Toncoin Price Rises 4.2% Following Major Updates and Investor Support
The Open Network (TON) has made significant progress recently, enhancing its blockchain capabilities and expanding into finance, payments, gaming, and Telegram applications.
Ecosystem Developments
- Pavel Durov, founder of Telegram, is no longer incarcerated, boosting confidence among users and developers.
- Over $400 million invested by U.S. venture capital firms indicates strong future prospects for Toncoin.
- A major upgrade includes a new API allowing transaction tracking before finalization, enhancing transparency.
- TON Wallet now supports Jettons, NFTs, and TON DNS, consolidating multiple functions for users.
- Launch of the TON Layer 2 Payment Network with Jetton support and plans for Atomic Swaps to improve transaction efficiency.
- Factorial's total value locked nearly doubled to $29 million in the DeFi sector; TONCO reached $7.9 million, introducing single-token liquidity features.
- FIVA, a yield tokenization platform, achieved $1 million shortly after launch.
- Trading bots like Blum contributed to 13% of TON’s transactions through 75,000 active users.
Market Trends
- TON's payment wallet application introduced trading tools and asset support including Ethereum, Dogecoin, and XRP.
- RedotPay integrated USDt-TON, enabling spending at over 130 million merchants including Amazon and Starbucks.
- At publication, Toncoin price increased by 4.2%, reaching $3, with trading volume up 16.09% to $83.48 million.
- Technical analysis suggests potential price increase to $6 if support at $3 is maintained.