The Open Network (TON) blockchains total value locked (TVL) has surged since early March, surpassing $600 million.

Within just three weeks, it has doubled to reach a record high, showcasing rapid growth and investor confidence in TONs decentralized finance ecosystem.

TONs TVL Hits $600 Million

According to DefiLlama data, TONs TVL surged to over $605 million on Monday. This milestone was achieved just three weeks after the networks TVL first reached $300 million in late May, representing a more than twenty-sevenfold increase since early March.

The rapid increase in TVL has been primarily driven by decentralized exchanges like Ston.fi and Dedust, as well as liquid staking projects such as Tonstakers and bemo.

According to DefiLlama, many of the top 10 protocols on TON have experienced noteworthy TVL growth over the past week. DeDust, the largest TON-based decentralized exchange liquidity pool, saw its TVL surge by over 50% in the last week, reaching nearly $300 million. Smaller protocols like DAOLama, bemo, Stakee, and EVAA also recorded double-digit growth during the same period.

According to CoinGecko, Toncoin (TON), the native token of the network, recently reached a new all-time high of $8.25 on June 15, achieving a market cap exceeding $19 billion for the first time. As of the time of writing, the token is trading at $7.77, positioning it as the tenth largest cryptocurrency by market cap, valued at $18.6 billion. Its fully diluted trading volume stands at $39 billion.

Meme Coin Rally and Layer 1 Outperformance

In addition to the rise in TVL and TON’s price, meme coins deployed on The Open Network have rallied over the past day. Meme coins native to TON such as Resistance Dog (REDO) and The Resistance Cat (RECA), have increased by 12.8% and 60.9%, respectively over the past 24 hours.

Meanwhile, a recent CryptoQuant report also revealed that TON has become one of the top-performing Layer 1 blockchains in 2024, outpacing Bitcoin by 118% since the start of the year, while other popular Layer 1 chains have struggled to gain momentum.

The TON blockchain, initially developed by the team behind the popular messaging app Telegram and led by the Durov brothers, was created to integrate cryptocurrency and blockchain functionality into the Telegram ecosystem.

This integration has led to the popularity of a series of play-to-earn mini-games that can be played on the messaging app, further boosting the networks appeal. Simplistic and token-rewarding games such as Notcoin, Yescoin, and Hamster Kombat have become particularly popular, driving more users to the platform.