- The Open League and well-timed DeFi initiatives have helped the TON Network attain nearly $200 million in TVL.
- The collaboration with Telegram has greatly increased TON’s exposure and industry acceptance.
Renowned for its strong decentralized finance (DeFi) capabilities, the TON Network is rapidly expanding. The network’s Total Value Locked (TVL) has increased beyond $200 million since the Open League debuted.
The Open League, a dynamic prize program that disburses a massive 30 million Toncoin (TON) over three months, is at the center of this expansion. Through a variety of activities, such as developing applications or taking part in Token and Memecoin Battles, participants compete for rewards.
🔥 TON DeFi is on Fire! 🔥$TON just crossed $200M Total Value Locked (TVL)
When @TONOpenLeague began @ March 1st. TVL stood at $22.9million. Since then TVL has grown 900% to $206.74 Million.
Time to Double Down.
JOIN https://t.co/oW0WjBJ8KB pic.twitter.com/AU5t7PZXvp
— TON 💎 (@ton_blockchain) May 6, 2024
Strategic Alliances: The Telegram Relationship
The fact that TON is connected to Telegram, a significant chat service with more than 900 million users, has been essential to its acceptance. The network’s legitimacy and market penetration have increased dramatically as a result of the collaboration between Telegram and TON, which has created many chances for user interaction.
The addition of USDT, the largest stablecoin by market value, to the network marked a significant turning point in the TON story, as previously reported by ETHNews.
Major industry figures like Andrew Rogozov of the TON Foundation, Paolo Ardoino of Tether, and Pavel Durov of Telegram announced this integration, which has improved the network’s usability and allure.
At the TOKEN2049 event, the connection was highlighted extensively, showcasing TON’s strategic ambitions to interface with key cryptocurrencies in a seamless manner.
According to CoinMarketCap data, the TON price has demonstrated resiliency by rising 11.76% over the last week, despite a recent 4.17% decline to $5.93.
The speculative interest in Telegram’s possible initial public offering (IPO) has contributed to its resiliency, indicating strong market confidence, in line with what ETHNews previously disclosed.