TON blockchain's Total Value Locked (TVL) has more than doubled to $608 million.
TON recorded a 128 percent increase in TVL in 30 days, rising from $266.02 million to $608.65 million. DefiLing data shows a rise in the TVL metric to an all-time high since
the beginning of March.
This increase indicates increased interest and investment in TON. The TVL increase is a positive sign for the DeFi platform and indicates that more users are investing assets in the Open Network. This can lead to increased liquidity and higher returns for network participants.
The protocols running on the TON blockchain are also improving, according to DefiLlama. The best performer has been the decentralized exchange (DEX) DeDust, which has seen a 50.78 percent increase in TVL to $297.12 million in the last seven days. Liquid staking protocol Tonstakers follows with $277.73 million, up 3 percent in a week.
TON ecosystem stands out with the tap-to-earn movement
The Open Network is growing in popularity thanks to simple, token-earning games like Notcoin (NOT), Yescoin and Hamster Kombat. Telegram, the popular messaging platform with nearly 1 billion users, uses The Open Network as its preferred solution for Web3 integration.
Another bullish foundation for the TON blockchain is the recent investment by Pantera Capital. It marked an important milestone as TON continues to gain traction with the large Telegram user base.
In April, USDT issuer Tether announced its collaboration with TON. The alliance, which also includes Oobit, aims to offer crypto transactions worldwide and help the unbanked population with financial solutions. This partnership will create a borderless financial system through decentralized technology, improving accessibility and transaction efficiency.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making decisions.