TON blockchain’s total value locked (TVL) has surged past $670 million, marking a doubling in recent weeks. According to DefiLlama, this growth reflects TON’s emergence as Telegram’s preferred Web3 integration platform, bolstered by its expansive user base exceeding 900 million globally.
Meanwhile, Tether has ceased minting new tokens on Algorand and EOS blockchains, redirecting focus towards more popular blockchain networks. As reported by The Block, Tether’s circulating supply on The Open Network (TON) now exceeds 500 million USDT stablecoins. Just two months following its launch on TON alongside the XAUT gold-backed stablecoin, the network hosts approximately 519.28 million USDT stablecoins. This milestone underscores TON’s role in facilitating the seamless transmission of digital dollars worldwide, akin to sending a text message, as emphasized on its official Telegram channel.
However, Toncoin, the native cryptocurrency of TON blockchain, saw a 2% decline in value, trading at $7.47, accompanied by a 19% decrease in trading volume over the past 24 hours.
TON Price Chart, Source: TradingView
Earlier this month, TON blockchain’s TVL surpassed $600 million, marking a significant increase from three weeks earlier. The latest figures show TON’s TVL standing at over $670 million.
TON TVL Chart, Source: TradingView
Tether’s decision to discontinue minting on Algorand and EOS aligns with its strategic shift towards blockchains demonstrating higher user engagement and community interest.
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