The TON blockchain ecosystem showed robust growth in 2024, driven by its expanding decentralized finance (DeFi) offerings, native $USDT integration, and the rise of mini apps.
The TON blockchain ecosystem experienced significant growth in 2024, largely driven by its expanding decentralized finance (DeFi) offerings, the integration of native $USDT, and the rise of mini apps. After reaching an all-time high of $740 million in total value locked (TVL) this July, TON has stabilized at $248 million, establishing itself as a prominent player in the blockchain space.
While the TVL dropped from its early peak, the TON ecosystem boasts an abundant $USDT supply of over $1.43 billion, which contributes to 25% of decentralized exchange (DEX) trading volume. On-chain data reveals that daily active users remain steady at 1 million, and the DeFi space has grown substantially, now hosting 50 active projects, up from 10 at the beginning of 2024.
The introduction of native $USDT and an aggressive incentive program on TON in April 2024 played a crucial role in boosting TVL, which surged from $537k in January to $740M by July. However, the ecosystem's limited yield-generating opportunities and challenges in managing liquidity caused TVL to fall to its current $248M.
Despite these challenges, TON is expanding its DeFi ecosystem with new initiatives, including stablecoin liquidity programs, stable swaps, and TON-focused concentrated liquidity market makers like Tonco_io.
One user shared their enthusiasm for these developments on X:
“We’ve gone far beyond having just 2 DEXes on ton_blockchain. Tonco_io has become the first concentrated liquidity market maker on TON. I just hopped off a call with them. Gosh, the roadmap is impressive indeed.”
Furthermore, the Open League incentive program has seen remarkable growth, with participation doubling in its latest season. With a diverse ecosystem of DeFi protocols, improved liquidity management, and strong support from VCs, TON is aiming for a $1B+ TVL in 2025 with the addition of more stablecoins, bridges, and innovative DeFi solutions.
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