Recent data from DefiLlama shows that the Total Value Locked (TVL) in the TON Network has exceeded US$200 million, representing a staggering 900% increase from the US$22.9 million recorded in March. The rapid growth highlights the increasing adoption and relevance of TON, showcasing a strong and growing community of users and developers. Over the past few months, TON Network has gained significant attention and traction, especially due to new protocol integrations and the introduction of The Open League. This innovative reward program has allocated over US$150 million in TON tokens as rewards for various community members and projects within the TON ecosystem, encouraging significant engagement and participation. The Open League initiative has proven transformative for TON, leading to an outstanding 264% increase in monthly active users (MAU), now totaling 1.5 million. Integration with other protocols is expected to further enhance the relevance and adoption of the TON ecosystem among a broader user base. Additionally, the network has seen an exponential increase in Jetton holders, surging over 1000% to reach 1.2 million users.
Pantera Capital Investment
To add credibility and potential growth to the ecosystem, Pantera Capital, a leading venture capital firm in the cryptocurrency space, has recently invested an undisclosed amount in The Open Network (TON). This investment, motivated by TON's collaboration with Telegram, marks Pantera's latest support for the network's potential. In a recent blog post, Pantera expressed excitement about Telegram's decision to integrate TON in April. They believe that this integration positions TON to potentially become one of the largest crypto networks globally, given Telegram's massive user base of 900 million monthly users and significant monthly download rates of 36.7 million. The venture capital firm has lauded TON's blockchain architecture for its high performance and scalability, claiming it can compete with leading blockchains. Furthermore, Pantera has praised the usability and user-friendliness of the TON wallet, highlighting its potential to facilitate greater adoption among regular users.
Collaboration with Tether and TON Price Developments
The recent announcement by Tether on April 19 regarding the launch of the Tether Gold (XAUT) stablecoin on the TON Network marks another significant development. This announcement was made as part of a major collaborative address at the Token2049 crypto event in Dubai, featuring key figures such as Tether CEO Paolo Ardoino, Telegram Founder Pavel Durov, and The Open Platform CEO Andrew Rogozov. Following this development, the price of TON saw a notable surge, reaching an all-time high of US$7.63 on April 11. However, it experienced a correction, dropping to US$4.67 on May 1 amid broader crypto market downturns. Despite setbacks, TON has shown resilience and signs of recovery, trading at US$5.9 as of the latest data on Tuesday (7/5/2024).
