TON Network TVL Surpasses $760M — Is This Bullish for TON Price?

Toncoin （TON） reaches a significant milestone as its total value locked （TVL） surpasses $760 million. We analyze whether this is bullish for TON’s price.

Points

• Toncoin’s （TON） total value locked （TVL） surpasses $760 million.
• TON ecosystem driven by Telegram’s 900 million active users.
• Upcoming developments include a Bitcoin bridge and EVM compatibility.
• TVL growth reflects increasing trust and adoption, potentially boosting TON’s price.

Toncoin （TON）, the native coin of The Open Network, has achieved a significant milestone by surpassing $760 million in total value locked （TVL）. This impressive growth positions TON as the tenth-largest blockchain in terms of TVL, surpassing Optimism. The TON ecosystem benefits from the active engagement of Telegram’s 900 million users, which drives its expansion and adoption.

Recent developments have contributed to TON’s success. On June 26, Bitget crypto exchange and Singapore-based investment firm Foresight Ventures announced a $20 million TON ecosystem fund to support early-stage projects and TON-based applications. Additionally, the exchange launched an official Telegram signal trading recommendation bot, enabling group owners to integrate this functionality at no cost.

Further enhancing TON’s prospects is the anticipated launch of the TON applications chain, a layer-2 network on top of the TON blockchain. Announced on July 9 and backed by The Open Platform, this project will utilize Polygon’s technology and offer compatibility with the Ethereum Virtual Machine （EVM）. This compatibility will make it easier for developers to port decentralized applications （DApps） to the new TON layer-2 solution.

The TON Foundation has also partnered with 1inch and Sign to launch a Web3 startup accelerator named Triangle, focusing on play-to-earn mini-games. Following the successful launch of the Telegram-based game Notcoin, this initiative aims to attract more developers and users to the TON ecosystem. Additionally, OKX exchange announced on July 17 the integration of the TON network into its standalone Web3 wallet, enabling users to manage and swap assets using Toncoin’s blockchain.

More recently, on July 18, the TON Foundation announced its Teleport Bitcoin （BTC） bridge, allowing integration with TON ecosystem DApps, including decentralized exchanges （DEX） and lending platforms. Blockchain bridges facilitate the transfer of tokens or data between different networks. To secure this bridge, the TON Network employs measures such as a trustless architecture and a “simplified payment verification client.”

However, despite the TVL growth, some of TON’s top decentralized applications （DApps） are struggling to sustain volumes. DeDust and Ston Fi, the most successful DApps on the TON Network, hold $383 million and $301 million in deposits, respectively. Yet, in the week ending July 19, these DApps experienced a significant decline in activity, with DeDust facing a 63% drop in volumes and Ston Fi seeing a 38% decrease in turnover.

User engagement has also been driven by airdrop expectations for mini-games, including CatizenAI and Yescoin. While these airdrops attract users, there is criticism regarding the allocation of tokens in recently launched projects, such as Pixelverse. Concerns include incentivizing bots and the lack of vesting information, which can increase sell pressure.

解説

• Toncoin （TON） surpasses $760 million in total value locked （TVL）, reflecting growing trust and adoption within its ecosystem.
• The TON Network benefits from the active engagement of Telegram’s 900 million users, driving its expansion and user base.
• Recent developments, such as the TON applications chain and partnerships with 1inch and OKX, enhance TON’s potential for growth.
• Despite TVL growth, some top DApps on the TON Network face challenges in sustaining volumes and user engagement.
• The upcoming Bitcoin bridge and EVM compatibility are likely to attract more developers and users, potentially boosting TON’s price.