TON Coin TVL Drops But Staking Gains Momentum

The total value locked (TVL) in the TON blockchain, a measure of user funds in decentralized finance (DeFi), has decreased from a high of $600 million, mirroring a broader DeFi trend. This drop is largely due to decreased use of liquid staking, decentralized exchanges (DEXs), and lending platforms. The price of TON coin has also fallen from $8 to around $3.58 in the past month, a 28.87% decrease. Despite the drop in TVL, staking on the TON network has increased, growing from under 20% of the total TVL in mid-2023 to over 80% by early 2024 and currently stabilizing around 60-70%. This suggests users are prioritizing the stable returns of staking over riskier DeFi activities. Although the TON coin price has declined, trading volume has increased by 28.56% to $155.22 million. The market capitalization of TON has also dropped by 2.54% to $8.95 billion.