Coin Edition -
- TON blockchain’s TVL skyrocketed to $609.78M, doubling in three weeks, driven by growing interest in its protocols.
- Integration with Telegram and play-to-earn mini-games significantly boost TON blockchain’s popularity and adoption.
- Despite Toncoin’s bullish momentum, cybersecurity risks and potential price correction due to overbought signals remain.
The Open Network (TON) blockchain’s Total Value Locked (TVL) has doubled in just three weeks, reaching $608.65 million, signaling a surge in interest and investment in the Telegram-backed project, according to DefiLlama data. The rapid growth highlights the rising interest and investment in TON-based protocols.
Several top protocols on the TON blockchain have experienced significant growth over the past week. DeDust, a decentralized exchange liquidity pool, saw a 50.20% surge in TVL, reaching nearly $300 million. Smaller protocols such as bemo, Stakee, and EVAA also saw double-digit growth during this period, demonstrating the overall positive momentum within the TON ecosystem.
TON blockchain has been gaining traction as Telegram’s preferred solution for Web3 integration. Telegram, a widely used messaging platform with over 900 million users, provides a vast potential user base for TON. This user base is approximately 100 times larger than the current on-chain user base of all other blockchains combined, offering a strong foundation for a thriving ecosystem.
The integration of TON with Telegram has led to the popularity of various play-to-earn mini-games within the messaging app. Simple, token-rewarding games such as Notcoin, Yescoin, and Hamster Kombat have significantly boosted the network’s popularity.
Furthermore, Telegram recently introduced a digital mini-app payment system called Telegram Stars. This system offers app developers lower promotion fees compared to traditional platforms like the Apple and Google app stores.
However, the rise of TON usage has not gone unnoticed by hackers and other malicious users. Cybersecurity firm Kaspersky reports that criminals are utilizing Telegram and Toncoin, TON’s native currency, to launch a pyramid scheme for crypto.
Toncoin/USD 1-day price chart, Source: Trading view
Currently, the live price of Toncoin is $7.77, with a 24-hour trading volume of $293,081,917. Despite being down 0.57% in the last 24 hours, Toncoin shows strong bullish momentum. The 1-day Relative Strength Index (RSI) reads 73.78, indicating that the asset may be overbought in the short term, potentially leading to a price correction. However, the 1-day Moving Average Convergence Divergence (MACD) trading above the signal line suggests strong bullish momentum in Toncoin’s price movement.
The post Play-to-Earn Games and DeFi Fuel TON Blockchain’s Rise appeared first on Coin Edition.