The decentralized exchange (DEX) ecosystem on The Open Network (TON) has experienced significant growth recently, with STON.fi leading the way by capturing over 90% of all TON DEX transactions. This dominance can be attributed to STON.fi’s user-friendly interface, strong security measures, and support for multiple trading pairs, making it a favorite among traders.
In a period from September 1 to September 23, STON.fi saw a 15% increase in new addresses, reaching 171.3k from 148.9k. This growth underscores the platform’s attractiveness and ability to attract new users to the TON network. Other DEXs on TON, such as DeDust, also experienced substantial growth, with a 14.9% increase in addresses during the same period. While Megaton Finance saw a more modest increase, the overall expansion across the network signals the rising popularity of decentralized trading on TON.
Furthermore, there has been a significant surge in daily transactions within the TON network, particularly in the Commonwealth of Independent States (CIS) region. Daily transactions skyrocketed from 319.4k in January to 11.4 million in September, representing a remarkable growth of over 3.5 million percent. The total value locked (TVL) in the TON ecosystem has also surged to $420.2 million as of September 23, a significant increase from $13.5 million at the start of the year.
This growth in TON DEX activity reflects a growing interest in decentralized finance protocols (DeFi) among investors. Despite some price consolidation of Toncoin in recent times, the on-chain activity remains optimistic, as evidenced by the increase in new addresses and transactions on the network.
One of the driving forces behind the growth of the TON network has been its integration with Telegram, a widely used messaging platform with nearly 950 million users. Leveraging Telegram’s extensive user base, TON has successfully reached a large audience through features like the official wallet embedded within the app and support for various bots and mini-apps. Despite temporary price fluctuations following the arrest of Telegram CEO Pavel Durov, which impacted Toncoin’s price, the network’s DEX ecosystem continues to flourish. The TON Society, the network’s official community group, has strongly criticized Durov’s arrest as a violation of freedom of expression, rallying community support behind the network.
