The Telegram-associated TON (The Open Network) blockchain is entering a new phase of its evolution as layer 2 networks begin deploying on the network, bringing with them the promise of Ethereum-compatible decentralized finance applications and massive scalability improvements. The development marks a significant milestone for a blockchain that has seen its total value locked skyrocket by over 4,600% since the beginning of 2024.
TL;DR
- Layer 2 networks are expanding to the TON blockchain for the first time, with Atlas Protocol and TON App Chain (TAC) leading the charge
- TON’s total value locked has surged to $671.43 million since January 2024, reflecting a 4,600% increase
- Both new L2s tout Ethereum Virtual Machine compatibility to attract top DeFi protocols
- The move aims to bridge Telegram’s 900+ million users with decentralized finance
- TAC plans its mainnet rollout for September 2024
Layer 2 Networks Arrive on TON
Layer 2 networks, which emerged primarily as scaling solutions for Ethereum’s congestion and high transaction fees, are now spreading to The Open Network. Two prominent projects — Atlas Protocol and TON App Chain (TAC) — are pioneering this expansion, bringing auxiliary blockchain infrastructure to TON that aims to dramatically improve transaction speed and throughput for users of the Telegram-connected ecosystem.
The arrival of L2s on TON represents a natural progression for blockchain scalability. What started as an Ethereum-centric solution has already expanded to Bitcoin with protocols like Merlin Chain, and now it is reaching into the messaging-app-adjacent blockchain world. The significance of this development extends beyond mere technical achievement — it opens the door for Telegram’s massive user base to access sophisticated DeFi applications without the friction typically associated with on-chain transactions.
EVM Compatibility Is the Key
What makes Atlas and TAC particularly noteworthy is their emphasis on Ethereum Virtual Machine (EVM) compatibility. Both networks are designed to work seamlessly with the EVM, which means developers building on Ethereum and other EVM-compatible chains can port their applications to the TON ecosystem with minimal modifications.
“A TON EVM L2 is vital for the short and medium-term growth of the TON ecosystem since top EVM DeFi applications aren’t immediately prepared to deploy on TON VM,” explained Jehan Chu, managing partner of blockchain venture capital firm Kenetic and an investor in the TON ecosystem. Chu’s firm is backing Atlas, and he emphasized that developers can quickly and safely access TON’s massive user base through the L2, helping to grow DeFi and total value locked with an eye toward launching natively on TON in the long term.
The TON App Chain project also highlights the rush of builders and capital entering the space. One of TAC’s founders is Michael Egorov, the Curve Finance founder who recently suffered nine-figure liquidations on several DeFi lending protocols. Despite the controversy, the project’s pitch deck shared with media outlines an ambitious roadmap with a mainnet launch targeted for September 2024.
TON’s Explosive Growth in 2024
The timing of these L2 deployments aligns with TON’s remarkable growth trajectory throughout 2024. The blockchain’s total value locked has reached $671.43 million, representing an increase of over 4,600% since January 1st. This surge in TVL reflects growing confidence in the TON ecosystem, driven largely by its proximity to Telegram’s enormous user base of over 900 million monthly active users.
Several L2 projects on TON are also actively raising capital, according to Seraphim, the head of growth at Ethena Labs who goes by @MacroMate8 on social media. The combination of fundraising activity and infrastructure development suggests that the TON ecosystem is entering a phase of rapid expansion that could reshape how messaging platform users interact with blockchain technology.
Implications for the Broader Blockchain Landscape
The expansion of layer 2 technology to TON signals a broader trend in the blockchain industry: the movement away from single-chain dominance toward a multi-layered, interoperable future. As L2s proliferate across different base layers, the lines between distinct blockchain ecosystems are becoming increasingly blurred, with cross-chain compatibility becoming the norm rather than the exception.
For Ethereum, the proliferation of EVM-compatible L2s on non-Ethereum base layers represents both a validation of its technological approach and a potential challenge to its dominance. The EVM standard that Ethereum created is becoming the lingua franca of blockchain development, but the base layer where applications ultimately settle is becoming more diverse.
