The Open Network (TON) Surpasses $760M in TVL, Gears Up for Major Upgrades

The Open Network (TON), initially developed by Telegram, has surpassed $760 million in total value locked (TVL). This achievement propels TON to the tenth-largest blockchain by TVL

The Open Network (TON), initially spearheaded by Telegram, has now surpassed $760 million in total value locked (TVL). This achievement positions TON as the tenth-largest blockchain by TVL, primarily driven by Telegram's vast user base of 900 million.

In other TON-related news:

- TON is set to undergo significant upgrades, including a Bitcoin bridge and Ethereum Virtual Machine (EVM) compatibility through a new layer-2 network. This project, backed by The Open Platform and utilizing Polygon's technology, aims to simplify DApp development on TON.

- On June 26, Bitget crypto exchange and Foresight Ventures unveiled a $20 million fund to support early-stage projects and applications within the TON ecosystem.

- The TON Foundation has joined forces with 1inch and Sign to launch Triangle, a Web3 startup accelerator focusing on play-to-earn mini-games.

- OKX exchange has integrated TON into its Web3 wallet, enabling users to manage and swap assets using Toncoin.

- On July 18, the TON Foundation introduced the Teleport Bitcoin bridge, which will connect TON’s DApps with Bitcoin, including decentralized exchanges (DEX) and lending platforms. This bridge boasts a trustless architecture and simplified payment verification for enhanced security.

However, despite these advancements, TON's leading decentralized exchanges, DeDust and Ston Fi, have encountered a decline in activity. During the week ending July 19, DeDust's volumes fell by 63%, while Ston Fi's turnover decreased by 38%.

This drop in activity highlights broader challenges faced by TON, including a reliance on airdrop-driven user growth and criticisms of token launch practices. For instance, the Pixelverse token launch faced backlash for rewarding bots and allocating substantial amounts to influencers.

The future trajectory of the TON Network will be largely influenced by the successful management and growth of its DApp ecosystem and the ongoing developments in its blockchain infrastructure.

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