TON Blockchain’s TVL Surpasses $300 Million

The total value locked (TVL) in The Open Network (TON) has reached $317 million.

The metric has shown parabolic growth since the beginning of March. The influx of liquidity is primarily linked to the liquid staking program Tonstakers and the decentralized exchange Ston.fi.

In April, TON developers announced a reduction in on-chain transaction fees by 2.5 times and also announced a distribution of 105,600 TON (~$600,000) to the most active traders and NFT holders on the Getgems, xRare, and TON Diamonds marketplaces.

In May, trading of the NOT token from the Web3 gaming project Notcoin began on leading exchanges such as Binance, Bybit, and OKX. According to a dashboard on Dune, after peaking at $1.4 billion in daily trading volumes, the figure receded to around $225 million.

The native token of the network, Toncoin (TON), maintains relative parity with NOT at around $150 million (CoinGecko). The coin’s market circulation stands at $3.47 billion with a full capitalization of ~$32.9 billion.

Back in April, the issuer of the leading stablecoin USDT, Tether, added support for the TON blockchain.