TON Network TVL. The Open Network is a layer-1 blockchain created by the Telegram messaging software. Toncoin (TON) is its native coin. With over 900 million monthly active users, Telegram is a major force in the TON ecosystem. The TON Network, which is still in its early stages within the DApps ecosystem, has overtaken Optimism to become the tenth biggest blockchain by total value locked (TVL), despite its relative youth.
Upcoming Plans Include Bitcoin Bridge and EVM Compatibility
Foresight Ventures, an investment business located in Singapore, and Bitget, a cryptocurrency exchange, launched a $20 million TON ecosystem fund on June 26. The fund will promote early-stage projects and services that utilize TON. Group owners could incorporate this feature at no cost when the exchange previously released an official Telegram signal trading recommendation bot.
Expectations surrounding the release of the TON applications chain—a layer-2 network built upon the TON blockchain—are fueling TON’s success. Thanks to this initiative, announced on July 9 and funded by The Open Platform, developers will find converting DApps to the new TON layer-2 solution easier. It will employ Polygon’s technology and offer intPolygon’slity with the Ethereum Virtual Machine (EVM).
Triangle, a Web3 startup accelerator, was also launched by the TON Foundation in collaboration with 1inch and Sign. This effort, announced on July 10, is centered around play-to-earn mini-games. It follows the successful debut of the Notcoin game on Telegram. Also, on July 17, OKX exchange announced that its standalone Web3 wallet will integrate with the TON network. This means that users can manage and swap assets utilizing Toncoin’s blockchain.
The TON Foundation just launched their Teleport Bitcoin BTC bridge on July 18. This will enable interaction with DApps within the TON ecosystem, such as DEXs and lending services. Blockchain bridges allow currencies or data to be transferred between several networks. To keep this bridge safe, the TON Network uses safeguards, including a trustless design and a simplified payment verification.
TON Network’s Declining Volumes and Airdrop Frenzy
Two of the most successful decentralized applications (DApps) on the TON Network in terms of total value locked (TVL) are Ston Fi and DeDust. Ston Fi has $383 million in deposits, while DeDust holds $301 million. A closer examination of the network’s operations indicates that several of its top decentralized applications (DApps) are having trouble maintaining volumes and that a small number of airdrops has mostly fueled user growth.
The two biggest TON Network decentralized applications (DApps) had a steep drop in activity during the week ending July 19. Ston Fi’s turnover dropped by 38%, while Fi’s and Fiust’s turnover dropped by 63%. Participation in mini-games, such as CatizenAI and Yescoin, has been a major factor in the increase of unique active addresses, a measure of the number of users interacting with the DApps on the network.
Decentralized financial apps like DeDust saw a 19% drop in weekly users. Ston Fi only had a 4% gain in active addresses over the same period, despite the enthusiasm produced by freshly established DApps targeting the play-to-earn sector. The distribution of tokens in newly announced projects, such as Pixelverse, has also been controversial.
On the social media platform X, user MB voiced their displeasure with the Pixelverse token’s incentive bot launch; the token rewards users for signing up and linking their accounts to other social media platforms. In addition, research showed an absence of vesting information, and a lot of money has gone to key opinion leaders (KOLs), which raises the sales pressure even further.
Final Thoughts
Although The Open Network does not control the projects that run on its blockchain, the development of its decentralized application (DApp) ecosystem is a major factor in TON’s demand. The management of cases on the TON Network directly impacts this growth. Given the early stage of this ecosystem, it seems premature to judge the sustainability of these airdrops and token launches.
