TON Network DeFi on Fire! TON Just crossed $200M Total Value Locked (TVL)

The TON network is rapidly expanding, and the recent launch of the Open League has seen the network’s Total Value Locked skyrocket. On Monday, the TON network just surpassed the crucial $200 million in TVL attributed to the Open League. 

🔥 TON DeFi is on Fire! 🔥$TON just crossed $200M Total Value Locked (TVL)

When @TONOpenLeague began @ March 1st. TVL stood at $22.9million. Since then TVL has grown 900% to $206.74 Million.

Time to Double Down.

JOIN https://t.co/oW0WjBJ8KB pic.twitter.com/AU5t7PZXvp

— TON 💎 (@ton_blockchain) May 6, 2024

The rapid growth and expansion of the TON Network can partly be attributed to DeFi protocols within the system, such as The Open League. The surge in growth could potentially be a result of the growing interest and bullish sentiments towards Toncoin and the entire TON Network’s DeFi ecosystem. 

The Open League Reward Program on TON Network

The Open League is a long-term incentive program for TON users, projects, teams, and traders looking to distribute 30,000,000 Toncoin in just three months. In the league, participants compete for a chance to win part of the prize (Toncoin). The participants compete to win part of the prize pool by participating in various competitions within the TON ecosystem, such as building App Battle, Token, and Memecoin Battle (Both Minor and Major League).

The TON Network has also benefited from other DeFi protocols being built on its ecosystem. The close association with a reputable company, like Telegram, has also played a significant part in TON’s industry acceptance and overall growth. Through its partnership with Telegram, the TON Network was exposed to more than 900 million native Telegram users, a significant boost for the blockchain network.

Additionally, the network introduced USDT stablecoin to its network, the largest stablecoin in the current market. During the launch, Telegram CEO Pavel Durov, Tether CEO Paolo Ardoino, and Andrew Rogozov of the TON Foundation collectively announced the launch of USDT on TON with integrations to the Telegram network. The exposure from this TOKEN2049 event has since propelled the network to greater achievements, not forgetting additional incentives, including free USDT transactions on the Network to boost activities within the ecosystem. 

The $200 million in Total Value Locked is a significant milestone to celebrate. However, it won’t come as a surprise if the network grows to much more, considering the team behind it. The TON network is still pushing for more transactions within its ecosystems.