TON Soars to Top 10 Global Blockchains In This Metric

The TON Network has just hit over $760 million in Total Value Locked (TVL). This significant milestone, influenced by different factors, has helped it rank as the tenth-largest blockchain by TVL.  

The TON Network Growth Triggers 

The Open Network’s primary token, Toncoin (TON), with association with the messaging app, Telegram, has locked in massive value recently. The digital coin’s ecosystem leveraged Telegram’s extensive 900 million active users to achieve this feat. The community members are amazed because Toncoin is a relative newcomer on the layer-1 blockchain.

However, behind the scenes, the TON ecosystem has been putting in significant effort.

This effort is now been publicly displayed through its success. Recently, it was hinted by an insider that the TON ecosystem is gearing for major upgrades. These upgrades includes a Bitcoin bridge and EVM compatibility integration via a new layer-2 network. The project aims to simplify DApp development on TON, with support from The Open Platform and Polygon’s technology.

The Minor Short Falls

This came shortly after Notcoin (NOT), a Web3 gaming protocol teamed up strategically with 1inch and Sign. The partnership seek to introduce a Web3 startup accelerator called Triangle. This new launch got community members speculating that it might be influenced by the bullish Notcoin price movement in May. In addition, this impressive stride achieved by Notcoin on the TON network promoted Akedo Games decision to launch a revolutionary tap-to-earn style clicker game recently. 

Furthermore, the incorporation of OKX exchange’s independent Web3 wallet on the TON network has greatly contributed to its recent success. Also, Bitget exchange and Foresight Ventures teamed up to establish a $20 million fund for projects and applications on the network. 

Nevertheless, TON’s top decentralized exchanges, DeDust and Ston Fi, have seen decreased activity. DeDust’s volumes fell by 63%, and Ston Fi’s turnover dropped by 38% recently. This decline points to broader challenges, like airdrop-driven growth issues and criticisms of token launch practices. The community members speculate that TON Network’s future relies on effectively managing its DApp ecosystem and enhancing its blockchain infrastructure.

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