27 May

The Open Network (TON) has achieved a significant milestone by attracting one million users within just 24 hours. This milestone coincided with a token generation event for Notcoin (NOT), one of the rapidly growing crypto projects in the industry.

Data from DeFiLlama reveals that the total value locked (TVL) for the TON blockchain hit a historic high on Monday, surpassing $317 million for the first time since its inception.

This remarkable increase in TVL is largely credited to The Open League (OL), an ongoing ecosystem initiative by TON aimed at incentivizing users to engage with leading decentralized applications within its ecosystem. The program, which rewards users with 30,000,000 Toncoin (TON), has garnered significant participation, contributing significantly to the surge in TVL.

Since the launch of the Open League initiative in early March, TON's TVL has skyrocketed from $23 million to the current $317 million, marking a remarkable increase of approximately 1278%.

The growth in TVL has been primarily driven by the popularity of decentralized exchanges like Ston.fi and Dedust, as well as liquid staking projects such as Tonstakers and bemo.

Despite the significant increase in TVL, the value of TON token has remained relatively stable, trading around $6 over the past week, with a modest increase of 0.23% compared to the previous week.

In addition to achieving new milestones in TVL, TON has made notable strides in the industry since its launch. Developed in collaboration with Telegram, TON became the world's fastest blockchain in November 2023, reaching a speed of 104,715 transactions per second.

Last month, TON entered the top ten cryptocurrencies globally, boasting a market capitalization of $20.8 billion. The protocol has also raised $504 million in funding, with investors including Pantera Capital.

TON has secured partnerships with key industry players to enhance its offerings, including collaborations with crypto exchanges KuCoin and MEXC, stablecoin issuer Tether, and others. Additionally, it has teamed up with Hong Kong's HasKey Group to improve access to fiat on- and off-ramps for Telegram wallet users.

May 2024, Cryptoniteuae

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