TON: Ecosystem Summary

By mid-2024, The Open Network (TON) has quickly emerged as one of the most active and fast-growing Layer 1 blockchains. Originally developed by Telegram, a widely used messaging app with a vast user base and a strong presence in crypto, and later open-sourced to be eventually fueled by the community, TON now benefits from a solid technical foundation, real-world user adoption, and a rapidly expanding network of decentralised applications (dApps).

What truly sets TON apart is its deep integration with Telegram, which boasts over 900 million monthly active users globally. This built-in distribution channel positions TON as one of the few blockchains with the potential to bridge crypto technology with mass-market consumer adoption.

Here’s a closer look, curated by the DWF Ventures team, at the projects, technologies, and ecosystem milestones driving TON’s growth.

Telegram Mini Apps: Web3’s Answer to WeChat

A standout feature of the TON ecosystem is its support for Telegram mini apps—lightweight, browser-based applications that run directly within Telegram chats. Similar to WeChat mini games in China, these apps allow users to access blockchain-powered games, financial tools, and social experiences without ever leaving the Telegram interface.

Leading the charge is Notcoin, a tap-to-earn mini app that went viral shortly after launch, onboarding over 35 million users with its simple gameplay and rapid distribution. Its success highlights the potential of TON-native apps to scale quickly and reach mainstream audiences. Other popular projects like Catizen—an AI-powered virtual pet platform—and Fanzee, which enables fan engagement through gamified experiences, have also attracted millions of users in recent weeks of July 2024.

By making it easy to discover and use Web3 apps inside an app people already use daily, TON significantly lowers the barrier to entry, helping onboard non-technical users and accelerate adoption across the broader crypto space.

Rapid Growth for DeFi on TON

While mini apps are driving user growth, the TON DeFi (decentralised finance) ecosystem is expanding in parallel. According to DeFiLlama, in just a few months of 2024, TON’s total value locked (TVL) has grown more than 13-fold, reaching over $400 million.

Much of this growth is driven by TON’s leading decentralised exchanges STON.fi and DeDust.io, which have seen their own TVLs increase by 15x and 12x respectively, within March 2024. These DEXs allow users to trade TON-based tokens directly from their wallets, without the need for intermediaries.

DWF Labs, a subsidiary of DWF Ventures, supported both STON.fi and DeDust.io by providing advanced crypto market making services and liquidity management,essential forstable pricing and efficient trading.

Another area of growth within TON DeFi is liquid staking—a process where users stake tokens to secure the network and earn rewards, while still maintaining liquidity through a separate token that represents their stake.

Platforms like Bemo Finance and TON Stakers offer users the ability to earn staking yields while receiving a liquid staking token (LST), which can be used across other DeFi protocols on TON. The innovation enhances crypto capital efficiency by allowing users to generate passive income without locking up their funds entirely.

Stablecoins and Institutional Support

A key driver behind TON’s DeFi momentum is its recent partnership with Tether, which introduced native USDT support to the network. As one of the most widely used stablecoins in the crypto market, USDT adds much-needed liquidity, simplifies payments, and enables users to trade without being exposed to price volatility.

At the same time, institutional interest in TON is growing. In mid-2024, Pantera Capital, one of the world’s leading crypto investment firms, announced a strategic investment in the TON ecosystem. This backing has further strengthened TON’s credibility and helped attract new developers, partners, and funding to the network.

Telegram Wallets and Ecosystem Support on TON

What truly sets TON apart from many other blockchains is how effortlessly it embeds the crypto wallet experience into everyday use. Thanks to its integration with Telegram, users can set up and manage both custodial and non-custodial wallets directly within the app, making onboarding into Web3 as simple as opening a chat.

The TON ecosystem benefits from robust support systems designed to help new projects grow. One example is TONStarter, a launchpad platform that helps early-stage projects raise funds and gain visibility within the community.

Additionally, the TONcoin Fund, a $250 million investment vehicle, was established to support high-quality teams building on TON by providing them with crypto venture capital. The fund accelerates the development of dApps, infrastructure, and protocols that strengthen the TON ecosystem.

Conclusion

With native Telegram integration, growing DeFi activity, and strong support for developers, The Open Network is positioning itself as one of the most accessible Layer 1 blockchains in Web3. From viral mini apps like Notcoin to institutional investments from firms such as Pantera Capital, TON is building the foundations for real-world crypto adoption, making Web3 more approachable for everyday users.

DWF Ventures has been a committed supporter of the TON ecosystem. As our Managing Partner, Andrei Grachev, puts it:

'If you’re building on TON—especially in gaming, DeFi, or SocialFi—we’re happy to support strong teams with everything from capital to connections.'

We welcome teams building Telegram-native mini apps, SocialFi platforms, or DeFi solutions on TON to contact DWF Labs regarding partnership and crypto venture funding opportunities.