The total value locked (TVL) on The Open Network (TON) blockchain has surpassed $300 million for the first time, marking a more than tenfold increase since early March.

The network's TVL has surged due to an ecosystem initiative called The Open League, which rewards users of TON’s top decentralized applications. Since the launch of this incentive program, TVL has risen from $23 million in early March to $315 million, according to DeFiLlama. The growth has been driven by decentralized exchanges like Ston.fi and Dedust, and liquid staking projects such as Tonstakers and Bemo.

Recently, the network added 1 million wallets during the token generation event for Notcoin, a popular clicker game integrated as a Telegram Mini App. TON’s infrastructure handled the increase without any network issues.

Telegram Mini Apps are small applications within the Telegram messaging platform, allowing users to access various services without leaving the app.

The Open Network originated from a blockchain project by Telegram, which raised $1.7 billion in 2018 through private token sales. Its mainnet launch was delayed by a legal dispute with the U.S. SEC over unregistered security offerings.

Community members later formed the Ton Foundation and resumed development, leading to the 2021 debut of The Open Network, or TON. Telegram continues to support and utilize TON, including for ad-revenue sharing with channel owners.

Currently, Toncoin, the native token, is trading at $6.4 with a market cap of $22 billion and a fully diluted valuation of $32 billion. Recently, Pantera, a major venture fund in the cryptocurrency sector, announced its largest investment in TON.