TON Becomes Top 10 Cryptocurrency After 35% Surge

The Open Network (TON), a Layer 1 blockchain linked to the popular Telegram messaging app, has rocketed into the top 10 digital assets by market capitalization after its native token surged 35% in the past week.

TON hit an all-time high above $7 earlier today before retracing amid a broader market sell-off. The network commands a valuation of $23 billion at the time of writing.

Activity on TON soared after it kicked off a $120M incentives program last month to attract developers to the network. According to DeFillama, the total value locked (TVL) on TON stands at $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 worth of TON.

Telegram’s move earlier this year to start paying channel owners in TON appears to have spurred renewed interest in the network. Nearly 3 million wallets have been created on the blockchain, with activations spiking in March after the new incentives programs were introduced.

TON Society, a hub for ecosystem contributors, recently allocated one million TON tokens, currently worth $6 million, to a proof-of-personhood initiative that will let users verify their identity by scanning their palms on mobile devices.