The Open Network (TON) blockchain recently reached a major milestone, with total value locked (TVL) exceeding $600 million. This extraordinary growth, more than 27 times since the beginning of March’24, shows that interest and investment in the TON ecosystem is rapidly increasing.
Key Protocols Fueling TON’s TVL Increase
1. Ston.fi: Attracting Users and Liquidity Provider
- User-Friendly Interface: Ston.fi aims to create an intuitive and accessible platform for users, making it easy for both new and experienced investors to join the TON ecosystem.
- Robust Liquidity Option: Ston.fi attracts both everyday investors and large liquidity providers by offering a variety of ways to access funds. This ensures that there is plenty of money available for trading in many different pairs.
- Integration with Telegram: Using Telegram’s large user base, Ston.fi makes it easy by integrating its services directly into the messaging app facilitating smooth trading experiences and has the potential to attract many crypto enthusiasts.
2. Dedust: Establishing Dominance
- Market Dominance: Dedust’s position as the largest DEX liquidity pool on TON has enabled it to capture a significant share of the trading volume, solidifying its dominance in the market.
- Rapid TVL Growth: Dedust’s TVL increased by more than 50% in one week to nearly $300 million, which demonstrates strong demand for its services and trust in the TON ecosystem.
- Partnership with Storm Trade: As part of the Open League, Dedust benefits from Storm Trade’s largest prize pool with a prize pool of approximately $130,000. The partnership is expected to raise Dedust’s profile and attract more users to its platform.
- Competitive Features: Dedust now supports bridging and staking its own SCALE token for protocol rewards. It encourages users to participate by offering up to 160% annual percentage yields (APY) on liquidity pools such as TON/USDT.
Liquid Staking Projects
1. Tonstakers: Pool-Based Staking
- Tonstakers use a pool-based staking model where TON holders (called Nominators) can pool their coins to participate in blockchain validation. This integration helps maintain the network and improve its overall performance.
- In exchange for staking TON from Tonstakers, participants are given a liquid receipt called a Jetton Pool. These tokens represent participants in the mining pool and can be freely traded or used elsewhere in the DeFi ecosystem.
- The reward can also come from the interest on the loan the consumer makes from the pool. This dual reward increases the return on participating in the Tonstakers liquid staking pool.
2. Bemo Finance: Non-Custodial Staking
- Bemo Finance provides a non-custodial liquid staking solution for TON token holders. When users contribute TON tokens to Bemo, they receive stTON tokens in return.
- What makes stTON tokens special is that they can be freely used in the DeFi ecosystem, including transfers, exchanges or use on cryptocurrencies or DEXs.
- More importantly, stTON tokens allow people to act quickly by eliminating withdrawal or waiting time. Profit increases over time, giving users an easy way to increase their investment.
The Open League Initiative
The Open League by the TON Foundation focuses on growth, innovation, and community engagement in the TON ecosystem. It rewards developers and users to promote blockchain adoption and application.
Components of The Open League
- Competition-Based: This aspect of The Open League allocates approximately $15 million in Toncoin to the TON project based on TON’s performance evaluation. Users who engage with these projects can be rewarded with $100 million worth of Toncoin, encouraging greater participation and collaboration.
- Tokens Mining: By promoting token mining mechanisms like those used in TON-based projects such as Notcoin on Telegram. The concept encourages more by introducing the token to new cryptocurrency users on social media and messaging platforms.
- Airdrop Quests: Approximately $22 million worth of Toncoin is planned for airdrops and on-chain tasks, giving the community more power to interact with the TON ecosystem. $40 million has been allocated to Toncoin to increase its ability to generate value for participating tokens and further increase its ability to generate value in the ecosystem.
- Project Incentives: $38 million in Toncoin has been allocated to support new projects. While all projects in a network can participate in open collaboration by switching to TON, less productive projects are put into smaller collaborations and their incentives are reduced.
During the pilot phase, the TON network saw a 70% increase in total value locked on decentralized exchanges and a 370% increase in the number of daily active addresses. This represents a significant increase in user activity and engagement driven by the incentives and opportunities provided by Open League.
Conclusion
Since March, TON’s TVL has increased 27 times to over $600 million. This increase is driven by user-friendly DEXs such as Ston.fi and Dedust, as well as liquid staking platforms such as Tonstakers. TON Foundation actively supports innovation through competition, encourages community collaboration, and supports user development through TVL. Thanks to continuous initiatives, TON is well positioned to become a leader in DeFi.
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