As a seasoned crypto investor with years of experience under my belt, I’ve witnessed the rise and fall of numerous projects. The recent news about TON Network reaching over $760 million in TVL is undoubtedly an impressive milestone. Telegram’s massive user base, which numbers 900 million strong, has significantly contributed to this growth.
The TON Network, originally created by Telegram, now holds over $760 million in total value secured (TVS), positioning it as the tenth largest blockchain in terms of TVS. This significant milestone can be attributed to Telegram’s massive user base of approximately 900 million people.
On the 26th of June, Bitget cryptocurrency exchange in collaboration with Foresight Ventures initiated a $20 million investment fund, aimed at nurturing fledgling initiatives and innovations specific to the TON blockchain platform.
Furthermore, TON is preparing for major enhancements, such as integrating a Bitcoin bridge and Ethereum Virtual Machine (EVM) compatibility through a new layer-2 network called The Open Platform, which leverages Polygon‘s technology. This initiative simplifies the process of creating decentralized applications (DApps) on TON.
The TON Foundation has formed alliances with 1inch and Sign for the establishment of Triangle, a Web3 startup incubator specializing in play-to-earn mini-games. Additionally, OKX exchange has incorporated TON into its Web3 wallet, empowering users to handle and swap assets employing Toncoin.
On July 18, the TON Foundation unveiled Teleport Bitcoinbridge, linking TON’s DApps with Bitcoin, comprising decentralized exchanges (DEX) and lending platforms. This connection boasts a trustless design and streamlined payment verification for enhanced security.
Despite the progress made by TON‘s primary decentralized exchanges, DeDust and StonFi, there has been a notable decrease in trading activity recently. Specifically, DeDust experienced a 63% decline in trading volumes, while StonFi recorded a 38% drop in turnover during the week ending on July 19.
The decline in value of this token is indicative of larger issues, such as an over-reliance on airdrops for user acquisition and controversy surrounding token launch methods. For example, the launch of Pixelverse’s token was met with criticism due to its allocation to bots and significant allocations to influencers.
The success and expansion of the TON Network’s Decentralized Applications (DApps) ecosystem and continuous advancements in its blockchain technology will significantly impact its future.
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2024-07-20 08:20