative keynote address featuring Tether CEO Paolo Ardoino, Telegram founder Pavel Durov, and The Open Platform CEO Andrew Rogozov at the Token2049 crypto event in Dubai.

TON’s price has responded positively to the network’s ecosystem expansion, reaching an all-time high of $7.63 on April 11. However, it experienced a correction to $4.67 on May 1 in the wake of the recent crypto market downturn. Despite this dip, TON has shown signs of recovery, trading at $5.9 on Tuesday.