The TON blockchain is witnessing remarkable growth, with the Total Value Locked (TVL) in the ecosystem expanding consistently. This surge underscores the increasing utilization of decentralized protocols within the TON network.
According to data from Phoenix Group, the top 10 protocols by TVL on the TON network have been ranked. Tonstakers emerged as the leading protocol with a TVL of $233.33 million. This liquidity staking protocol offers users an affordable way to engage in staking, allowing assets to be staked from as little as 1 TON.
In the second position is Cygnus with a TVL of $56.01 million. Cygnus serves as a DeFi platform bridging traditional finance with the cryptocurrency realm. Following closely is STON in the third spot with a TVL of $53.41 million. STON, a decentralized exchange (DEX) on the TON network, facilitates simplified trading of digital assets.
Bemo, a decentralized liquidity staking platform, secured the fourth position with a TVL of $36.53 million. EVA Protocol, a decentralized lending platform on the TON network, claimed the fifth spot with a TVL of $36.13 million.
Storm, a DEX enabling high leverage trading of derivatives on Telegram and web interfaces, ranked sixth with a TVL of $32.80 million. Stakee, a staking platform offering better APY earnings for TON token holders, took the seventh spot with a TVL of $25.06 million.
SCALE, positioned eighth, recorded a total TVL of $20.60 million. This DEX allows users to trade various assets directly on the TON blockchain without relying on centralized exchanges. Factorial Finance and UTC rounded off the list with TVLs of $11.37 million and $10.97 million, respectively.
In 2020, Telegram relinquished its TON blockchain project due to legal disputes with the US SEC. Subsequently, the TON community assumed control of the blockchain and continued its development independently. Despite challenges, the TON blockchain has seen notable growth, attracting one million users in a day and fostering unity within the community.
The recent surge in the TON blockchain’s metrics, including active addresses, can be attributed to the influx of users and trading volume from decentralized platforms. These platforms play a pivotal role in driving the ecosystem’s growth and adoption.