According to data from today (12th), the total value locked (TVL) of the public chain TON has exceeded $260 million, with a growth rate of up to 415% in the past 60 days.
(Prior Summary:
TON ecosystem inventory: 19 tracks covering Staking, DEX, Wallet, Launchpad, NFT)
(Supplementary Background:
Pantera Partner: Why do we invest in TON Network? What hidden potential is there?)
According to the latest data from DefiLlama, as of May 12th, the total value locked (TVL) of the emerging public chain, The Open Network (TON), has exceeded $260 million, reaching $268 million at present. Since May, the TVL on TON has grown by 71.2%, with a growth rate of up to 415% in the past 60 days.
Subsidiary ecosystem and partnerships are the key drivers
In the TON ecosystem, the main liquidity staking and trading protocols, Tonstakers, DEX protocol STON.fi, and liquidity staking protocol bemo, are the key forces driving the growth of TVL. The one-week growth rates of these protocols are 18%, 46%, and 20.8% respectively.
Reviewing the past two months, TON has indeed seen many major news and partnerships. Telegram founder Durov announced last month on April 19th that they have partnered with leading stablecoin issuer Tether and launched the native USDt token on The Open Network (TON) starting from April 20th. As soon as the news came out, the price of TON reached a high point of $6.9 again.
Further reading:
Breaking News: Airdrop of $70 million! Telegram founder: TON version of USDT goes live, “USDt Earn” revenue function debuts
Furthermore, Durov also announced the introduction of a reward pool of up to 11 million tokens to incentivize users to participate in the USDt ecosystem, such as using the built-in USDt Earn function in Telegram, providing liquidity, and earning rewards through partner centralized exchanges.
On the other hand, two major exchanges recently jointly announced the launch of a new coin mining project called Notcoin, which drew market attention back to TON as it is a Telegram mining game based on the TON blockchain. In addition, OKX’s Jumpstart activity is limited to users holding TON spot, which may have contributed to the relative strength of TON in the market.
Further reading:
Telegram game Notcoin available on Binance and OKX “New Coin Mining”, TON surges 10% again, surpassing Dogecoin in market capitalization
Pantera Capital: TON is the largest investment in history
In addition to the ecosystem news, TON has gained significant exposure and progress in terms of financing. Dan Morehead, the founder of Pantera Capital, which manages over $5 billion in funds, stated in a post on May 10th that Pantera Capital’s investment in TON is the largest in the history of the fund. Although the specific amount was not disclosed, it demonstrates confidence in TON.
Previously, Paul Veradittakit, Managing Partner at Pantera Capital, explained in a post on May 2nd why Pantera invested in TON. He explained that Telegram has over 900 million monthly active users. By leveraging Telegram’s massive user base and seamless user experience, along with the vitality of the emerging ecosystem of TON, he believes TON has the potential to become one of the largest cryptographic networks.
In terms of price, TON remains strong compared to other mainstream currencies, with a 20% increase in the past week and a current price of $7, attempting to break through the historical high of $7.2 once again.
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Telegram game Notcoin available on Binance and OKX “New Coin Mining”, TON surges 10% again, surpassing Dogecoin in market capitalization
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