Since March, the TON blockchain has seen a remarkable surge, with total value locked (TVL) increasing more than twenty-sevenfold.
The Open Network (TON) blockchain’s total value locked (TVL) has surged since early March, surpassing $600 million.
Within just three weeks, it has doubled to reach a record high, showcasing rapid growth and investor confidence in TON’s decentralized finance ecosystem.
TON’s TVL Hits $600 Million
According to DefiLlama data, TON’s TVL surged to over $605 million on Monday. This milestone was achieved just three weeks after the network’s TVL first reached $300 million in late May, representing a more than twenty-sevenfold increase since early March.
The rapid increase in TVL has been primarily driven by decentralized exchanges like Ston.fi and Dedust, as well as liquid staking projects such as Tonstakers and bemo.
According to DefiLlama, many of the top 10 protocols on TON have experienced noteworthy TVL growth over the past week. DeDust, the largest TON-based decentralized exchange liquidity pool, saw its TVL surge by over 50% in the last week, reaching nearly $300 million. Smaller protocols like DAOLama, bemo, Stakee, and EVAA also recorded double-digit growth during the same period.
According to CoinGecko, Toncoin (TON), the native token of the network, recently reached a new all-time high of $8.25 on June 15, achieving a market cap exceeding $19 billion for the first time. As of the time of writing, the token is trading at $7.77, positioning it as the tenth largest cryptocurrency by market cap, valued at $18.6 billion. Its fully diluted trading volume stands at $39 billion.