Toncoin (TON) Rallies 10% After Binance Launchpool Addition and DeFi Growth

Toncoin (TON) has surged by 10% following its addition to Binance Launchpool platform. The rise is fueled by growing demand in its DeFi ecosystem and strategic partnerships, pushing TON to its highest levels in nearly four weeks.

Toncoin (TON) has seen a significant price increase over the past 10 days, driven by a series of optimistic updates within its ecosystem. The cryptocurrency reached its highest levels in almost four weeks, buoyed by its recent addition to Binance’s Launchpool platform and continued growth in its decentralized finance (DeFi) ecosystem.

Data from Cointelegraph Markets Pro and TradingView reveals that TON’s price surged from $4.78 on August 5 to an intraday high of $7.26 on August 14, marking a more than 51% increase. At the time of publication, TON was trading at $6.98, up 10% in the last 24 hours.

This rally has propelled TON to become the 8th largest cryptocurrency, with a market capitalization exceeding $17.67 billion. The more than 90% increase in 24-hour trading volume highlights the strong demand for TON among traders.

Binance Launchpool Boosts Toncoin

The latest price surge for TON followed Binance’s announcement that it would be adding Toncoin to its Launchpool platform, a move that has excited the crypto community.

“Binance is excited to announce the 56th project on Binance Launchpool—Toncoin (TON), a decentralized and open L1 blockchain,” Binance stated. Starting on August 15, users can stake BNB and FDUSD to earn TON tokens through the Launchpool.

This news comes on the heels of another positive development for Toncoin. The token experienced a 14% jump after Binance listed it for spot trading on August 8, having previously only been available for futures trading on the exchange.

Strategic Partnerships Fuel Growth

Toncoin’s recent performance has also been bolstered by strategic partnerships, particularly with the Pyth Network. This collaboration integrates Pyth’s decentralized data oracle service into The Open Network, enabling on-demand price data requests to support developers on the blockchain.

Michael Cahill, CEO of Douro Labs and a core contributor to Pyth, highlighted the importance of this partnership, stating, “These measures are in place to give TON developers and all other supported ecosystems the confidence to build cutting-edge DeFi that will serve potentially millions of users.”

In addition to Pyth, TON has secured partnerships with other industry players, such as IntoTheBlock, further increasing institutional interest and positively impacting its price.

Toncoin’s Network Expansion

The Open Network, the blockchain behind Toncoin, has seen significant user growth and adoption throughout 2024, particularly through casual games on the Telegram messaging app. The number of unique daily active addresses (DAA) and daily transactions on TON have both surged, even surpassing the Ethereum network in recent months, according to Artemis data.

Further data from DefiLlama shows that the total value locked (TVL) on TON has increased by approximately 3,290% from $22.92 million on March 1 to an all-time high of $776.6 million on July 20. While the TVL has since decreased to $597.95 million, the overall growth reflects increased user interaction and demand for Toncoin on the network.

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