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Toncoin (TON): The Telegram-Backed Project Sees Rapid Growth with 475% TVL Increase

(Friday 06 July 2024, 06:45 AM GMT):

Toncoin (TON) is rapidly becoming a standout in the cryptocurrency market. The Open Network (TON), associated with Telegram, is thriving despite past regulatory challenges faced by Telegram’s blockchain endeavors. Thanks to its integration with Telegram, TON has captured the interest of Telegram’s massive user base of 900 million monthly active users.

According to DeFiLlama, TON’s Total Value Locked (TVL) has skyrocketed by over 475% in 2024. On January 1, 2024, the TVL was just $14 million. Today, it has surged to an impressive $670 million.

Toncoin TCL Chart
Source: DeFiLlama

Currently, Toncoin, the native token of the network, is trading at $7.48 with a market cap of $18.74 billion.


A significant milestone for TON was onboarding 1 million wallets during the token generation event for Notcoin, a viral Tap-to-Earn game available as a Telegram Mini App. The popularity of the Notcoin game has significantly boosted the visibility of the TON ecosystem worldwide.

The Open Network’s origins trace back to a blockchain project initiated by Telegram, the popular messaging platform, which raised $1.7 billion through two private token sales in 2018.

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