Telegram-Linked TON Blockchain Soars Above $610M in TVL

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Sujha Sundararajan

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Sujha Sundararajan

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June 17, 2024

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The TON blockchain of Open Network has recorded a high total value locked (TVL) as of Monday, reaching above $600. According to DefiLlama data.

The event symbolizes the decentralized finance (DeFi) ecosystem’s critical milestone and can be attributed to its recent robust performance. For instance, top protocols like DeDust, a decentralized exchange on TON, saw a 53% surge to nearly $300 million in TVL.

“Protocols across the board, from giants like DeDust to rising stars like bemo and Stakee, saw substantial TVL boosts,” crypto technical analyst Kyle du Plessis wrote on X.

“This surge is powered by TON’s integration as Telegram’s Web3 solution, tapping into its vast community of over 900 million users.”

TON’s Strong Ties With Telegram

TON’s recent TVL surge is propelled by the blockchain’s integration with the encrypted messaging platform Telegram. Interestingly, Telegram has a whopping 900 million users globally, making TON more accessible to users.

Additionally, Telegram’s popularity of play-to-earn mini-games like Notcoin and Yescoin has enhanced TON blockchain’s ecosystem. The messaging giant recently debuted Telegram Stars, TON-linked in-app digital payment solution. The app allows users to make in-app purchases.

Yet another driving factor is the recent surge in telegram’s mini apps with millions of users joining every day. One of the mini apps that has been gaining traction very recently, mostly on Telegram is Hamster Kombat.

Rachael Lucas, crypto analyst at Australian crypto exchange BTC Markets, told The Block that the massive potential user base “provides a strong foundation for a thriving ecosystem.” The user base is 100 times more than the current on-chain user base of all blockchains combined together.

Recent Developments

Several factors have fueled bullish sentiments around the TON blockchain. For example, Toncoin, the native token, currently boasts $19.05 billion in market capitalization and stands at 9th position among other largest cryptos.

Last month, crypto VC Pantera Capital announced its investment in TON noting that the blockchain has the capacity to introduce crypto to the masses. Another biggest driver is, USDT stablecoin issuer Tether’s collaboration with TON blockchain in May.

On the contrary, TON blockchain’s popularity has also opened doors for cybercriminals. Cybersecurity giant Kaspersky, in April, highlighted how scammers promote a “super-secret awesome bot” and referral links as the key to earning Toncoin.