TON blockchain’s total value locked surpasses $300 million

The total value locked on The Open Network ( TON +0.25% ) blockchain has crossed $300 million for the first time — an over tenfold increase since early March.

The network is seeing locked value surge amid an ongoing ecosystem initiative, The Open League. This is contributing to the surge in TVL by rewarding users of TON’s top decentralized applications.

Since the incentive program was rolled out, the network's TVL went from $23 million in early March to the current $315 million, per DeFiLlama data . The rapid growth in TVL has mainly been driven by decentralized exchanges such as Ston.fi and Dedust, as well as liquid staking projects like Tonstakers and bemo.

The network recently onboarded 1 million wallets during the token generation event for Notcoin — a viral clicker game created as a Telegram Mini App. TON’s architecture allowed these users to transact without network outages, increased fees, or processing delays.

Telegram Mini Apps are small applications integrated into the Telegram messaging platform, allowing users to interact with various services without leaving the application.

The Open Network was initially developed from a blockchain project by Telegram, a well-known messaging platform that raised $1.7 billion through two private token sales in 2018. However, its mainnet launch was obstructed due to a legal dispute with the U.S. Securities and Exchange Commission concerning unregistered security offerings.

Following these events, community members formed the Ton Foundation and reinitiated active development, leading to the establishment of The Open Network, often abbreviated as TON. This community-driven blockchain debuted in 2021 and continues to be promoted and utilized by Telegram for things like ad-revenue sharing with channel owners.

The native token of the network Toncoin is currently trading at $6.4 with a market cap of $22 billion and a fully diluted valuation of $32 billion, according to The Block's price page .

Pantera, one of the oldest venture funds in the cryptocurrency sector, recently revealed its largest-ever investment in TON.