🌎 Telegram-Backed TON Network Sees Surge in Crypto Activity and TVL

Telegram’s endorsement of blockchain development has incentivized a migration to The Open Network (TON), bolstering user participation and nearly doubling on-chain TVL in two months.

According to analytics platforms, users have deposited over $319 million into the Telegram-backed decentralized network known as The Open Network (TON). Activity began increasing significantly in late February, and total value locked (TVL) has nearly doubled since early April.

TON’s ecosystem has seen rapid growth as Telegram enabled more crypto-related offerings. Various on-chain protocols are now building atop the Telegram-affiliated chain. These include derivatives projects, exchanges, lending platforms, liquid staking providers, gaming initiatives, and privacy solutions.

A major driving force behind TON’s growth seems linked to the rise of “mini-apps” used by numerous web3 games developed directly on the messenger. Telegram allows these mini-apps to build web3 products using TON’s open-source software development kit, providing access to the social network’s 900 million users and various monetized advertising corridors.

The company’s founder and CEO Pavel Durov has publicly supported TON’s integration, encouraging more builders to leverage the offering and connect with the crypto community. Projects like Hamster Kombat and Notcoin (NOT) have deployed their respective blockchain games directly on TON, and the messenger by extension. Both projects have recorded significant successes. Notcoin distributed millions to users in an airdrop, and Hamster Kombat onboarded over 19 million daily active users in less than three months.

Telegram’s support for the largest stablecoin Tether (USDT) and an inbuilt Wallet app has also encouraged developers and users to participate in TON. Durov’s company has simplified sending crypto to just a few clicks, positioning the platform as a hub for blockchain activity.