Why This Matters
The arrival of layer 2 networks on TON represents a convergence of two of the most powerful forces in the crypto space: Telegram’s massive mainstream user base and the DeFi capabilities that have been refined on Ethereum over years of development. If projects like Atlas and TAC succeed in their mission, they could unlock decentralized finance for hundreds of millions of users who have never interacted with a blockchain wallet. The 4,600% TVL growth on TON already demonstrates the market’s appetite for this vision, and the addition of EVM-compatible L2 infrastructure could accelerate adoption at a pace the industry has rarely seen.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and readers should conduct their own research before making investment decisions.
4600% tvl growth since january is insane. and its still early. if even 10% of telegrams 900m users touch defi, ton becomes a top 5 chain overnight
4600% TVL growth sounds crazy until you realize TON started from basically zero. still $671M is real money and growing
telegram_dao starting from near zero and hitting 671M is still real growth regardless of base. the percentage just makes the headline pop
ton_l2_watcher the base was near zero but going from nothing to 671M in 7 months is still faster than solanas defi growth in the same timeframe
evm compatibility on ton l2s is the right call. trying to build a parallel defFi ecosystem from scratch would take years
tac mainnet rollout in september 2024? thats aggressive. most l2s take way longer to go from announce to live. color me skeptical but intrigued
dApp_hunter TAC claiming september mainnet is bold. most L2s slip 6-12 months. hope they prove me wrong because telegram distribution is the real deal
dApp_hunter TAC actually shipped mainnet in September as promised. rare in L2 world where delays are the norm
Henrik Olsen building defi on ton without evm compatibility would be like trying to build ethereum from scratch in 2024. tac is making the right call reusing battle tested protocols
EVM compatibility is the right call. defi_penguin nailed it. building a parallel DeFi ecosystem from scratch would take years
Nadia H. 2M DAU on TON wallets is generous. most telegram users who touch crypto do it through the built wallet bot and never interact with a dApp in their life
ton_grind_ the wallet bot numbers are inflated by airdroid farmers anyway. real active users touching DeFi on TON is probably under 500k
telegram_og_88 under 500k real DeFi users is generous. most TON wallet opens are airdrop farmers checking balances then leaving. metrics need honesty not hopium
4600% TVL growth sounds insane until you realize Solana did the same thing in 2021 from a similar base. telegram distribution is the only real advantage here
TAC shipped mainnet september 2024 as promised which is rare for an L2. atlas protocol still nowhere to be found though
TON TVL at 671M with 4600% growth and people still sleep on it. the telegram distribution channel is the most underrated moat in crypto
krzysztof is right about the telegram moat. 900M users and most dont even know TON exists. distribution is everything
4600% TVL growth sounds insane until you realize it went from basically nothing to 671M. still impressive but the percentage is misleading at that base
900M telegram users but the actual DAU interacting with TON wallets is probably under 2M. distribution means nothing without onboarding frictionless UX
nadia is right, 900m telegram users means nothing if the actual TON wallet DAU is under 2m. distribution without activation is just a number
900M Telegram users is the most abused stat in crypto. how many actually open the wallet bot more than once? real TON DAU is a fraction of that
Borys H. 900M users is the most abused number in crypto. Telegram could have 9B users, if the wallet onboarding flow sucks nobody stays
Borys H. telegram DAU to TON wallet conversion is probably under 3%. but even 3% of 900M is 27M users which would make TON bigger than most L1s by active accounts
TAC shipping mainnet in September was the one thing that actually went right. every other L2 announced for TON either delayed or disappeared
TAC shipping mainnet in September was the one positive surprise. most L2 announcements slip 6-12 months minimum. atlas protocol still MIA though
Yelena K. atlas being quiet after TAC shipped is telling. either they pivoted or they realized EVM compatibility alone doesnt guarantee liquidity