As a researcher with a background in blockchain technology and decentralized finance (DeFi), I’m thrilled to witness the remarkable growth of The Open Network (TON) in recent weeks. With its total value locked (TVL) surpassing $600 million, TON has emerged as a promising player in the DeFi space, showcasing rapid growth and investor confidence.
The total value secured on The Open Network (TON) blockchain, often referred to as TVL, has significantly grown since the beginning of March, exceeding the $600 million mark.
In the past three weeks, its value has more than doubled, hitting a new peak and demonstrating swift expansion and faith from investors in TON‘s decentralized financial system.
TON’s TVL Hits $600 Million
Based on DefiLlama’s figures, TON saw its total value locked (TVL) soar past $605 million on Monday. This significant jump occurred only three weeks after the TVL hit $300 million in late May, marking a remarkable increase of over twenty-seven times since early March.
As a researcher studying the cryptocurrency market, I’ve noticed an impressive surge in Total Value Locked (TVL) in recent times. The major contributors to this growth have been decentralized exchanges like Sushiswap and Uniswap, as well as liquid staking projects such as Ramp DeFi (Tonstakers) and Bancor (Bemo).
Based on DefiLlama’s data, several prominent TON protocols have registered significant TVL (Total Value Locked) expansion over the past week. Notably, DeDust, the largest decentralized exchange with liquidity pools on TON, witnessed a substantial increase of more than 50%, bringing its TVL close to $300 million. Additionally, smaller protocols such as DAOLama, bemo, Stakee, and EVAA reported double-digit growth during this period.
Based on CoinGecko’s data, Toncoin (TON), the native token of its network, hit a new record high of $8.25 on June 15, resulting in a market capitalization surpassing $19 billion for the first time. Currently, the token is priced at $7.77, making it the tenth largest cryptocurrency by market cap with a value of $18.6 billion. The fully diluted trading volume amounts to $39 billion.
Meme Coin Rally and Layer 1 Outperformance
As a researcher studying the trends in the cryptocurrency market, I’ve noticed an intriguing development: alongside the surging TVL (Total Value Locked) and price increase of The Open Network’s native token (TON), meme coins residing on this platform have experienced a significant rally within the past day. Specifically, homegrown meme coins like Resistance Dog (REDO) and The Resistance Cat (RECA) have registered impressive gains of 12.8% and 60.9%, respectively over the last 24 hours.
In the latest CryptoQuant analysis, it was found that TON has been among the leading performers among Layer 1 blockchains in 2024. Its growth outpaced Bitcoin by a significant margin of 118% since the beginning of the year. Conversely, other renowned Layer 1 chains have faced difficulties in picking up speed.
As a researcher studying the world of blockchain technology, I’ve come across an intriguing project called the TON (Telegram Open Network) blockchain. This innovative platform was brought to life by the talented team behind the widely-used messaging app, Telegram, and spearheaded by none other than the Durov brothers themselves. Their vision? To seamlessly merge cryptocurrency and blockchain capabilities into the existing Telegram ecosystem.
As a crypto investor, I’ve noticed an exciting development that has significantly increased the allure of this network. With the integration of play-to-earn mini-games within the messaging app, user engagement has skyrocketed. Games like Notcoin, Yescoin, and Hamster Kombat have particularly gained traction due to their simplicity and token rewards. This trend has been a game-changer, drawing even more users to the platform.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- AEVO PREDICTION. AEVO cryptocurrency
- LAZIO PREDICTION. LAZIO cryptocurrency
- GBP CNY PREDICTION
- COW PREDICTION. COW cryptocurrency
- CTC PREDICTION. CTC cryptocurrency
2024-06-17 18:50