The TON (The Open Network) blockchain has entered a phase of rapid expansion, with its decentralized finance (DeFi) ecosystem experiencing explosive growth in the first quarter of 2024. What was once seen by many as a niche project is now emerging as a serious contender in the broader Web3 landscape. Driven by viral memecoin trends, innovative incentive programs, and critical infrastructure developments, TON’s DeFi sector has seen its Total Value Locked (TVL) surge sevenfold—propelling it into the top 20 blockchains by TVL.
This article provides a comprehensive overview of TON DeFi’s evolution in Q1 2024, highlighting key trends across decentralized exchanges (DEXs), liquid staking, lending protocols, and oracle integration.
Key Developments in TON DeFi
Total Value Locked Soars Amid Market Momentum
One of the most notable achievements for TON DeFi in early 2024 was the sevenfold increase in Total Value Locked (TVL), according to data from DefiLlama and TonStat. This surge was largely fueled by rising on-chain activity driven by memecoin speculation and the success of liquidity mining initiatives.
"The combination of gamified user engagement and high-yield opportunities created a perfect storm for TVL growth," notes an internal analysis from The Open Platform.
A significant contributor to this metric is the inclusion of both traditional staking and liquid staking values in TVL calculations—a crucial distinction given TON’s strong performance in this sector.
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Decentralized Exchanges: Where Memecoins Meet Incentives
The rise of memecoin trading played a central role in driving DEX volume on TON. Jettons—TON’s equivalent of ERC-20 tokens—saw a dramatic spike in popularity starting in late 2023, continuing into Q1 2024. A major catalyst was the launch of Notcoin, a Telegram-based memecoin that attracted over 35 million active users within months. Users could "mine" Notcoin directly through a Telegram mini app by tapping a screen, lowering the barrier to entry for non-crypto-native audiences.
Notcoin’s success inspired a wave of similar Meme jettons, many of which were listed on leading TON-based DEXs like DeDust and STON.fi. These platforms became central hubs for speculative trading, contributing to DEX volumes reaching **$42 million in 90 days**, with further growth into Q2 surpassing $60 million.
The Open League: Fueling Liquidity and Competition
A key driver behind DEX dominance was The Open League, an ecosystem-wide incentive program designed to reward user interaction with TON-native projects. At its core, the initiative offered boosted APY liquidity pools, encouraging users to provide liquidity on select protocols.
DeDust and STON.fi emerged as primary beneficiaries, hosting the majority of these enhanced yield pools. As a result, they not only captured trading volume but also contributed significantly to the overall TVL growth—increasing it by more than 9x during the program’s early phases.
Both platforms also launched Telegram mini apps, allowing users to trade directly within the messaging platform. This seamless integration aligns perfectly with TON’s identity as a blockchain deeply embedded in Telegram’s ecosystem, enhancing accessibility for millions of potential users.
Meanwhile, Storm Trade, TON’s leading derivatives exchange, introduced support for using TON as collateral in futures trading—eliminating the need to convert to jUSDT. This upgrade simplifies onboarding and increases the utility of native Toncoin. As part of The Open League, Storm Trade also ran a reward campaign with a $130,000 prize pool, distributed among top traders based on volume, PnL, and liquidity provision.
Liquid Staking: Powering TON’s Rise in TVL Rankings
Liquid staking remains the largest segment within TON DeFi by TVL. Thanks to robust participation and high yields, TON secured the 17th position globally in DefiLlama’s TVL rankings when including staked and liquid-staked assets.
Leading Protocols: Tonstakers, bemo, and Stakee
- Tonstakers won the Liquid Staking competition during The Open League pilot season, maintaining market leadership.
- bemo followed closely, offering competitive APY and user-friendly interfaces.
- Stakee (via Stakee Bot) emerged as a new player, combining low fees with high returns and running on official TON Foundation smart contracts—ensuring security and transparency.
Additionally, TON Whales launched Whale Liquid, a new liquid staking pool that allows users to earn wsTON—a token usable across DeDust and lending platforms. Currently in test mode, Whale Liquid already holds over 848K Toncoin ($5M+) in stake.
