Ton Blockchain reached $315 million in total value locked, which is more than ten times what it was at the beginning of March, as per DeFiLlama data.
Reasons for the surge in Ton blockchain TVL
Liquid staking projects like bemo and Tonstakers and decentralized exchanges such as Dedust and Ston.fi are driving growth. Another leading factor behind the surge in locked value is The Open League, an incentive program for TON users, teams, projects, and traders.
Its goal is to distribute 30,000,000 Toncoin (TON) in three months as a reward. TON’s network allows these users to transact without processing delays, increased fees, and network outages.
According to DeFiLlama data, Ton’s TVL was just $23 million in early March. Recently, the network onboarded a million wallets during Notcoin’s token generation event. The native token of Notcoin, a popular click game and Telegram mini app is also doing remarkably well, having added 9.55% to its value in the last 24 hours.
TON emerged from a project by Telegram, which held two private token sales in 2018, raising $1.7 billion. A legal dispute with the US SEC – over selling unregistered securities, predictably – deterred its mainnet launch.
After this, community members founded the Ton Foundation and, subsequently, The Open Network (TON).
Implications for Toncoin price
TON price predictions are overwhelmingly positive. Another favorable development is the investment from crypto VC firm Pantera Capital, announced at the beginning of this month. According to Pantera, TON’s being used within the vast Telegram network gives it the capacity of “introducing crypto to the masses.”
Telegram has more than one trillion monthly channel views and almost a billion monthly active users, which speaks volumes for Toncoin’s price potential. Telegram users can also pay each other in USDT via the TON network, a feature enabled by the TON Foundation and Tether last month.
The TON network is highly scalable, and users pay 66% less for transactions than they would via other crypto payment platforms. The fees are fixed at approx. $0.10 per transaction between two users.
Access and use of the TON token are becoming easier thanks to integrated on-ramps and off-ramps, including exchanges and bank transfers. Toncoin (TON) is currently changing hands for $6.37.
