Public blockchain data aggregators such as DeFi Pulse

TON Blockchain's TVL Surges Past $600 Million to Record High, Doubling in Three Weeks

Jun 17, 2024, 08:49 AM

The total value locked (TVL) in The Open Network (TON) blockchain has surged past $600 million, reaching a record high of $608.65 million. This marks a staggering 2,400% increase from $22.9 million on March 1, 2024, and a doubling from $300 million in just three weeks. The growth is driven by several factors, including the efforts of @TONOpenLeague, which has boosted user engagement with massive rewards, and the hype around memecoins. Key projects contributing to this surge include decentralized exchanges like DeDust, bemo, and Stakee. TON's market cap is nearly $20 billion, and the blockchain now ranks 15th among the largest DeFi ecosystems. The TVL had previously surpassed $500 million and saw a 7x increase in Q1 2024. Some projects still have TVL under $25 million.