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In addition to the strong appreciation of TON, The Open Network continues to grow in terms of adoption. Proof of this is that the Total Allocated Value (TVL) in projects on the network surpassed the US$600 million mark. According to DeFi Llama, TON’s TVL has doubled in the last three weeks alone.

As a result, TON is now the 15th largest network in the market in terms of TVL, just behind SUI, which has US$668 million. It also has more than double the TVL of other major networks such as Thorchain ($252 million).

This growth demonstrates investors’ confidence in TON’s decentralized financial ecosystem. But most of all, it shows that the launch of Notcoin and memecoins on TON worked as a way to leverage the network.

TON’s TVL reaches US$600 million

This Monday (17), the TVL of the TON network reached the mark of US$ 614 distributed among 16 projects in the network. This milestone was reached just three weeks after the network’s TVL reached $300 million at the end of May.

But since March, the network’s TVL has grown more than 27 times, which shows the rapid increase in project interest in TON. The largest project on the network is the decentralized exchange (DEX) DeDust, which concentrates US$303 million in TVL. Next comes the Tonstakers staking protocol, which has $275 million.

In other words, just two projects account for more than 94% of the network’s entire TVL. This shows that the interest in staking and trading is what drove the value of TON. On the other hand, the data raises awareness about the risk of a high concentration in just two protocols.

According to Defi Llama, many of the top 10 TON protocols saw notable growth in their TVL last week. DeDust saw its TVL increase by more than 50% in the last week and became the largest liquidity pool on the network.

On the other hand, Tonstakers grew just 1.48% and had the lowest performance among the 10 largest protocols on the network. Other smaller services like DAOLama, bemo, Stakee and EVAA also recorded double-digit growth.

According to CoinGecko, TON, the network’s native token, recently reached a new all-time high of $8.25 on June 15. Last week, the token recorded gains of 8.3% and was the only cryptocurrency in the Top 10 to close the week with a positive result.

Memecoins and TON rally lead gains

In addition to the increase in the price of TVL and TON, memecoins deployed on The Open Network rose in the last day. Among them are names like Resistance Dog (REDO) and The Resistance Cat (RECA), which gained 12.8% and 60.9%, respectively, in the last 24 hours.

Meanwhile, a recent report from CryptoQuant also revealed that The Open Network has become one of the best-performing Layer 1 blockchains in 2024. Since inception, the network has outperformed Bitcoin by 11% by 118%.

The TON blockchain, initially developed by the team behind messaging app Telegram, led by the Durov brothers, was created to integrate cryptocurrencies and blockchain functionality into the Telegram ecosystem.

This integration has led to the popularity of a series of play-to-earn minigames that can be played within the messaging app, further increasing the network’s appeal. The most recent are the games Notcoin and Hamster Kombat, whose high popularity contributed to the network’s appreciation.

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