TON Blockchain Associated with Telegram Surpasses 610M in Total Value Locked

Telegram-Connected TON Blockchain Surges Past $610M in Total Value Locked
The TON blockchain, affiliated with Open Network, has achieved a significant milestone by surpassing $600 million in Total Value Locked (TVL) as of Monday, as reported by DefiLlama data.
This achievement marks a crucial point in the decentralized finance (DeFi) ecosystem and can be attributed to the recent strong performance of the platform. Notably, prominent protocols like DeDust, a decentralized exchange on TON, experienced a 53% increase in TVL, reaching nearly $300 million.
In a statement on X, crypto technical analyst Kyle du Plessis highlighted the substantial TVL growth across various protocols, including established players like DeDust and emerging platforms like bemo and Stakee.
The recent surge in TVL for TON can be linked to its close association with the popular encrypted messaging platform Telegram. With a massive global user base of 900 million, Telegram has made TON more accessible to a wider audience. Furthermore, Telegram’s introduction of play-to-earn mini-games like Notcoin and Yescoin has further enriched the TON blockchain ecosystem. Recently, Telegram also launched Telegram Stars, an in-app digital payment solution linked to TON, enabling users to make convenient in-app purchases.
Another factor contributing to the growth is the increasing popularity of Telegram’s mini apps, with millions of users joining daily. One such app gaining traction is Hamster Kombat, particularly on Telegram.
Rachael Lucas, a crypto analyst at Australian exchange BTC Markets, emphasized the vast potential user base of Telegram as a solid foundation for a thriving ecosystem. The user base of Telegram is a hundred times larger than the combined on-chain user base of all existing blockchains.
Recent developments have further boosted optimism surrounding the TON blockchain. The native token Toncoin currently holds a market capitalization of $19.05 billion and ranks 9th among the largest cryptocurrencies. Additionally, crypto VC Pantera Capital recently invested in TON, recognizing its potential to introduce crypto to a broader audience. The collaboration between USDT stablecoin issuer Tether and the TON blockchain in May has also been a significant driver of growth.
However, the rising popularity of the TON blockchain has also attracted cybercriminals. Cybersecurity firm Kaspersky highlighted in April how scammers are using deceptive tactics to promote fraudulent schemes related to Toncoin.
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