TON Blockchain TVL Surpasses $300M with Tenfold Increase, Ethereum Layer 2 Ecosystem Hits $46.55B High

May 27, 2024, 09:09 AM

The total value locked (TVL) in The Open Network (TON) blockchain has surpassed $300 million, marking a significant milestone for the network. This represents a tenfold increase since early March, driven by decentralized exchanges such as Ston.fi and Dedust.io, as well as liquid staking projects like Tonstakers and Bemo Finance. The TVL has shown parabolic growth, rising from $23 million in March to $317 million in May. This surge is further fueled by The Open League initiative, rewarding users of TON’s decentralized apps. Additionally, the Ethereum Layer 2 ecosystem has seen its TVL reach a new all-time high of over $46.55 billion, up 13.79% in the last seven days, thanks to the continued adoption of Layer 2 networks and a recent price surge in Ethereum. The overall DeFi sector has also experienced growth, with TVL increasing to $108 billion, its highest level since the Luna/Terra crash in May 2021.