The total value locked (TVL) within The Open Network (TON) ecosystem has reached approximately $370 million, reflecting the growing adoption of decentralized finance (DeFi) on the TON blockchain. Based on data from DefiLlama, the leading protocols by TVL on TON showcase a blend of liquid staking, decentralized exchanges (DEX), real-world assets (RWA), and lending platforms. Here’s a breakdown of the top performers within the TON blockchain ecosystem.

Tonstakers holds the top spot with $186 million in total value locked, representing the largest liquid staking protocol on the TON blockchain. Despite its dominant position, the protocol saw an 8% decrease in TVL over the last month, likely indicating market fluctuations or a shift in user activity.

According to the on-chain data, following closely is STON.fi, a decentralized exchange (DEX) with $172 million in locked assets. However, STON.fi experienced a significant decline, with a staggering 39.2% drop in TVL within the last month. This sharp fall may suggest a decrease in user participation or market liquidity on the platform.

DeDust, another DEX on the TON blockchain, ranks third with $137 million TVL but also faced a severe contraction in the past 30 days. The platform witnessed a 48% decline, signaling substantial challenges in retaining liquidity.

Mid-Tier Protocols: Steady Yet Challenging

In the mid-tier range, bemo, a liquid staking protocol, holds $67.7 million in TVL. Although relatively stable compared to other platforms, bemo still saw a 5.52% drop over the past month, aligning with the general downward trend seen across liquid staking platforms.

Meanwhile, Cygnus Finance, a real-world asset (RWA) platform, stands out with $53 million in locked value and was the only protocol in the top seven to post positive growth. The protocol saw a modest yet notable 0.61% increase in TVL, highlighting its potential to capture market share even during challenging times for the broader ecosystem.

The lending platform EVAA Protocol holds $31.1 million in TVL but faced a notable 15.8% decline in the past month, indicating difficulties in attracting or retaining borrowing and lending activity on its platform. Lastly, Stakee, a smaller liquid staking platform, demonstrated impressive growth, increasing its TVL by 37.3% to reach $30.6 million. This makes Stakee a standout among the liquid staking protocols, showing it has managed to buck the broader trend of decline in the sector.

The overall TVL of the TON blockchain indicates healthy adoption, though some protocols are facing headwinds. Liquid staking remains a significant category on TON, but both DEX platforms and lending protocols have experienced sharp declines in TVL over the past month. The positive performance of Cygnus Finance and Stakee suggests that niche platforms offering unique services such as real-world assets and innovative staking solutions may thrive in this evolving ecosystem.