Key Takeaways
- DeFi activity on TON has almost doubled since June.
- TON continues to draw tens of thousands of new
- Snoop Dogg’s Telegram Gifts collection sold almost 1 million NFTs within an hour.
Telegram’s native blockchain, The Open Network (TON), had a breakout month in July, attracting a wave of new users, doubling its trading volumes, and cementing its spot as a top Web3 destination for NFT traders and collectors.
DeFi and Stablecoins
One of the standout elements of the TON’s July report is the impressive growth in decentralized finance (DeFi) trading volume, which reached $345 million in July, up 97% from June’s $175 million.
This heightened DeFi activity was also spurred by a couple of key developments at TON, notably its integration of First Digital USD (FDUSD), which has become the third stablecoin to launch on the network.
That said, TON’s total value locked (TVL) has decreased month over month to $345 million in July. This figure is down from its December 2024 high of $716 million.
Though it is showing signs of promise in August so far, it has increased to $372 million.
However, the network recorded just under 365,000 monthly active DeFi users, a slight decline from June.
Telegram Gifts
NFT trading volumes averaged $3.5 million at their peak. This was largely spurred by Snoop Dogg’s Telegram Gifts drop, which sold over 996,000 digital collectibles within just 37 minutes.
Notably, TON’s NFT push has been a notable success, with daily volumes averaging at $1.5 million a day, with a $3.5 million peak.
On top of this, with 9,000 to 10,000 wallets trading NFTs daily, TON NFTs occupy a 20-30% market share.
Last month, TON Foundation’s Head of Growth, Martin Masser, explained to CCN that Telegram Gifts is one of its fastest-growing trends in the ecosystem and has onboarded thousands of users to TON.
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Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
