The TON blockchain has recently garnered significant attention within the cryptocurrency community due to its rapid growth in total value locked (TVL), showcasing its expanding influence and increasing adoption. Over the past three weeks, the TVL on the TON blockchain has doubled, surpassing $600 million. This notable surge underscores the growing investor confidence and the swift development within TON’s decentralized finance (DeFi) ecosystem.
Since early March, TON’s TVL has increased from $300 million to over $605 million, marking a more than twenty-sevenfold surge. The primary drivers behind this rapid growth are the success of decentralized exchanges and liquid staking projects within the TON network. Prominent DeFi platforms, such as Ston.fi and Dedust, have played crucial roles in this expansion. Ston.fi, recognized for its user-friendly interface and robust liquidity options, has attracted numerous users and liquidity providers. Dedust, which has established itself as the leading decentralized exchange liquidity pool on TON, experienced a TVL increase of over 50% in the past week alone. Additional projects like Tonstakers and Bemo have also significantly contributed to this growth.
Toncoin’s Market Milestones
In tandem with the surge in TVL, Toncoin (TON), the native token of the TON blockchain, reached a new all-time high of $8.25 last week. Additionally, Toncoin’s market cap exceeded $19 billion for the first time. Although the token’s price has since dropped to $7.77, it remains the tenth-largest cryptocurrency by market capitalization. The robust trading volume, which stands at $39 billion on a fully diluted basis, further demonstrates the strong market liquidity and investor interest in Toncoin.
A recent analysis by CryptoQuant highlighted TON’s exceptional performance as a Layer 1 blockchain in 2024. Outperforming Bitcoin by 118% since the start of the year, TON has established itself as one of the top-performing Layer-1 networks. This achievement is particularly significant as other popular Layer-1 blockchains have struggled to gain similar traction within the same timeframe.
Integration with Telegram and Memecoin Rally
A key factor contributing to TON’s success is its integration with Telegram, the widely used messaging app developed by the Durov brothers. This integration has facilitated the seamless incorporation of cryptocurrency and blockchain functionalities into the Telegram ecosystem, significantly boosting user engagement.
The growth in TVL and Toncoin’s market success have coincided with a rally in the value of memecoins deployed on the TON blockchain. Tokens like Resistance Dog (REDO) and The Resistance Cat (RECA) have seen significant price increases, rising by 12.8% and 60.9% respectively over the past 24 hours at the time of writing.
Ethereum’s Layer-3 Scaling Solution Xai
In a related development, Ethereum’s scalability has seen a significant milestone with the network’s layer-3 (L3) solution, Xai, powered by Offchain Labs, achieving a record 101.72 transactions per second (TPS) as of June 16. Focusing on gaming applications, Xai has experienced a dramatic increase in activity over a short period. Within four days, Xai’s TPS surged to 101.72, marking the highest daily TPS recorded among Ethereum’s layer-2 (L2) and L3 solutions. On June 16, the combined TPS for Ethereum’s scaling networks, including L2 and L3 solutions, reached 245.87, translating to approximately 21.2 million transactions processed per day.
Despite its impressive TPS performance, Xai’s total value locked (TVL) remains relatively modest at $1.33 million. This figure is low compared to the TVLs of other prominent Ethereum scaling solutions, such as Arbitrum One, which boasts a TVL of $17.78 billion, and Base, with a TVL of $7.54 billion. Nonetheless, Xai’s record-breaking TPS performance signifies a notable advancement in Ethereum’s scaling capabilities.
The remarkable growth of the TON blockchain, underscored by its surging TVL and the success of its native token, highlights its expanding influence and adoption within the cryptocurrency community. The integration with Telegram and the rise of associated memecoins further enhance its ecosystem, positioning TON as a significant player in the DeFi space. Simultaneously, advancements in Ethereum’s scaling solutions, as demonstrated by Xai’s performance, indicate ongoing progress in addressing scalability challenges within the broader blockchain industry.