The Open Network (TON) Emerged as One of the Fastest-Growing Chains in 2024

With over $400 million in total value locked (TVL)​, TON rapidly rose in DeFi rankings. TON reached a major milestone: 100 million holders.

The Open Network (TON) has emerged as one of the fastest-growing chains in 2024. With over $400 million in total value locked (TVL), TON has rapidly risen in the DeFi rankings.

Recently, TON reached a major milestone: 100 million holders. This growth was largely driven by its deep integration with Telegram and the explosion of native Telegram mini-apps.

Mini-Apps: The Catalyst for TON’s Growth

TON’s recent ecosystem growth has catapulted its holder count. The project hit 100 million unique wallets with a non-zero TON balance. This growth is largely due to its integration with Telegram and the subsequent rapid expansion of its DeFi ecosystem.

$TON Holder Count reaches 100 million“At the beginning of the year, the number of holders was 'only' 4.3 million. This shows that #TON has experienced huge growth.” – By @JA_Maartun Read more ?https://t.co/sqFPm5bM9d pic.twitter.com/V0Ikl1bkXF

Telegram mini-apps allow users to interact with TON directly through the messenger app. Users can access Web3 services without the need to set up wallets, which is driving adoption. Moreover, Telegram’s 900 million monthly active users give TON a massive audience to expand to.

At the same time, developers are attracted to TON thanks to several ways to monetize their apps. These include token issuance, in-app purchases, and advertising, among others. For instance, the popular game Catizen reported $26.4 million in revenue through in-app purchases.

TON Sees Rapid DeFi Growth

The activity of these mini-apps directly contributes to TON’s ecosystem. In July, TON broke 800 million in total value locked (TVL), which stood at $405.9 million on Monday, October 7. This puts it among the top 20 blockchains by the size of its DeFi ecosystem.

Source: DefiLlama

Ton was originally a project by Telegram, designed to integrate seamlessly into the app. However, in 2020 the U.S. Securities and Exchange Commission (SEC) accused Telegram of conducting an unregistered securities offering.

This forced Telegram to officially dissociate from TON and give the project to independent developers. Still, Telegram’s recent integration with TON suggests that the projects are linked significantly.

On the Flipside

Why This Matters

TON’s growth accelerates Web3 adoption, bringing millions of users to the space. It also highlights how ease of use is among the most important factors in attracting users.