Tonstakers Emerges as Leading Liquid Staking Protocol in TON Ecosystem with $186M TVL as STON.fi Records 39.2% Decrease
The total value locked (TVL) in The Open Network (TON) ecosystem has surpassed $370 million, indicating the growing popularity of decentralized finance (DeFi) on the TON blockchain. Top protocols on TON, consisting of liquid staking, decentralized exchanges (DEX), real-world assets (RWA), and lending platforms, have contributed to this growth. Let’s take a closer look at the top performers within the TON blockchain ecosystem.
Tonstakers, the largest liquid staking protocol on TON, currently dominates the space with a TVL of $186 million. However, the protocol has witnessed an 8% decline in TVL over the past month, likely due to market fluctuations or changing user behavior.
Following closely is STON.fi, a decentralized exchange (DEX) with $172 million in locked assets. Unfortunately, STON.fi experienced a significant setback, with a staggering 39.2% drop in TVL within the last month. This steep decline may signify reduced user participation or liquidity on the platform.
DeDust, another DEX on TON, holds the third position with $137 million TVL but faced a severe contraction of 48% in the past 30 days, indicating challenges in maintaining liquidity.
Moving to the mid-tier range, bemo, a liquid staking protocol, holds $67.7 million in TVL. Although relatively stable compared to other platforms, bemo still witnessed a 5.52% decrease over the past month, aligning with the overall downward trend observed in liquid staking protocols.
On the other hand, Cygnus Finance, a real-world asset (RWA) platform, stands out with $53 million in locked value and was the only protocol among the top seven to showcase positive growth. The protocol experienced a modest yet significant 0.61% increase in TVL, highlighting its potential to capture market share even during challenging times.
The lending platform EVAA Protocol currently holds $31.1 million TVL, but it faced a notable decrease of 15.8% in the past month, suggesting challenges in attracting and retaining borrowing and lending activities. Lastly, Stakee, a smaller liquid staking platform, demonstrated impressive growth by increasing its TVL by 37.3% to reach $30.6 million. This outstanding performance sets Stakee apart from the broader declining trend in the sector.
Overall, the TVL of the TON blockchain indicates a healthy level of adoption, although some protocols are encountering difficulties. While liquid staking remains a significant category on TON, both DEX platforms and lending protocols have experienced sharp declines in TVL over the past month. The positive growth of Cygnus Finance and Stakee suggests that niche platforms offering unique services like real-world assets and innovative staking solutions have the potential to thrive in this evolving ecosystem.