DeFi
Toncoin Price Surges as TON Topples Avalanche and Polygon on Key Metric
Toncoin price continues to approach all-time highs thanks to robust ecosystem growth and user demand.
TONNE The stock climbed to $8.10 on Tuesday, just a few points below its all-time high of $8.30. It has surged nearly 800% from its 2023 low, bringing its valuation to nearly $20 billion.
Toncoin Price Chart
TON topples Avalanche in DeFi
The TON ecosystem is experiencing robust growth across various industries. It has gained considerable popularity in a short span of time and has quickly become one of the largest players in decentralized finance (DeFi).
Data compiled by Lama DeFi shows that the network’s total value locked (TVL) in the ecosystem has jumped 70% in the last 30 days to over $1.13 billion.
The increase made it the eighth-largest blockchain after Ethereum, Solana, Tron, Binance, Arbitrum, Base, and Blast. It has surpassed some of the most well-known platforms in the industry. On Tuesday, it surpassed Avalanche, which has $1.11 billion in assets. It also surpassed blockchains like Polygon, Optimism, Sui, Cronos, and Near.
Most dApps in the TON ecosystem have seen sustained activity over the past 30 days. DeDust’s TVL has surged nearly 300% to over $375 million, while STON.fi, Tonstakers, bemo, and Stakee have jumped over 30%.
Toncoin has also become a popular token to stake. Data compiled by Staking Rewards shows that its staking market cap has increased to $4.7 billion, making it the 9th most staked token in the industry.
Tap-to-Earn Growth Accelerates
The price of Toncoin has also skyrocketed as investors hail the performance of the tap-to-earn ecosystem.
Notcoin, the only publicly traded pay-per-click platform, has reached a market cap of over $1.4 billion. TapSwap, another fast-growing play, has reached over 60 million users worldwide.
Hamster Kombat, the game linked to Russiahas become the fastest growing game in the industry with over 200 million users. YouTube channel breaks records She gained over 30 million subscribers in a month and her videos have been viewed over 500 million times.
Other tap-to-earn platforms like AvaCoin, DotCoin, and YesCoin are also seeing strong growth due to their ease of use and the potential for large rewards after their airdrop.
Eventually, all of these tap-to-earn networks will launch their airdrop on the TON blockchain, which will drive more activity. However, there is a volume risk in Toncoin’s growth. The data shows that its daily volume has been limited for a long time. It has remained below $800 million since June 15. This is a tiny volume for a $20 billion token, as smaller tokens like Pepe and Dogwifhat see higher daily volume.