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Toncoin price rallies as TON flips Avalanche, Polygon on key metric

toncoin-price-rallies-as-ton-flips-avalanche-polygon-on-key-metric
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Toncoin price rallies as TON flips Avalanche, Polygon on key metric

Toncoin price continues to inch towards its all-time high amid robust ecosystem growth and user demand.

TON rose to $8.10 on Tuesday, a few points below the all-time high of $8.30. It has jumped by almost 800% from its lowest point in 2023, bringing its valuation to almost $20 billion.

Toncoin price

Toncoin price chart

TON flips Avalanche in DeFi

The TON ecosystem is seeing robust growth across various sectors. It has gained tremendous popularity in a short of amount of time and has evolved quickly into one of the biggest players in decentralized finance (DeFi).

Data compiled by DeFi Llama shows that the network’s total value locked (TVL) in the ecosystem has jumped by 70% in the past 30 days to over $1.13 billion. 

That increase has made it the eighth largest blockchain after Ethereum, Solana, Tron, Binance, Arbitrum, Base, and Blast. It has crossed some of the best-known platforms in the industry. On Tuesday, it crossed Avalanche, which has $1.11 billion in assets. It has also overtaken blockchains like Polygon, Optimism, Sui, Cronos, and Near.

Most dApps in TON’s ecosystem have seen robust activity in the past 30 days. DeDust’s TVL has soared by almost 300% to over $375 million while STON.fi, Tonstakers, bemo, and Stakee have jumped by over 30%. 

Toncoin has also become a popular token to stake. Data compiled by StakingRewards shows that its staking market cap has risen to $4.7 billion, making it the 9th most staked token in the industry. 

Tap-to-earn growth accelerates

The Toncoin price has also soared as investors cheer the performance of the tap-to-earn ecosystem. 

Notcoin, the only publicly-traded tap-to-earn platform has reached a market cap of over $1.4 billion. TapSwap, another fast-growing game has reached over 60 million users from around the world.

Hamster Kombat, the Russian-linked game, has become the fastest-growing game in the industry with over 200 million users. Its YouTube channel is breaking records as it gained over 30 million subscribers within a month. Its videos have been watched over 500 million times.

Other tap-to-earn platforms like AvaCoin, DotCoin, and YesCoin are also seeing robust growth because of their ease of use and the potential for big rewards after their airdrop.

Ultimately, all these tap-to-earn networks will launch their airdrop on the TON Blockchain, which will lead to more activity.Still, there is a volume risk in Toncoin’s growth. Data shows that its daily volume has been limited for a long time. It has remained below $800 million since June 15th. That is a tiny volume for a $20 billion token since smaller tokens like Pepe and Dogwifhat see more daily volume.