These innovations demonstrate growing demand for capital-efficient staking solutions that allow holders to remain liquid while earning rewards.
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Lending & Borrowing: EVAA Protocol Goes Live
The launch of EVAA Protocol on TON’s mainnet marked a milestone for the lending sector. By the end of Q1 2024:
- Total supplied: $26.1 million
- Total borrowed: $12.03 million
As part of The Open League, EVAA ran a supply-and-borrow campaign via its app or Telegram bot (EvaaAppBot). Participants earned:
- Weekly token airdrops
- Interest rate bonuses
- EVAA XP points (redeemable for future DAO governance tokens)
Though the promotional period has ended, users can still access attractive yield pools through app.evaa.finance.
Separately, DAOLama launched a farming season featuring Reward Points (RPs)—an internal token distributed per loan. These RPs are now redeemable for LLAMA tokens, tradable on STON.fi and DeDust.
Oracles Arrive: RedStone Brings Off-Chain Data to TON
For any DeFi ecosystem to mature, reliable price feeds are essential. Enter RedStone, the first oracle solution deployed on TON.
Oracles act as bridges between blockchains and real-world data—enabling smart contracts to react to external events like asset prices. RedStone aggregates Toncoin price data from 11 external sources, ensuring accuracy and resilience against manipulation.
Due to TON’s unique asynchronous architecture, integrating oracles required novel approaches to cross-contract messaging. Looking ahead, RedStone plans to enhance its offering through:
- A new relay system for continuous price updates
- Pre-built smart contract templates for easier integration
- Advanced data feeds tailored to TON’s growing DeFi needs
This development marks a foundational step toward building complex financial instruments such as leveraged lending and derivatives.
Future Outlook: From Memecoins to Mature Infrastructure
While memecoins sparked initial interest, they may serve as on-ramps to deeper DeFi adoption. As more users enter via games like Notcoin, demand for capital-efficient tools—such as yield farming, lending, and derivatives—will grow.
TON’s low fees, seamless Telegram integration, and growing suite of DeFi primitives make it uniquely positioned to onboard the next wave of crypto users—especially those unfamiliar with traditional Web3 interfaces.
Despite past skepticism—even from seasoned observers—the numbers speak for themselves: rising TVL, increasing user activity, and expanding infrastructure all point to sustained momentum.
“I used to think TON was just another ghost chain,” admits one analyst. “Now it’s ranked #9 by market cap on CoinMarketCap. Sometimes, the loudest signals come from the most unexpected places.”
As DeFi complexity grows, so will the need for secure oracles, scalable DEXs, and robust lending markets. With RedStone paving the way and The Open League incentivizing innovation, TON is no longer just a promising experiment—it’s becoming a fully-fledged DeFi hub.
Frequently Asked Questions (FAQ)
Q: What caused the surge in TON’s DeFi TVL in Q1 2024?
A: The sevenfold increase in TVL was primarily driven by memecoin speculation (e.g., Notcoin), boosted liquidity pools from The Open League, and strong performance in liquid staking protocols like Tonstakers and Stakee.
Q: Which DEXs dominate trading volume on TON?
A: DeDust and STON.fi are the leading decentralized exchanges on TON, benefiting from early listings of popular jettons and participation in high-yield liquidity programs.
Q: What is The Open League?
A: It’s an ecosystem incentive program rewarding users for interacting with TON-based projects. It includes boosted APY pools, trading competitions, and reward distributions across DeFi protocols.
Q: How does liquid staking work on TON?
A: Users stake their Toncoin via protocols like Tonstakers or Stakee and receive liquid tokens (e.g., stTON, wsTON) that can be used in other DeFi applications while earning staking rewards.
Q: Why are oracles important for TON DeFi?
A: Oracles like RedStone provide real-time price data from off-chain sources, enabling smart contracts to execute based on accurate market conditions—essential for lending, derivatives, and automated trading.
Q: Can I still earn rewards in TON DeFi protocols today?
A: Yes. While some campaigns like EVAA’s borrowing event have ended, platforms such as STON.fi, DeDust, and Stakee continue to offer competitive yields and tradable reward tokens.