The Open Network （TON） has become the tenth largest blockchain by total value locked （TVL）, surpassing $760 million. This achievement, coupled with upcoming developments like the Bitcoin bridge and EVM compatibility, could positively impact TON’s price.
Points
- TON Network’s TVL has surpassed $760 million, making it the tenth largest blockchain.
- Recent developments include a $20 million ecosystem fund and upcoming Bitcoin bridge.
- EVM compatibility will enhance TON’s appeal to developers.
- Despite high TVL, some DApps on TON face declining volumes.
- Sustained growth and strategic partnerships are key to TON’s future success.
TON Network’s Growth and Achievements
The Open Network （TON） has surpassed $760 million in total value locked （TVL）, making it the tenth largest blockchain. This achievement is significant, especially considering TON’s relatively recent entry into the decentralized applications （DApps） ecosystem. The network’s growth is driven largely by its association with Telegram’s vast user base.
Cointelegraph
Strategic Developments and Partnerships
Several strategic developments have contributed to TON’s success. On June 26, Bitget crypto exchange and Foresight Ventures announced a $20 million TON ecosystem fund to support early-stage projects and TON-based applications. Additionally, the anticipated launch of the TON applications chain, a layer-2 network utilizing Polygon’s technology, will offer Ethereum Virtual Machine （EVM） compatibility, making it easier for developers to port DApps to TON.
Further bolstering TON’s ecosystem, the TON Foundation has partnered with 1inch and Sign to launch a Web3 startup accelerator named Triangle, focusing on play-to-earn mini-games. OKX exchange also integrated TON into its standalone Web3 wallet, enhancing asset management and swaps using Toncoin’s blockchain.
Challenges and Declining Volumes
Despite the high TVL, some of TON’s leading DApps, such as DeDust and Ston Fi, have faced declining volumes. In the week ending July 19, DeDust saw a 63% drop in volumes, while Ston Fi experienced a 38% decrease. This decline in activity indicates challenges in sustaining user engagement and transaction volumes.
Cointelegraph
Future Outlook and Potential Impact on TON Price
The upcoming launch of the Teleport Bitcoin bridge, enabling integration with TON ecosystem DApps, could significantly enhance TON’s appeal. Blockchain bridges facilitate the transfer of tokens or data between different networks, and the TON Network employs trustless architecture and a simplified payment verification client to secure the bridge.
Sustained growth and strategic partnerships will be crucial for TON’s future success. The network’s ability to attract and retain users, coupled with continuous technological advancements, will determine its long-term impact on TON’s price.
Conclusion
TON Network’s impressive TVL and strategic developments highlight its potential for growth. While some DApps face challenges in sustaining volumes, upcoming innovations like the Bitcoin bridge and EVM compatibility could drive further adoption. Investors should monitor these developments closely to assess TON’s future potential and impact on its price.
解説
- TVL Growth: TON’s surpassing $760 million in TVL underscores its rapid growth and adoption within the blockchain space.
- Strategic Partnerships
- Partnerships with Bitget, Foresight Ventures, 1inch, Sign, and OKX enhance TON’s ecosystem, driving user engagement and adoption.
- EVM Compatibility: The introduction of EVM compatibility through the TON applications chain will attract developers by facilitating the porting of DApps from Ethereum.
- Challenges in DApp Volumes: Despite high TVL, declining volumes in top DApps highlight the need for sustained user engagement and activity.
- Future Prospects: The launch of the Teleport Bitcoin bridge and continuous technological advancements are crucial for TON’s long-term success and price growth.