According to The Block’s data, the total circulating supply of Tether (USDT), a stablecoin, on The Open Network (TON) blockchain has reached 519 million. This occurred approximately two months after Tether, the issuing company, introduced USDT and its gold token XAUT to the TON network.
The Open Network stated in its official Telegram channel that according to DefiLlama’s data, the Total Value Locked (TVL) on the TON chain surpassed 600 million dollars in the middle of this month, which is double the TVL from three weeks ago. As of the deadline, the TVL on the TON chain has reached approximately 670 million dollars. The native token of TON, Toncoin (TON), is currently the 8th largest cryptocurrency by market capitalization, reaching 18.5 billion dollars. As of the deadline, the trading price of TON token is 7.47 dollars.
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DefiLlama
As The Open Network becomes the preferred solution for integrating Web3 services into the messaging app Telegram, the blockchain has gained widespread attention this year. It is reported that Telegram is the fourth-largest messaging app globally, with nearly 900 million users. The increased activity on the TON network can also be attributed to the growing popularity of cryptocurrency-based mini-games on Telegram, such as Notcoin and Catizen.
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