TON TVL Drops to $248 Million Amid USDT Growth

Current State of The Open Network (TON)

The Open Network (TON) has experienced a significant decline in its total value locked (TVL), which currently stands at $248 million. This represents a drastic drop from its all-time high of $740 million recorded in July 2024, according to insights from industry analyst Wu Shuo.

Factors Behind the Decline

The earlier growth of TON can be attributed to the rise of mini-applications within its ecosystem, alongside robust support for Tether (USDT). The utility of USDT within the network played a pivotal role in attracting investors and users alike.

USDT's Market Performance

Currently, Tether's supply has exceeded $1.43 billion, highlighting its significance in the market. Notably, USDT now comprises 25% of the decentralized exchange (DEX) trading volume. This dominance showcases the growing reliance on stablecoins for trading activities in decentralized finance (DeFi).

User Engagement on TON

Despite the decline in TVL, the number of daily active users on TON has stabilized at approximately 1 million. This consistency in user engagement indicates that while the overall value locked may be decreasing, interest in the network and its offerings remains robust.

The Rise of Meme Cryptocurrency Trading

Interestingly, trading activity related to meme cryptocurrencies has continued to grow, demonstrating a sustained fascination with this segment of the market. These trends suggest that while users are engaging with TON and its services, the overall market dynamics are fluctuating.

Conclusion

The Open Network (TON) finds itself at a crossroads, with a notable decrease in total value locked yet stable user engagement. The performance of Tether (USDT) and the rising interest in meme cryptocurrencies will likely shape the future landscape of TON and its ability to recover its market positioning.