Toncoin (TON) Hits $620 Million in TVL Despite Market Downturn

UTC by Chimamanda U. Martha · 2 min read
Toncoin (TON) Hits $620 Million in TVL Despite Market Downturn
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According to data from DefiLlama, as of Thursday, June 20, the TON blockchain has over $620 million in total value locked (TVL).

The Open Network (TON) is one of the few blockchains that users continue to interact with despite the ongoing market winter that saw Bitcoin (BTC) price hit a one-month low of $64,000 on June 18.

The network heavily associated with the social media messaging platform Telegram first reached the $600 million milestone for the first time on Monday before attaining the new height. The figure represents over 130% growth in four weeks.

Toncoin (TON) Performance

In the past 24 hours, the protocol has recorded more than $24 million in trading volume and currently has a market cap exceeding $17 billion.

Originally launched by Telegram in 2019, TON evolved into a fully decentralized network after facing regulatory challenges. The ownership of the protocol was later transferred to the TON Foundation which is currently overseeing the progress of the network.

With the  Open Network now crossed over the $620 million milestone in TVL, its next target will be hitting the $1 billion milestone in total value locked.

The network’s native token Toncoin (TON price data), which powers all activities on the ecosystem, has also experienced significant growth over the past few days despite the poor market sentiments.

Currently valued around $7.18 on CoinMarketCap, TON has increased by 5.55% in the last 24 hours, outpacing Bitcoin and Ethereum (ETH price data), which have only seen slight increases of 0.86% and 1.40%, respectively.

According to separate data from CoinGecko, TON reached an all-time high of $8.25 for the first time since its launch on June 15.

Impressive On-Chain Metrics

Analysts at CryptoQuant also pointed out that on-chain metrics of the token are on the rise. The token which traded around $0.51 in September 2021 has become the best performing altcoin associated with layer-1 blockchain in 2024.

From January till now, TON has recorded an impressive price growth of over 220%, soaring above big dogs like Ether, BNB and SOL which have only seen a decent growth of 55%, 80% and 40%, this year.

During this period, the token’s transfer volume has also gone through the roof ranging from $5 billion to $10 billion surpassing even that of bitcoin.

The analysts also indicated that on-chain token holders of TON have increased dramatically over the past year. The number of wallet addresses holding the digital asset currently stands at 32 million, showing a 10x increase from the 2.9 million it recorded just last year.

In addition to the  token holders, the total amount of stablecoins held on the Open Network has surged above $449 million as of Thursday as shown by DefiLlama.

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