The Telegram-linked Open Network has surpassed Cardano by market capitalization, tripling its TVL in the last month.
Open Network (TON), a Layer 1 blockchain linked to the popular messaging app Telegram, has rocketed into the top 10 digital assets by market capitalization after its native token surged 35% last week.
TON hit an all-time high above $7 today before pulling back amid a broader market sell-off. The network has a valuation of $23 billion at the time of writing.
Activity on TON skyrocketed after it began a $120 million incentive program last month to attract developers to the network. According DeFillamaThe total value locked (TVL) in TON amounts to $437 million, up from $140 million on March 9.
Liquid staking protocols account for the majority of that figure, with the largest protocol, Tonstakers, holding nearly $200 million in TON.
Telegram's decision earlier this year to start paying channel owners on TON appears to have spurred renewed interest in the network. Nearly 3 million wallets have been created on the blockchain, with activations increasing in March after new incentive programs were introduced.
TON Society, a hub for ecosystem contributors, recently allocated one million TON tokens, currently worth $6 million, to a personality test. initiative which will allow users to verify their identity by scanning their palms on mobile devices.
