The Open Network (TON), a layer 1 blockchain network, is starting its journey in decentralized finance (DeFi) with great confidence. Meanwhile, the native coin has been consolidating its position among the top ten largest cryptocurrencies by market cap.
DefiLlama data shows that the total value locked (TVL) in TON-based apps has crossed the $100 million mark earlier this April and has further extended to the current level of $171 million, which is the highest on record.
The TON ecosystem comprises 14 DeFi protocols, all of which are built exclusively for the TON network.
Four of the tracked protocols, including Tonstakers, bemo, Stakee, and hipo, are liquid staking platforms, and their deposits are not included in the TVL to avoid double counting. Still, these four staking protocols alone have more than $250 million in TVL.
The second-largest category of TON apps is decentralized exchanges (DEX). The top two DEXs on TON, STON.fi and DeDust, collectively hold over $150 million in TVL, accounting for almost 90% of the visible TVL on the network.
STON.fi’s TVL broke above the $100 million mark on April 28.
Interestingly, activity on both exchanges is mainly driven by native meme coins.
For example, meme coins have the largest TVL on Ston.fi, following the top three pools that include TON, STON, and GRAM tokens. Some popular meme coins on Ston are Ton Pet (TPET), Ton Punks (PUNK), and Ton Fish (FISH).
On DeDust, meme coins lead trading volumes as well. According to Dex Screener data, some of the most active meme coins during the last 24 hours include adDICKted (DICK), pavel durev (DUREV), and Not Meme (MEM).
For the uninitiated, TON is a blockchain initially developed by the popular messaging app Telegram. However, due to massive pressure from regulators, Telegram failed to launch the network. Eventually, it was overtaken by independent contributors.
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