Despite being new, the TON Network has surpassed Optimism to become the 10th largest blockchain by total value locked (TVL).
The Open Network (TON), initially developed by Telegram, has surpassed $760 million in total value locked (TVL). This achievement propels TON to the tenth-largest blockchain by TVL, driven by Telegram’s extensive user base of 900 million.
TON is gearing up for significant upgrades, including a Bitcoin bridge and Ethereum Virtual Machine (EVM) compatibility through a new layer-2 network. This project, backed by The Open Platform and utilizing Polygon’s technology, aims to simplify DApp development on TON.
TON Network Hits $760 Million TVL
Source: DefiLlama
Additionally, On June 26, Bitget crypto exchange and Foresight Ventures launched a $20 million fund to support early-stage projects and applications within the TON ecosystem.
The TON Foundation has also partnered with 1inch and Sign to launch Triangle, a Web3 startup accelerator focusing on play-to-earn mini-games. Furthermore, OKX exchange has integrated TON into its Web3 wallet, enabling users to manage and swap assets using Toncoin.
On July 18, the TON Foundation introduced the Teleport Bitcoin bridge, which will connect TON’s DApps with Bitcoin, including decentralized exchanges (DEX) and lending platforms. This bridge features a trustless architecture and simplified payment verification to ensure security.
Despite these advancements, TON’s leading decentralized exchanges, DeDust and Ston Fi, have recently seen a drop in activity. DeDust’s volumes fell by 63%, and Ston Fi’s turnover decreased by 38% in the week ending July 19.
This drop reflects broader challenges, including a reliance on airdrop-driven user growth and criticisms of token launch practices. For instance, the Pixelverse token launch faced backlash for rewarding bots and offering substantial allocations to influencers.
The future of the TON Network will largely depend on the successful management and growth of its DApp ecosystem and the ongoing developments in its blockchain infrastructure.