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.