By Ryan O'Neill
The TON blockchain has recently captured significant attention within the cryptocurrency community after experiencing unprecedented growth in its total value locked (TVL), highlighting its expanding influence and adoption.
Over the past three weeks, TON’s TVL has doubled, reaching over $600 million. This remarkable surge highlights the increasing investor confidence and rapid development within TON’s decentralized finance (DeFi) ecosystem.
Unprecedented TVL Growth
TON’s TVL increase from $300 million to over $605 million reflects a more than twenty-sevenfold surge since early March. The success of decentralized exchanges and liquid staking projects within the TON network are the primary reasons for this rapid growth.
Moreover, prominent DeFi platforms such as Ston.fi and Dedust have been pivotal in this expansion. Ston.fi, known for its user-friendly interface and robust liquidity options, has attracted many users and liquidity providers.
Dedust has established itself as the most prominent decentralized exchange liquidity pool on TON, achieving a TVL increase of over 50% in the last week alone. Other projects like Tonstakers and Bemo have contributed significantly to this growth.
Toncoin’s Market Performance
Alongside the surge in TVL, Toncoin (TON), the native token of the TON blockchain, hit a new all-time high of $8.25 last week. Also, Toncoin’s market cap surpassed $19 billion for the first time.
Although the token’s price has since dropped to $7.77, it remains the tenth-largest cryptocurrency by market capitalization. The robust trading volume, which stands at $39 billion on a fully diluted basis, further illustrates the strong market liquidity and investor interest in Toncoin.
A recent analysis by CryptoQuant highlights TON’s exceptional performance as a Layer 1 blockchain in 2024. Outpacing Bitcoin by 118% since the start of the year, TON has established itself as one of the top-performing Layer-1 networks. This achievement is particularly noteworthy as other popular Layer-1 blockchains have struggled to gain similar traction within the same timeframe.
Integration with Telegram
A key factor driving TON’s success is its integration with Telegram, the popular messaging app developed by the Durov brothers. This integration has facilitated the seamless incorporation of cryptocurrency and blockchain functionalities into the Telegram ecosystem, significantly boosting user engagement.
Furthermore, the TVL growth and Toncoin’s market success have coincided with a rally in the value of memecoins deployed on the TON blockchain. Tokens like Resistance Dog (REDO) and The Resistance Cat (RECA) have experienced significant price increases, rising by 12.8% and 60.9% over the past 24 hours at the time of writing.
Ethereum’s L3 Network Sets New TPS Record
In a significant development for Ethereum’s scalability, the network’s layer-3 (L3) solution, Xai, powered by Offchain Labs, has achieved a milestone after hitting 101.72 transactions per second (TPS) as of June 16. Xai, which focuses on gaming applications, has seen a dramatic increase in activity over a short period.
Xai’s TPS surged to 101.72 within four days, marking the highest daily TPS recorded among Ethereum’s layer-2 (L2) and L3 solutions. The combined TPS for Ethereum’s scaling networks, including L2 and L3 solutions, reached 245.87 on June 16, translating to around 21.2 million transactions processed per day.
Despite its impressive TPS performance, Xai’s total value locked (TVL) remains relatively modest at $1.33 million. This figure is low compared to the TVLs of other prominent Ethereum scaling solutions, such as Arbitrum One, which boasts a TVL of $17.78 billion, and Base, with a TVL of $7.54 billion. Nevertheless, Xai’s TPS record-breaking performance signifies a notable advancement in Ethereum’s scaling capabilities.