The total value locked on The Open Network blockchain has crossed $300 million for the first time — an over tenfold increase since early March.
Since the incentive program was rolled out, the network's TVL went from $23 million in early March to the current $315 million, per DeFiLlama data. The rapid growth in TVL has mainly been driven by decentralized exchanges such as Ston.fi and Dedust, as well as liquid staking projects like Tonstakers and bemo.
Telegram Mini Apps are small applications integrated into the Telegram messaging platform, allowing users to interact with various services without leaving the application. Following these events, community members formed the Ton Foundation and reinitiated active development, leading to the establishment of The Open Network, often abbreviated as TON. This community-driven blockchain debuted in 2021 and continues to be promoted and utilized by Telegram for things like ad-revenue sharing with channel owners.