he crypto industry is passing through rather testing times, with increasing bearish market conditions and regulatory pressures. However, an exception is proving the rule for The Open Network (TON) blockchain.
The recent arrest of Pavel Durov, the founder of Telegram, could not deter the current growth of the TON ecosystem, whose latest achievement in the stablecoin supply and total-value-locked camps can be simply described as remarkable.
With over 100 million wallet holders and strategic investments coming in, TON seems well-positioned to weather the storm and capture any future upside.
Stablecoin Supply Surge Signals Robust Ecosystem Growth
Indeed, one of the most impressive signs of growth in the TON network is its fast-growing supply of stablecoins. According to data, supply has grown as much as 13-fold since April 2024.
The notable surge of 25% was after Durov's legal issues this year. At present, the supply of the stablecoin on the TON blockchain is valued at more than $760 million.
This is a big growth for TON because stablecoins are a necessary element for a healthy blockchain ecosystem. They enhance a network's usefulness for DeFi applications with increased liquidity, aside from improving general user experience through the stabilization of transaction fees and the reduction of volatility.
As the flow of stablecoins continues within the ecosystem, further confidence is created among both developers and users in positioning TON for increasing expansion.
DeFi Expansion and Increased Investor Confidence
In addition to the surge in stablecoins, the TON DeFi ecosystem is also expanding. Indeed, according to data compiled by DefiLlama, TVL on the TON blockchain leapt by as much as 28% in the last month alone, from a low of $317 million to $408 million.
A rise in TVL means increased investor confidence in the platform, which includes users staking their TON tokens, as well as engaging in DeFi protocols like yield farming and providing liquidity.
This increase in DeFi activity comes despite the recent downturn in the prices of Toncoin, TON, which shed 20% from $6.06 to around $5.06 following a market-wide selloff.
However, many analysts on the market frontbench think such underlying blockchain growth will translate into its price recovery. When the broader crypto market gets more settled, its price could rebound to $7.2, up about 41% from where it changes hands.
$10M Investment by Gate.io to Boost Ecosystem
On October 9, 2024, cryptocurrency exchange Gate.io reportedly announced a strategic investment in the TON blockchain, which is valued at $10 million. The huge financial investment is designed to move fast in developing Telegram-based projects inside the TON ecosystem, especially decentralized finance and Web3-related projects.
Apart from the investment, Gate.io will work hand in glove with the TON Foundation to support up-and-coming projects and new applications on Telegram, including tap-to-earn games and mini-apps such as "Hamster Kombat" and "Catizen," which have already rapidly reached a lot of users.
The exchange also hopes to introduce its Gate Wallet into Telegram, hence further improving user experience inside the app and drive further adoption of TON's ecosystem.
Gate.io also rolled out a spate of hackathons, with prizes leaning as high as $2 million, to incentivize developer participation. These events focus on creating interoperable solutions to improve TON's DeFi capabilities and expand its overall network utility.
Despite the headwinds brought about by regulatory challenges and market volatility, stablecoin supply and DeFi activity are some of the key areas that continue to show tremendous growth on the chain.
