Key Notes
- TVM Ventures has deployed $100M to fund early-stage DeFi protocols on TON, strengthening the ecosystem ahead of Telegram's exclusive blockchain integration.
- Factorial Finance has already attracted over $11M in TVL since launch, joining established lending platforms like EVAA to provide expanded USDT services.
- Despite current bearish sentiment, with 94% of holders at a loss, TON's ecosystem is positioned for growth through increased DeFi development and user adoption.
The Open Network, a layer one (L1) blockchain backed by the 1 billion Telegram active users, has grown into a vibrant web3 ecosystem in the past few months. Through Toncoin TON $3.64 24h volatility: 0.7% Market cap: $9.08 B Vol. 24h: $161.75 M , The Open Network has incentivized DeFi developers and crypto users to adopt Telegram-based mini-applications, which include tap-to-earn PlayFi games.
According to market data from Defillama, the TON network has a total value locked of about $193 million and a stablecoins market cap of around $1.28 billion. As the Telegram social platform prepares to make the TON chain the exclusive blockchain for its mini apps later this week, TVM ventures has already deployed $100 million to fund early-stage DeFi protocols on the TON ecosystem.
TON Chain Welcomes Factorial Lending Protocol
After months of meticulous research and development, Justin Hyun, former director at TON Foundation, is preparing to launch Tether USDT $1.00 24h volatility: 0.0% Market cap: $141.73 B Vol. 24h: $46.24 B borrowing against Toncoin on the Factorial Finance protocol on February 19, 2025. The Factorial Finance protocol will join other lending platforms on the Toncoin ecosystem led by EVAA, which had a TVL of about $46 million at the time of this writing, in offering USDT services.
Factorial Finance has already attracted over $11 million in Total Value Locked (TVL) since its official launch. The introduction of USDT borrowing against TON will further increase Factorial Finance’s TVL, strengthening its position in the Telegram-based decentralized application ecosystem.
Meanwhile, Factorial Finance users can supply and borrow $TON, tsTON, and stTON, to earn risk-free passive yields.
Modular lending is making new waves on TON through @FactorialFi which features isolated lending pools vault strategies managed by institutional curators.
Supply borrow $TON , tsTON, stTON, and $USDT in risk-separated markets while earning passive yields.
Starting February… pic.twitter.com/GrvCfUoW84
— TON 💎 (@ton_blockchain) February 18, 2025
The launch of Tether USDT on the Telegram social platform via the TON chain is expected to gain further traction in the near term. Moreover, the Telegram wallet has been enabling USDT purchases with zero fees.
Impact on Toncoin Price
As Coinspeaker previously mentioned , the TON price has been trapped in bearish sentiment since hitting its all-time high, around $8.79, in April 2024. The large-cap altcoin, with a fully diluted valuation of about $18.6 billion and a 24-hour average trading volume of around $139 million, has been forming lower lows and lower highs in the daily time.
According to market data from IntoTheBlock , around 94 percent of Toncoin holders are counting losses, with only 4 percent in profit. With Toncoin price having a high correlation with Bitcoin, since the inauguration of US President Donald Trump, a further BTC $96 446 24h volatility: 0.8% Market cap: $1.91 T Vol. 24h: $38.31 B correction will spell bearish sentiment for TON and its ecosystem tokens.
Nonetheless, the wider crypto market could be entering a consolidation phase in preparation for a parabolic rally in the near future. Consequently, the TON ecosystem is well-positioned to attract more users in the long haul amid its heightened DeFi development.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
