TON Blockchain’s TVL Surges to $450 Million, Ranks Top 8

• TON Blockchain’s TVL surges to $450 million, driven by platforms like STON.Fi and Tonstakers.
• Telegram’s founder Pavel Durov’s initiative to allocate 50% of advertising revenue boosts Toncoin’s performance.
• Memelandia hub launched by Open Network enhances the Ton ecosystem.

TON Blockchain, a rapidly growing player in the cryptocurrency industry, has seen a boost in its TVL (Total Value Locked). Based on insights from CryptoRank.io, TON’s chain boasts a TVL of $450 million from various projects within the Ton ecosystem.

Per the same data, platforms like STON.Fi and Tonstakers hold substantial portions of the TVL, with $84 million and $200 million locked, respectively. Bemo comes third with a $72 million TVL, and lending platform EVAA Protocol comes last with a $1.7 million TVL.

Moreover, platforms such as Hipo, DeDust, and Megaton Finance contribute to Ton’s ecosystem, adding significant value. The privacy solution platform Tonnel Network has also contributed $2.3 million to the TVL, which is 0.5% of the total value.

TON Blockchain’s recent TVL surge has propelled it to the 8th largest cryptocurrency by market capitalization. This achievement is partly attributed to Telegram founder Pavel Durov’s unveiling plans to allocate 50% of advertising revenue to channel owners. Durov stated that this move is to reward Telegram broadcast channel hosting and improve wider token adoption.

Since the launch of this initiative, Toncoin has gained significantly, reaching new all-time highs. On a month-to-date basis, TON has increased by 61%, trading around $6.25 at press time. In tandem, the coin’s market cap hit a record high, overtaking Cardano (ADA) as the ninth-largest coin in the crypto market.

Furthermore, the launch of the Memelandia hub by the Open Network blockchain team marks another milestone for Ton Blockchain, aimed at supporting and promoting new meme coins. Memelandia will provide real-time data on metrics such as TVL and user engagement, enhancing accessibility within the Ton ecosystem. 

In another strategic move, the Tether stablecoin operator has improved ties with Telegram’s Web3 ecosystem by launching Tether USDT on the Open Network. On April 19, Tether Operations announced the launch of its U.S. dollar-pegged Tether USDT stablecoin and the gold-pegged Tether Gold (XAUT) stablecoin on the TON blockchain.

Reacting to this news, Tether CEO Paolo Ardoino commented: “We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system.”