DeFi
TON blockchain TVL exceeds $600 million
The Ton blockchain, developed by the Telegram team, is in the spotlight of the DeFi sector due to the excellent technical performance recorded and the TVL achieved by the ecosystem.
The increase in retail interest, which has exploded thanks to the new trend of play-to-earn and tap-to-earn games, has allowed new capital to flow into TON and push TVL above the $600 million threshold. .
That’s crazy growth considering that until December 2023 the network only had $13 million.
Let’s see everything in detail below.
Ton, Telegram’s crypto network, marks impressive growth since the start of the year and exceeds $600 million in TVL in DeFi
As the market fully expresses its uncertainty with Bitcoin and Ethereum which have not yet taken a clear graphic direction, the TON blockchain deserves an honorable mention due to its excellent results recorded in the DeFi field.
According to what was reported by ChallengeLlama the Ton network, also known as Telegram Open Network, has surpassed 600 million TVLsecuring 15th place in the ranking of crypto networks with the most blocked capital.
We are talking about stratospheric figures if we consider that at the end of December 2023 the TVL of the channel developed by the Telegram team amounted to only 13 million dollars: in just 6 months we saw an increase in money of over 46 times.
It is also worth noting that over the last 3 weeks, approximately $300 million worth of TVL has been added, leading to a large influx of new users and on-chain activity in DeFi.
Source: https://defillama.com/chain/TON
In this context, 8 of the top 10 protocols developed on TON saw an increase in TVL over the last 30 dayswith the DEX DeDust and STON.fi score gains in 3-digit percentages, 482% and 104%, respectively.
Closing out the podium of top gainers is lending platform EVAA Protocol, which grew 70% over the same period, followed by other DeFi projects which, while reporting less eye-popping numbers, still saw growth trajectories, such as Storm Trade, Tonstakers, Bemo, Stakee, etc.
The success of the Ton blockchain is mainly due to its integration as a web3 solution preferred by Telegram userswhich, thanks to its strong presence in the social world with 900 million users, has allowed the crypto network to make a qualitative leap in a very short time.
As reported by Rachael Lucas, crypto analyst at Australian cryptocurrency exchange BTC Markets, in an interview with The Block:
“This enormous potential user base, approximately 100 times larger than the current user base of all other blockchains combined, provides a strong foundation for a thriving ecosystem.”
Remember that Ton, despite particularly favorable dynamics, still offers few integrations with the DeFi sector as a whole, and suffers from the lack of leading dapps in the web3 industry such as UniswapAave, Lido, etc.
Remaining within a closed ecosystem, it is difficult for Ton to reproduce what has been done by Ethereum or by other EVM chains which occupy more important positions in the DeFiLlama ranking.
In this regard, the Ethereum blockchain, although reporting a lower number of new addresses than Ton, shows a TVL of around $62.4 billion, more than 100 times higher than its Telegram-based competitor.
There is still a long way to go for this channel.
Flippening CT ignores 🔍
TON’s quiet growth, fueled by Telegram’s 900 million user base, has propelled its daily active addresses above Ethereum.
At its core, TON is a bet on Telegram distribution. Although the ecosystem is nascent, its initial growth is promising. But is it enough? pic.twitter.com/k2b2SMiQJD
– Delphi Digital (@Delphi_Digital) June 10, 2024
Strong wave of retail interest thanks to DeFi and blockchain games: Notcoin, Yescoin and Hamster Kombat
Ton’s increased interest in DeFi, and the resulting disproportionate increase in TVL, comes from a new trend which is becoming popular within the Telegram crypto community: we are talking about “play to win” And “tap to win» games, designed to encourage users to complete simple tasks to earn cryptocurrencies.
Especially, simplistic and rewarding games like Notcoin, Yescoin and Hamster fight appear to have further increased the popularity of the networkalso driven by typical SEO mechanisms that multiply retailer participation.
Thanks in particular to the glorious beginnings of Notcoin on all major crypto exchanges, with crypto NOT surpassing 2.5 billion market cap in early June, a feeling of strong interest in gaming products developed on Telegram was generated.
The currency, launched for free with an airdrop to users of the tap-to-earn game, generated according to data from dune.analytics a trading volume in TON and NOT exceeding $7 billion on the first day of launch on May 16 . , 2024.
This kind of trend which sees more and more users interested in DeFi and dapps on Telegram will certainly continue as long as the launches of new tokens on Ton are successful like that recorded by Notcoin.
Also report the arrival of the USDT stablecoin within the TON blockchain in April, which enabled a significant gain in TVL and provided a solid currency for trading across the entire ecosystem.
Additionally, earlier this month, the messaging app introduced a mini-app digital payment system called Telegram Starswhich offers app developers lower promotional rates than traditional platforms like the Apple and Google app stores.
Given the figures so convincing, even the Capital risk support the growth of this blockchain: Pantera Capital invested in TON last month, citing the advantage of a direct connection with Telegram and a substantial user base.
Obviously, TON, the main cryptocurrency of the cryptographic network of the same name, has been taken by storm on the markets by investors who have increased its price from 2 dollars in February to the current 7.8 dollars in a crazy bull run.
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