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.

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image depicting a network of telegrams

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
TON Price

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
Tonstakers TVL

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
Daily Wallet Activations

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.