TON blockchain, also known as The Open Network has seen a flurry of user engagement, linked to the messaging app Telegram. With the Total Value Locked now topping $60 million about three weeks after hitting the $300 million milestone.
Telegram aids TON Blockchain Widespread Adoption
According to DefiLlama data, its TVL, a key DeFi indicator, has recorded a tenfold growth this year as it skyrocketed to $609.78 million. This figure solidifies its position as a top performer in decentralized finance.
The surge in TVL aligns with the launch of Tether’s USDT stablecoin on the blockchain in April.
According to the same data, the top 10 protocols on the fast-rise star in the crypto space have experienced a surge in their respective TVL. Smaller protocols like bemo, Stakee, and EVAA also saw double-digit growth during this period,
In addition, decentralized exchange liquidity pool on TON, DeDust saw a significant 53% surge in TVL in the past week, nearly hitting $300 million.
TON blockchain is gaining traction as Telegram’s go-to protocol for Web3 integration, offering a vast potential user base for ecosystem growth. Recently, the messaging app CEO Pavel Durov, backed the Web3 game, Notcoin proving the bilateral link with TON.
Additionally, the unveiling of the largest bet by Pantera Capital, a crypto venture capital firm in May, further contributed to the positive momentum of the blockchain.
Telegram Supports More Innovative Projects
Telegram, with over 900 million users, is not only helping the TON blockchain gain traction but also contributing to the growth and development of the Web3 ecosystem.
In late May, Floki Developers launched a Telegram-based trading bot tailored to reduce barriers for investors and boost prices. It also launched Telegram Stars recently, a payment system for app developers with lower fees than Apple and Google stores.
The network’s rise in popularity has attracted cybercriminals. Last month, the Ton community issued a warning through a Telegram message that a scam website is on the loose.
Kaspersky, a prominent cybersecurity firm also mentioned scammers using the messaging app and Toncoin for a pyramid scheme targeting crypto users.
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