- As of Monday, the Open Network (TON) has around $610 million in total value locked, per DefiLlama data.
- Based on the solid foundation of the messaging software, the blockchain network connected to Telegram has expanded, according to an expert.
DefiLlama data shows that the Open Network, or TON blockchain, saw a sharp increase in its total value frozen on Monday, reaching $609.78 million. This is only three weeks after TVL on the network brought in $300 million.
According to DefiLlama, several of the top 10 protocols on TON saw notable increases in TVL during the previous seven days.
Over the last week, the TVL on DeDust—a TON-based decentralized exchange liquidity pool—rose by 53% to around $300 million. The statistics also revealed double-digit growth during the same period for smaller protocols like bemo, Stakee, and EVAA.
Telegram has made TON blockchain its go-to option for Web3 integration, and this has been growing in popularity. According to reports, Telegram, one of the most popular messaging apps worldwide, has more than 900 million users.
Telegram’s play-to-earn mini-games on the chat service have become increasingly popular as a result of its integration with the TON blockchain. Games like Notcoin, Yescoin, and Hamster Kombat, which are straightforward and token-rewarding, seem to have contributed to the network’s increased popularity.
In contrast to more established platforms like the Apple and Google app stores, the messaging program Telegram Stars provides app creators reduced promotion expenses. The system was unveiled earlier this month.
Bullish enthusiasm was further bolstered by the most recent TON developments. With over $5 billion in assets under management, Pantera Capital, a cryptocurrency venture capital firm, said last month that it had invested in TON, noting the company’s connection to Telegram. Tether, the company that issues USDT stablecoins, revealed in April that it is working with TON blockchain.
But as the network’s popularity has grown, hackers have turned it into a target. The messaging app and Toncoin, TON’s native cryptocurrency, have been used by scammers to create a pyramid scheme that exclusively targets cryptocurrency users, according to cybersecurity firm Kaspersky.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
