The TON network marks a new milestone in deposited money

The Open Network (TON) has marked a new milestone so far in June, increasing the total value locked (TVL) by 75%.

At the moment, TON houses more than $600 million in deposited moneyconsolidating its position in the cryptocurrency ecosystem, as detailed by DeFiLlama data.

In early June, TON surpassed the Ethereum network in active addresses, indicating increased user interaction. This increase in activity is reflected in the volume of transactions, which went from 4.5 million to 6 million daily at the end of May.

This growth has been driven by the performance of various protocols that are part of the TON ecosystem.

One of the most prominent examples is the decentralized exchange (DEX) DeDust, whose TVL has increased by 477% in the last month.

Added to this growth are liquid staking protocols such as Stakee, with an increase of 42%, and the lending platform EVAA Protocol, which has had an increase in its TVL of 67% in the same period.

Games and memecoins encourage the TON network

Network TON hosts a wide range of more than 500 applications among which are memecoin creation platforms, wallets, exchanges, video games, staking platforms, DeFi protocols and non-fungible tokens (NFT), among others.

In addition, it offers the possibility of running most of these applications on Telegram, a messaging application that has 900 million users.

Among the applications that have promoted TON, games to earn tokens such as Notcoin and Hamster Kombat stand out, which has also contributed to the increase in the popularity of the network. Notcoin, for example, already has 40 million users.

The game token notcoin (NOT) in the last month went from 0.0072 dollars to 0.018 dollars, an increase of 161%. This can be seen in the following TradingView chart.

As reported by CriptoNoticias, the development and creation of memecoins have also been part of the takeoff of the TON network.

In the last week, these assets registered a rise of more than 80%, led by Raccoon (ROON), a meme cryptocurrency whose image is a raccoon, and another asset called Tonald Trump (TONALD). Also highlighted is Resistance Dog (REDO) which marks new all-time highs at the time of this publication.

The TON Foundation seeks to ensure that meme cryptocurrencies that go unnoticed in the market gain greater recognition. It must be taken into account that most memecoins are made based on Internet jokes or for speculative purposes, but they do not have a true value proposition. Therefore, just as they tend to increase in price easily, they also tend to lose their value quickly and unpredictably.