Toncoin (TON) Witnesses a Decline in TVL but a Surge in Staking Participation, Highlighting a Shift in Investor Behavior

The Toncoin [TON] blockchain has witnessed a decline in Total Value Locked (TVL) over recent months. Despite this, there has been a notable surge in staking participation, highlighting a shift in investor behavior.

The Toncoin [TON] blockchain has seen a decrease in Total Value Locked (TVL) over the past few months, but there has been a significant increase in staking participation, highlighting a shift in investors' behavior.

A deeper look into the matter reveals that AMBCrypto’s analysis of TON’s TVL from mid-2024 to early 2025 showed a substantial decline. This decrease could be an indicator of a slowdown in network activity or a withdrawal from DeFi protocols.

However, it is important to note that Liquid Staking has remained a major component of the TVL. This suggests that while the total locked value decreased, staking continues to attract a significant portion of investment.

This shift away from higher-risk DeFi investments could reduce the volatility that is usually associated with exposure to DeFi.

If the trend of decreasing TVL continues, TON’s price might stabilize as more funds are locked in less volatile staking activities.

A growing shift towards secure yield

Further analysis revealed an increase in the Staking TVL Ratio despite the overall drop in TVL. This ratio, which represents the portion of TVL in Liquid Staking and Staking Pools, has reached new highs.

This growing preference for staking suggests that investors are prioritizing earning rewards over engaging in riskier DeFi strategies.

A trend like this could provide more price stability for TON as the influx of locked tokens reduces the pressure to sell.

The rising staking ratio might indicate that price movements will become less volatile, with a potential for price appreciation as staking rewards accumulate over time.

Speculation or stability?

Additionally, analysis of Netflows revealed a significant spike in the aggregated exchange inflows around mid-February 2025, which coincided with a peak in price. Following this surge, Netflows steadied, suggesting the initial influx was likely driven by market speculation or a specific event.

After the surge, Netflows stabilized, which could indicate that the market absorbed this shock, signaling a period of consolidation for TON’s price.

Following speculative spikes, TON’s price may enter a consolidation phase, potentially setting the stage for future growth as market sentiment stabilizes.

The impact of active participation

Finally, analysis of active addresses showed a steady increase, particularly in addresses holding a balance, from late 2024 into 2025.

This increase in activity corresponds with the rise in staking participation, indicating that both new and existing users are engaging more with the staking ecosystem.

A growing network of active addresses, especially those with balances, bodes well for TON, suggesting a bullish trend as network participation expands.

Despite the recent decline in TON’s TVL, the increasing staking participation and active addresses signal a shift towards stability and growth.

These trends suggest that TON is entering a phase where staking-driven stability could support long-term value growth.