The Project Supported by the Popular Social Media Application Telegram Surpassed $300 Million in Total Value Locked!
The Open Network (TON) blockchain, backed by the widely-used messaging platform Telegram, has achieved a significant milestone by surpassing $300 million in total value locked (TVL). This impressive increase marks a tenfold rise since early March.
The Open League, an ongoing ecosystem initiative by TON, has played a significant role in driving this surge in TVL. This initiative incentivizes users of the network’s top decentralized applications (dApps), attracting a growing number of participants.
According to data from DeFiLlama, since the launch of the incentive program, TVL on the TON blockchain has skyrocketed from $23 million to $315 million. This remarkable growth can be attributed to the success of decentralized exchanges like Ston.fi and Dedust, as well as liquid staking projects such as Tonstakers and bemo.
Moreover, during a token creation event for Notcoin, a popular Telegram Mini App clicker game, the network witnessed the addition of 1 million wallets. This influx of new users further showcased TON’s strong infrastructure, capable of facilitating transactions without interruptions, increased fees, or delays.
Originally conceived as a blockchain project by Telegram, the Open Network managed to raise $1.7 billion through private token sales in 2018. Despite facing legal challenges from the US Securities and Exchange Commission over unregistered securities offerings, the Open Network persevered.
Community members took the initiative to form the Tone Foundation and continued to develop the project, ultimately leading to the launch of The Open Network in 2021. Telegram remains committed to supporting blockchain technology and is actively promoting its use for various applications, such as revenue sharing with channel owners.
It is important to note that the information provided does not constitute investment advice.