TON – 2023 Reports

Over the past days, the total number of accounts and transactions on The Open Network (TON) increased to 2.88 million and 173 million, respectively. TON has become the 14th largest cryptocurrency by total market capitalization, according to CoinMarketCap. Similar to the previous quarter, TON's technology, ecosystem, and the network's economy improved.

The TON 2023.06 update introduced the new burn functionality. It was implemented by the community and validators, who voted to burn 50% of the network fees, including storage and transaction fees. This forward-thinking solution means that, although the current burned amounts are insignificant, as the network and transaction volume grows, there could be a noticeable reduction in the circulating Toncoin supply. Decreasing the supply typically stimulates demand. It is also worth mentioning the creation of the "Black Hole" mechanism, which destroys all Toncoin sent to it. This can be utilized for new deflationary mechanics in the future.

Thanks to the Liquidity Mining Rewards Campaign, the Total Value Locked (TVL) in the network has grown by 2200%, and over $20 million has passed through the token bridge launched last quarter. Undoubtedly, we will continue to stimulate the growth of the TON DeFi segment moving forward. Tonkeeper, the most popular TON wallet, has integrated staking and a decentralized cryptocurrency exchange into its interface. The decentralized exchanges on TON are also making progress – DeDust has received a significant 2.0 update, a new exchange called FLEX has been launched, and STON.fi has introduced a new Rust SDK, FunC library, and launched the STON token.