TON crosses $200 million in Total Value Locked as its network integration continues to scale

TON surpassed the $200 million mark in TVL on Monday.
The Open League continues to strengthen TON's reach and integrations.
The TON ecosystem is gaining relevance with more protocol integrations.

Michael Ebiekutan FXStreet

In a recent development, the TON network surpassed $200 million in total value locked (TVL) on Monday after seeing a major boost through The Open League reward program.

TON's growth following The Open League reward program

The TON network has attained a significant milestone by surpassing the $200 million mark in Total Value Locked (TVL) on Monday. The network's TVL surged by a remarkable 900%, from a $22.9 million TVL in March, demonstrating the growing relevance and adoption of the TON ecosystem.

The TON network has gained rapid attention and relevance in the past few months, with more protocol integrations and the launch of The Open League, TON's massive rewards program. The Open League offers over $150 million worth of TON in prizes to the community and projects within the TON ecosystem. Since its launch, The Open League has attracted much attention and enthusiasm towards the TON blockchain.

Also read: Ton Foundation partners with Hashkey to enable crypto on-ramping for Telegram wallet users

Furthermore, TON has also seen integrations with key players like Telegram—reaching an audience of 900 million users—and introducing the USDT stablecoin to its network. Additionally, Pantera Capital has invested in TON, aiming to introduce cryptocurrency to the masses.

Notably, The Open League has brought a 264% increase in the TON's monthly active users (MAUs), currently standing at 1.5 million users. The TON ecosystem's relevance and adoption could continue growing if more protocol integrations are secured. The network has also seen an increase in Jetton holders, scaling up 1000+%, currently at 1.2 million users.

TON's price has also warmed nicely to its ecosystem growth, rising to an all-time high of $7.63 on April 11 before experiencing a correction to $4.67 on May 1 following the recent crypto market crash. However, TON is gradually recovering from the price dip, trading at $5.77 on Monday.

Author

Michael Ebiekutan

FXStreet

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Dogecoin ticks lower as low Open Interest, funding rate weigh on buyers

Dogecoin extends its decline as risk-off sentiment dominates across the crypto market. DOGE’s derivatives market remains weak amid suppressed futures Open Interest and perpetual funding rate.

Crypto Today: Bitcoin, Ethereum, XRP decline as risk-off sentiment escalates

Bitcoin remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum and Ripple.