TON Network Total Locked Value Advances Past $760 Million

The Open Network (TON) has gained significant success by reaching $760 million total value locked (TVL), making it the tenth biggest blockchain regarding total value locked.

Toncoin is The Open Network’s native coin. The network is a layer-1 blockchain first created by the Telegram messaging application. Its ecosystem is mainly propelled by 900 million active users on Telegram. Despite launching newly as a decentralized application, the network reached a milestone that amazed the general blockchain community.

The Open Network Received Significant Investments That Boosted Its Ecosystem

On June 26, Bitget cryptocurrency exchange and Foresight Ventures, a Singapore-based investment company, invested $20 million in The Open Network’s ecosystem to help early projects and TON-based applications. Earlier, the exchange had introduced a Telegram trading bot that offers trading signals, allowing group owners to use this feature for free.

Adding to TON’s success is the upcoming launch of its TON applications chain, a layer-2 network built on the TON blockchain. The project was publicized on July 9 and is supported by The Open Platform. It will use Polygon’s technology and work with the Ethereum Virtual Machine. This aims to make it easier for developers to move DApps to the novel TON layer-2 solution.

The TON Foundation has partnered with 1inch and Sign to unveil a Web3 startup accelerator called Triangle. The upcoming project was revealed on July 10.

Triangle is focused on developing and promoting play-to-earn mini-games. The success of the Telegram-supported game Notcoin inspires it. Furthermore, OKX exchange said on July 17 that it would add the TON network to its separate Web3 wallet, allowing users to handle and exchange assets via Toncoin’s blockchain.

TON Continues To Expand Its Ecosystem With A New Teleport Bitcoin Bridge

The TON Foundation recently introduced its Teleport Bitcoin bridge on July 18. This bridge will let TON ecosystem DApps, like lending platforms and decentralized exchanges (DEX), connect with Bitcoin. Blockchain bridges help move data or tokens between different networks. To keep this bridge secure, the TON Network uses methods like a simplified payment verification client and a trustless system.

The most successful decentralized applications on the TON Network, based on total value locked (TVL), are Ston Fi and DeDust. Both exchanges have deposits of $301 million and $383 million, respectively.

However, a closer look shows that some of these top DApps need help keeping up their activity, and user growth has mainly come from a few airdrops.

Beyond the excitement from new decentralized applications aimed at the play-to-earn market, decentralized finance applications such as DeDust had 19% fewer weekly users. At the same time, Ston Fi witnessed only a 4% growth in active addresses. Furthermore, criticism arises about how tokens are distributed in newly launched projects like Pixelverse.