TON Blockchain Garners Significant Attention With Doubling TVL, Integration With Telegram, and Memecoin Rally

The TON blockchain has recently garnered significant attention within the cryptocurrency community due to its rapid growth in total value locked (TVL), showcasing its expanding influence and increasing adoption.

The total value locked (TVL) on the TON blockchain has doubled over the past three weeks, surpassing $600 million and highlighting the rapid growth of the blockchain's decentralized finance (DeFi) ecosystem.

As of March 19, the TVL on the TON blockchain stood at $605.2 million, up from $300 million in early March. This marks a more than twenty-sevenfold surge in just over two months.

The growth in TVL has been primarily driven by the success of decentralized exchanges and liquid staking projects within the TON network. Ston.fi, a user-friendly decentralized exchange, has played a significant role in attracting users and liquidity providers. Another key contributor is Dedust, which serves as the leading decentralized exchange liquidity pool on TON. In the past week alone, Dedust's TVL increased by over 50%. Other projects like Tonstakers and Bemo have also contributed to the overall growth in TVL.

This surge in TVL coincides with a new all-time high for Toncoin (TON), the native token of the TON blockchain. Last week, TON reached a new peak of $8.25, with its market capitalization crossing $19 billion for the first time. At the time of writing, TON is trading at $7.77, ranking as the tenth-largest cryptocurrency by market cap.

With a fully diluted market cap of $77.7 billion, Toncoin's liquidity in the market is further highlighted by its trading volume, which stands at $39 billion. This indicates a high level of interest and activity among traders.

In a recent analysis by CryptoQuant, TON performed exceptionally well as a Layer 1 blockchain in 2024. Outperforming Bitcoin by 118% since the beginning of the year, TON established itself as one of the top-performing Layer-1 networks. This achievement is particularly notable as other popular Layer-1 blockchains faced challenges in gaining similar traction within the same timeframe.

A key factor contributing to TON's success is its integration with Telegram, the widely used messaging app. This integration enables the seamless incorporation of cryptocurrency and blockchain functionalities into the Telegram ecosystem, boosting user engagement.

The growth in TVL and Toncoin's market success have also coincided with a rally in the value of memecoins deployed on the TON blockchain. Tokens like Resistance Dog (REDO) and The Resistance Cat (RECA) saw significant price movements.

At the time of writing, REDO and RECA experienced a price increase of 12.8% and 60.9% respectively over the past 24 hours. These tokens are used in a popular Telegram game called "The Ton Pups Saga," which has garnered substantial attention and contributed to the broader TON ecosystem.

In related news, Ethereum's scalability has reached a new milestone with Xai, a layer-3 (L3) solution powered by Offchain Labs, achieving a record-breaking 101.72 transactions per second (TPS) as of June 16. Focusing primarily on gaming applications, Xai has experienced a remarkable surge in activity over a short period. Within four days, Xai's TPS surged to 101.72, marking the highest daily TPS among Ethereum's layer-2 (L2) and L3 solutions.

On June 16, the combined TPS for Ethereum's scaling networks, including L2 and L3 solutions, reached 245.87, indicating an impressive capacity of handling approximately 21.2 million transactions per day.

Despite its impressive TPS performance, Xai's total value locked (TVL) remains relatively modest at $1.33 million. This figure pales in comparison 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. However, Xai's record-breaking TPS performance signifies a notable advance in Ethereum's scaling capabilities.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ton-blockchain-garners-attention-doubling-tvl-integration-telegram-memecoin-rally.html

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