The State Of The TON Ecosystem | May 2024

TON In Data

Relevant TON Statistics:

Total Value Locked: $251.53m

Total Raised: $504m

TON Price: $7.05

TON Market Cap: $24.497b

TON FDV: $36.009b

Among TON protocols, the following are the best five performers by rate of TVL change in the past month:

1. EVAA Protocol
2. Storm Trade
3. DAOLama
4. STON.fi
5. Tonstakers

And here are the ten worst performers:

1. Stakee
2. Hipo
3. Tonnel Network
4. Megaton Finance
5. Bemo

TON Crosses $200 million TVL

The TON network has achieved a significant milestone recently by surpassing $200 million in Total Value Locked (TVL). This marks a major surge, with a reported 900% increase from $22.9 million in March.

A major factor in this has been The Open League, which has led to a 264% increase in TON’s monthly active users, who are now more than 1.5 million.

Also, TON has rapidly gained attention with more protocol introductions, including the introduction of USDT stablecoin, as discussed. Pantera’s investment is also a major factor.

And don’t forget that TON’s price reached an all-time high in recent weeks. The growth of TON’s ecosystem and its increasing relevance in the DeFi space are clear indicators of its potential impact on the broader cryptocurrency market.

Biggest Events

Toncoin lists on HashKey Exchange

Toncoin (TON) began trading on the HashKey Exchange on May 9th, 2024. This listing is a collaboration between TON Foundation and HashKey Group aimed at expanding Toncoin's reach in the Asia-Pacific market.

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Currently, only professional investors can trade Toncoin on HashKey Exchange and trading is limited to TON/USD pairs, but anticipation is high for more.

Notably, though, this partnership goes beyond just the listing. The TON Foundation and HashKey Group are also looking into ways to improve the TON ecosystem's infrastructure and treasury management.

The listing of Toncoin is also significant for Hong Kong as it strengthens its position as a global cryptocurrency hub.

Pantera makes huge TON Investment

Pantera Capital, a well-known investment firm in the blockchain world, recently made a significant investment in Telegram's Open Network (TON) blockchain.

This investment is the biggest one Pantera Capital has ever made, highlighting their belief in the potential of TON.

Although the amount invested is undisclosed, it is certainly a huge one because Pantera sees TON's potential due to Telegram's massive user base of over 900 million active users, which could lead to widespread adoption of TON.

The investment also comes at a time when the crypto market is recovering from a downturn, indicating Pantera's bullish outlook on the industry.

Tether’s TON Blockchain expansion

In April 2024, Tether, the company behind the popular USDT stablecoin, launched its USDT and XAUT (gold-backed) stablecoins on the TON blockchain.

This move is expected to benefit both parties. TON gains a stablecoin that can be used in DeFi applications on its network, attracting more users. USDT gains wider reach and potentially smoother peer-to-peer transactions.

There was initial traction with $60 million worth of USDT minted on TON within days of launch.

Weeks later, it currently has surpassed $200 million in circulation less than a month after launch. This is a record for the fastest-growing launch in USDT’s history.

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Anticipation builds for Notcoin’s NOT token launch

Notcoin, the popular Telegram game that paused gameplay in April for its token launch, is finally set to release its NOT token on May 16th.

The token will be listed on major exchanges like Binance, OKX, and Bybit. These exchanges are also offering staking rewards programs for users who hold certain coins.

Notcoin players who earned tokens through the game will be able to transfer them to exchanges or wallets, but the full claim process details are not yet available. The game has been a huge success, attracting over 35 million players.

While the initial version of the game is ending, Notcoin plans to continue with new social games using the NOT token. The pre-market trading has already seen millions in volume, showcasing the community's eagerness for the NOT token.

TON partners with Arkham

Arkham Intelligence (ARKM) and TON are teaming up to bring Arkham's crypto data analysis tools to a wider audience.

This partnership specifically targets millions of TON and Telegram users, as Arkham will be adding support for TON on its platform, allowing for in-depth analysis of the TON blockchain.

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Also, a special Telegram mini-app will be developed to provide Telegram users with easy access to Arkham's data directly within the Telegram app.

This partnership is a step forward in making blockchain data more accessible and understandable for a broader audience, particularly through one of the world’s most popular messaging applications among crypto enthusiasts.

It aligns with Telegram’s vision of empowering its users with genuine Web3 capabilities and providing critical crypto information freely.

Reviewing the Biggest Projects

Notcoin

Notcoin started as a Telegram game where users collected in-game Notcoin tokens, but this simple "tap-to-earn" mechanic gained significant traction.

As all gets set for its launch as a tradable cryptocurrency on the TON blockchain, Notcoin, has successfully captured the attention of the crypto market with a pre-launch listing on Aevo and an impressive projected market cap of $1 billion.

Major exchanges like Bybit, OKX, and KuCoin are also creating anticipation for the official launch with pre-launch campaigns and hefty reward pools.

On CoinGecko, thousands of players have added Notcoin to their watchlist. This suggests confidence from established players in Notcoin's potential.

The true test will come post-launch when the market responds to Notcoin’s utility, performance, and the team’s ability to deliver on their promises.

The Open League Season 2

The Open League (TOL) is off to a flying start in Season 2, building on the impressive results of Season 1, where $9 million was distributed to almost 900k TON users.

Also, Season 1 saw significant growth across all metrics, with record highs in Monthly Active Users (MAUs) by 7%, Total Value Locked (TVL) by a whopping 59%, and Decentralized Exchange (DEX) traders by 21%.

Season 2 is meant to last 2 weeks only, though, and that means it is winding up at the moment, having started on May 1, 2024.