The TON blockchain, known for its connection to the Telegram messaging app, is experiencing a surge in popularity, as the total value locked on the network has surpassed $600 million, doubling in just three weeks.
This marks a new ATH for TON and indicates growing investor confidence in its potential.
Records after records
Data from DefiLlama shows TON’s TVL reached over $605 million on earlier this week, and this achievement comes just three weeks after the network first hit $300 million in late May.
That’s a more than 27-fold increase, a nice 2700% growth since early March, hello Mr. Gainzy, we’ve been waiting for you.
This rapid jump is largely due to the rise of decentralized exchanges built on TON, where Ston.fi and Dedust are leading the way, along with liquid staking projects like Tonstakers.
Many of TON’s top 10 protocols have seen impressive growth over the past week.
For example, DeDust, the biggest TON-based DEX liquidity pool, saw its TVL jump over 50%, reaching nearly $300 million.
Even the smaller projects like DAOLama, bemo, Stakee, and EVAA recorded double-digit growth during the same period.
Toncoin, the new guy in the top10
This positive momentum extends to TON’s native token, Toncoin (TON), as it recently reached a new all-time high of $8.25 on June 15th, pushing its market cap over $19 billion for the first time, and making investors really happy.
As of today, TON sits comfortably as the tenth largest cryptocurrency by market cap, valued at $18.6 billion.
Adding to the hype, memecoins built on TON have also rallied in recent days, because yes, the world needs more memecoins, and it shows.
Resistance Dog (REDO) and The Resistance Cat (RECA) are up 12.8% and 60.9% respectively over the past 24 hours. When ETF?
This is not a drill
Beyond its own network, a new CryptoQuant report revealed TON as a top performer among Layer-1 blockchains in 2024, as it has even outpaced Bitcoin by a whopping 118% year-to-date, while other major Layer-1 chains struggle to gain traction.
The TON blockchain was created by the team behind Telegram, the popular messaging app, with the goal of integrating crypto and blockchain features directly into the app.
This connection has fueled the popularity of several play-to-earn mini-games like Notcoin, Yescoin, and Hamster Kombat.
These simple, token-rewarding games have attracted many new users to the TON platform.
