Toncoin’s price surges as it overtakes Avalanche and Polygon in important metric

Exciting developments in the Toncoin world as the price inches closer to its all-time high, driven by strong ecosystem growth and user demand.

Toncoin surged to $8.10 on Tuesday, just shy of its record high of $8.30. With an impressive 800% increase from its 2023 low, Toncoin’s valuation now stands at nearly $20 billion.

Behold the Toncoin price chart!

TON Dominates DeFi Landscape

The TON ecosystem is on fire, witnessing exponential growth in various sectors. In a short span, TON has emerged as a major player in decentralized finance (DeFi).

Data from DeFi Llama indicates a 70% surge in the ecosystem’s total value locked (TVL) over the past month, surpassing $1.13 billion.

Now ranked as the eighth largest blockchain, TON has outpaced prominent platforms like Avalanche, Polygon, and Sui. Excitingly, TON’s dApps such as DeDust and STON.fi have experienced monumental growth in TVL.

Moreover, TON has become a staking favorite, with a staking market cap of $4.7 billion according to StakingRewards.

Tap-to-Earn Frenzy Takes Off

Investors are thrilled with the tap-to-earn ecosystem as Toncoin’s price skyrockets.

Notcoin stands out with a market cap exceeding $1.4 billion, while TapSwap boasts over 60 million users globally. Hamster Kombat, the rapidly growing game, has gained massive popularity, amassing over 200 million players and over 30 million YouTube subscribers in record time.

Other platforms like AvaCoin, DotCoin, and YesCoin are also gaining traction because of their user-friendly interfaces and potential rewards from airdrops.

Although the tap-to-earn networks plan to launch airdrops on the TON Blockchain, there is a volume risk as daily trading volume has remained relatively low. Despite the growth, Toncoin’s daily volume pales in comparison to smaller tokens.