TON Becomes Top 10 Cryptocurrency After 35% Surge
Telegram-linked The Open Network has overtaken Cardano by market capitalization, with its TVL tripling in the past month.
By: yyctrader • Loading...
Blockchains![image depicting a network of telegrams](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F1120f83b39bef81a63e0fa46adcdb3ebd45eb30d-1792x1024.webp&w=828&q=75)
The Open Network (TON), a Layer 1 blockchain linked to the popular Telegram messaging app, has rocketed into the top 10 digital assets by market capitalization after its native token surged 35% in the past week.
TON hit an all-time high above $7 earlier today before retracing amid a broader market sell-off. The network commands a valuation of $23 billion at the time of writing.
![TON Price chart](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fa323d17f5eace89388687a9263464784c83959b1-817x442.jpg&w=828&q=100)
Activity on TON soared after it kicked off a $120M incentives program last month to attract developers to the network. According to DeFillama, the total value locked (TVL) on TON stands at $437 million — up from $140 million on March 9.
Liquid staking protocols account for the majority of that figure, with the largest protocol, Tonstakers, holding nearly $200 million worth of TON.
![Tonstakers TVL chart](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F1f622bd8b9bdad60b83265e384f1c273ee5ca476-1009x289.jpg&w=828&q=100)
Telegram’s move earlier this year to start paying channel owners in TON appears to have spurred renewed interest in the network. Nearly 3 million wallets have been created on the blockchain, with activations spiking in March after the new incentives programs were introduced.
![Daily Wallet Activations chart](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F052a7c38b604b4982f56448257ca43cde62d1b48-559x319.jpg&w=828&q=100)
TON Society, a hub for ecosystem contributors, recently allocated one million TON tokens, currently worth $6 million, to a proof-of-personhood initiative that will let users verify their identity by scanning their palms on mobile devices.
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