Since March, The Open Network (TON) blockchain has been drawing significant attention as a substantial amount of capital flows into its ecosystem. In the past month, the Total Value Locked (TVL) in the TON blockchain has more than doubled, reaching $608 million. As for the network’s token TON, it currently hovers above $7.80 on Gate.io.
We take a look at the latest in the TON world, as well as assess the TON token price activity. Jumping ahead, it all looks incredibly bright for both the blockchain and the token. Let’s see why!
TON TVL has $1B in sight
Over the last 30 days, TON’s TVL has surged by 128%, rising from $266.02 million to $608.65 million. According to data from DefiLlama, this sharp increase began in March, culminating in a new all-time high for the network.
This growth indicates a burgeoning interest and investment in TON, with the TVL surge suggesting that more users are depositing assets into The Open Network. This influx could enhance liquidity and potentially yield higher returns for participants.
DefiLlama’s data also reveals that protocols operating on the TON blockchain are performing exceptionally well. The decentralized exchange (DEX) DeDust is the top performer, with a 50.78% increase in TVL over the past week, reaching $297.12 million. Following closely is the liquid staking protocol Tonstakers, which saw a 3% increase to $277.73 million.
The Open Network’s appeal is further boosted by engaging, token-rewarding games such as Notcoin (NOT), Yescoin, and Hamster Kombat. Additionally, Telegram, the widely-used messaging platform with nearly 1 billion users, has adopted The Open Network as its primary solution for Web3 integration.
A significant bullish factor for the TON blockchain is the recent investment from Pantera Capital. The venture capital firm has invested an undisclosed amount into The Open Network, marking a notable milestone as TON continues to gain traction among Telegram’s vast user base.
In April, USDT issuer Tether announced a collaboration with TON. This partnership, which includes Oobit, aims to facilitate global crypto transactions, providing financial solutions for unbanked populations. The alliance seeks to establish a borderless financial system through decentralized technology, enhancing accessibility and transaction efficiency.
With these positive developments, on-chain metrics demonstrate strong support for the network. Since March 10, daily active addresses have increased by 310%. Additionally, trading volume and the number of holders have risen by 805% and 138%, respectively, since February 28.
These increasing figures suggest that more users are actively engaging with the network and investing in its potential. Supported by Telegram and significant investments, the future of TON looks exceptionally promising.
Understanding The TON Blockchain
The Open Network (TON) blockchain is a high-performance, scalable blockchain initially developed by Telegram, the popular messaging app company founded by Pavel and Nikolai Durov. Originally envisioned as a solution to integrate blockchain technology seamlessly with messaging apps, TON aims to bring decentralized services to a broad audience through its robust and user-friendly platform.
TON utilizes a unique architecture designed to handle millions of transactions per second, offering efficient and secure operations. Its multi-chain structure, including master and work chains, ensures that the network can scale effectively as demand increases. This design makes it suitable for various applications, from financial services to decentralized applications (dApps).
After facing regulatory challenges, Telegram officially stepped back from the project in 2020. However, the open-source nature of TON allowed the community and developers to continue its development. Now, under the stewardship of the TON Foundation, the project has seen significant advancements and growing adoption.
The TON blockchain’s ability to process transactions quickly and cheaply has made it an attractive option for developers and users alike. Its integration with Telegram, which boasts a massive user base, provides a ready-made ecosystem for further expansion of decentralized applications and services. With ongoing developments and increasing investments, the TON blockchain is well-positioned to play a ‘best newcomer’ role in the future of decentralized realm.
TON price at a glance
The historic price dynamics of The Open Network (TON) cryptocurrency have been marked by significant volatility and periods of rapid growth. Initially, TON’s value experienced substantial fluctuations due to regulatory challenges and uncertainty surrounding its launch. After Telegram stepped back from the project in 2020, the price experienced a period of stagnation. However, as the community and developers took over and began to enhance the network’s capabilities, TON’s value started to climb steadily.
Notable price surges for TON/USDT have been observed in correlation with major announcements, such as strategic partnerships, investments from notable venture capital firms like Pantera Capital, and its integration with the Telegram platform. The recent surge in Total Value Locked (TVL) has also positively impacted its price, reflecting increased investor confidence and user adoption. As TON continues to evolve and attract more capital, its price dynamics are likely to be influenced by further technological advancements, partnerships, and broader market trends
