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TON Blockchain’s explosive growth highlights growing adoption and influence

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The TON blockchain has recently attracted significant attention within the cryptocurrency community due to its rapid growth in total value locked (TVL), demonstrating its expanding influence and growing adoption. Over the past three weeks, TVL on the TON blockchain has doubled to more than $600 million. This notable surge underlines the growing investor confidence and rapid development within TON’s decentralized finance (DeFi) ecosystem.

Since the beginning of March, TON’s TVL has increased from $300 million to over $605 million, marking an increase of more than twenty-seven times. The main drivers of this rapid growth are the success of decentralized exchanges and liquid staking projects within the TON network. Prominent DeFi platforms, such as Ston.fi and Dedust, have played a crucial role in this expansion. Ston.fi, recognized for its user-friendly interface and robust liquidity options, has attracted numerous users and liquidity providers. Dedust, which has established itself as the leading decentralized exchange liquidity pool on TON, has seen a TVL increase of more than 50% in the past week alone. Other projects such as Tonstakers and Bemo have also contributed significantly to this growth.

The cornerstones of the Toncoin market

Coinciding with TVL’s surge, Toncoin (TON), the native token of the TON blockchain, hit a new all-time high of $8.25 last week. Additionally, Toncoin’s market capitalization surpassed $19 billion for the first time. Although the token’s price has since fallen to $7.77, it remains the tenth largest cryptocurrency by market capitalization. The robust trading volume, which amounts to $39 billion on a fully diluted basis, further demonstrates the strong market liquidity and investor interest in Toncoin.

A recent analysis by CryptoQuant highlighted TON’s exceptional performance as a Layer 1 blockchain in 2024. Outperforming Bitcoin by 118% year-to-date, TON has established itself as one of the best performing Layer 1 networks. This achievement is especially significant as other popular layer 1 blockchains have struggled to gain similar traction in the same amount of time.

Integration with Telegram and Memecoin Rally

A key factor contributing to TON’s success is its integration with Telegram, the widely used messaging app developed by the Durov brothers. This integration has facilitated the seamless incorporation of cryptocurrency and blockchain features into the Telegram ecosystem, significantly increasing user engagement.

The growth in market success of TVL and Toncoin has coincided with an increase in the value of memecoins distributed on the TON blockchain. Tokens such as Resistance Dog (REDO) and The Resistance Cat (RECA) have seen significant price increases, rising 12.8% and 60.9% respectively in the last 24 hours at the time of writing.

Ethereum Xai Layer-3 Scaling Solution

In a related development, Ethereum scalability reached a significant milestone with the network’s layer 3 (L3) solution, Xai, provided by Offchain Labs, hitting a record 101.72 transactions per second (TPS) on 16 June. Focusing on gaming applications, Xai has seen a dramatic increase in activity in a short period. Within four days, Xai’s TPS rose to 101.72, marking the highest daily TPS recorded among Ethereum’s layer-2 (L2) and L3 solutions. On June 16, the combined TPS for Ethereum scale networks, including L2 and L3 solutions, reached 245.87, translating to approximately 21.2 million transactions processed per day.

Despite its impressive TPS performance, Xai’s total value locked (TVL) remains relatively modest at $1.33 million. This figure is low compared to the TVLs of other major Ethereum scaling solutions, such as Arbitrum One, which boasts a TVL of $17.78 billion, and Base, with a TVL of $7.54 billion. Nonetheless, Xai’s record-breaking TPS performance indicates a notable advancement in Ethereum’s scaling capabilities.

The remarkable growth of the TON blockchain, highlighted by the increase in TVL and the success of its native token, highlights its growing influence and adoption within the cryptocurrency community. The integration with Telegram and the rise of associated memecoins further enhance its ecosystem, positioning TON as a significant player in the DeFi space. At the same time, advances in Ethereum scaling solutions, as demonstrated by Xai’s performance, indicate continued progress in addressing scalability challenges within the broader blockchain industry.

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