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Telegram’s Initiative Leads to $600 Million Locked Value in Project…
Project’s Locked Value Surpasses $600 Million Thanks to Telegram’s Initiative!
The total value locked (TVL) in the project, which was kickstarted by Telegram, has set a new record by reaching $609.78 million.
Author:
Utku Yanık
17.06.2024 – 18:53
Update:
30 mins ago
0
The TON (Open Network) blockchain has achieved a significant milestone today with its total value locked (TVL) surging to $609.78 million, as reported by DefiLlama data.
TON Blockchain Breaks Record with TVL Crossing $600 Million Mark
This remarkable surge comes just three weeks after the network’s TVL hit $300 million.
Several prominent protocols on the TON blockchain have witnessed substantial growth in TVL over the past week.
DeDust, a decentralized exchange liquidity pool on TON, has seen a 53% increase, reaching close to $300 million in TVL.
Smaller protocols like Bemo, Stakee, and EVAA have also demonstrated impressive double-digit growth during the same period.
The rapid adoption of the TON blockchain is closely tied to its integration with Telegram, a globally popular messaging platform boasting over 900 million users.
This vast user base lays a strong foundation for TON’s ecosystem.
“This immense potential user base, nearly 100 times larger than the current on-chain user base of all other blockchains combined, provides a robust foundation for a flourishing ecosystem,” stated Rachael Lucas, a crypto analyst at Australian crypto exchange BTC Markets.
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The surge in user engagement with TON can be attributed to the rising popularity of play-to-win mini-games on Telegram, such as Notcoin, Yescoin, and Hamster Kombat.
Moreover, the recent introduction of Telegram Stars, a digital mini-app payment system offering lower promotional fees than traditional app stores, has further enhanced the platform’s appeal.
Recent investments and partnerships have also bolstered the positive sentiment around TON.
Last month, Pantera Capital, a crypto venture capital firm managing over $5 billion in assets, announced its investment in TON, emphasizing its connection with Telegram.
In April, Tether, the issuer of the USDT stablecoin, revealed its collaboration with the TON blockchain.
*This is not financial advice.
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