TON TVL Hits $600M in Open League Hackathon Season 4

The Open Network (TON) has seen a remarkable surge in Total Value Locked (TVL), now exceeding $600 million. This growth aligns with the launch of Season 4 of the Open Season hackathon, highlighting the widespread adoption of the TON blockchain.

The Open League Hackathon, organized by the TON Foundation and The Open League program, is a blockchain-based event designed to stimulate innovation and growth within the TON ecosystem. It offers developers a platform to build and showcase their projects.

Beyond achieving the TVL milestone, TON has received over 1,000 applications for The Open League Hackathon. Additionally, the TON blockchain has announced the availability of a limited number of discounted early-bird tickets for Gateway, its premier annual conference.

Season 4 of the Open League is shaping into an exciting period for TON, marked by increased engagement, significant financial milestones, and highly anticipated events.

Several projects launched on the TON blockchain have broken records in the Web3 space, with Notcoin, Tapswap, and Hamster Kombat leading the way. Notcoin reached millions within seven days of its first airdrop campaign and now boasts over 40 million users.

Although Tapswap has yet to launch its token, its user base has surpassed Notcoin’s. Similarly, Hamster Kombat, which also hasn’t launched, is the leading project by user size, with reported numbers exceeding 100 million. This makes it the project with the most users on the TON blockchain.

The Open Network (TON) is a blockchain platform initially developed by the Durov brothers, creators of the popular messaging app Telegram. TON utilizes a unique multi-blockchain architecture and sharding mechanism to integrate cryptocurrency and blockchain functionality into the Telegram ecosystem. 

This allows it to process millions of transactions per second by dividing the blockchain into smaller, more manageable segments, thereby enhancing efficiency. 

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The network employs a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) consensus mechanism, where validators are selected based on the amount of Toncoin they hold and stake.

A notable feature of the Ton blockchain is its sharding capability. This allows the network to adapt to changes in load by splitting and merging shard chains as needed, ensuring scalability and high performance.

After Telegram ceased its direct involvement due to regulatory challenges, the global developer community took over the project, highlighting its decentralized nature and commitment to maintaining an open-source protocol.

The community-driven approach is also evident in the TON VOTE platform, enabling community participation in decision-making through governance voting.

Toncoin is the primary token for the TON blockchain. It is used to stake and enhance blockchain security and safeguard the network and its services. It also facilitates decentralized payments for services such as TON DNS and TON Proxy.

Regarding market performance, Toncoin is currently trading at around $7. It has a market cap of over $17.6 billion and a circulating supply of 2.46 billion Toncoins out of a total supply of 5.11 billion.