Top 10 Protocols on TON Blockchain by TVL: Tonstakers Dominates With $233.33 Million

The TON blockchain is experiencing exponential growth, with TVL in the ecosystem expanding continuously. This growth highlights the rising use of decentralized protocols in the TON ecosystem.

Today data according to Phoenix Group ranked the top 10 protocols by TVL on the TON network.

Major protocols on the TON blockchain

As per data, Tonstakers emerged as the top-performing protocol in the TON network. A total TVL of $233.33 million showcases Tonstakers’ popularity. It is a liquidity staking protocol that provides users with an affordable approach to participate in staking. It is widely known for allowing users to stake assets from as little as 1 TON.

Cygnus secured the second spot with a TVL of $56.01 million. It is a DeFi platform designed to link traditional finance and the cryptocurrency world.

The third place goes to STON, which has a $53.41 million TVL after Cygnus. This figure suggests that STON, a DEX built on the TON network, is playing an essential role in facilitating simplified trading of digital assets.

Bemo, a decentralized liquidity staking platform based on the TON network, comes fourth with $36.53 million. Fifth in place is EVA Protocol, a decentralized lending platform in the TON network, with a TVL of $36.13 million.

Storm is listed as the sixth with a TVL of $32.80 million. It is a DEX that allows users to trade derivatives with high leverage, accessible directly on Telegram and through the web interface.

Stakee is in the seventh position with a $25.06 million TVL. It is a staking platform that enables users to stake the TON token and qualify for better APY earnings.

SCALE, which takes the eighth position, has a total TVL of $20.60 million. It is a DEX allowing users to trade various assets directly on the TON blockchain without depending on CEXs.

Factorial Finance takes the ninth spot in the ranking, holding a TVL of $11.37 million. It is a lending protocol that enables decentralized lending. Lastly, UTC wrapped up this list with a TVL of $10.97 million.

TON blockchain outlook

In 2020, Telegram, a social messaging app, abandoned its TON blockchain following legal disputes with the US SEC.

As a result, the TON community gained control of the blockchain and assumed working on its development, independently without Telegram’s direct participation.

Since that time, the TON blockchain has continued witnessing persistent growth, becoming one of the major blockchains to enlist one million users in a day.

The arrest of Telegram’s founder Pavel Durov in August 2024 contributed to a greater unity within the TON community.

Currently, the TON blockchain continues experiencing significant surges across all metrics including active addresses. Most of the high trading volume and user adoption entering into TON originate from various decentralized platforms like the ones mentioned above.