In 2025, The Open Network (TON) blockchain, deeply integrated with Telegram’s billion-plus users, is at a crossroads. Once propelled by viral gaming sensations like Hamster Kombat and Notcoin, TON’s decentralized finance (DeFi) ecosystem now faces scrutiny: Is TON DeFi ready to spark a genuine financial revolution? With total value locked (TVL) fluctuating from a 2024 peak of $1.1 billion to around $400 million today, the network’s shift from hype-driven growth to sustainable financial tools signals potential for broader adoption. Yet, as global DeFi TVL hits $123.6 billion, TON’s unique Telegram-native approach could democratize finance, challenging traditional systems with low-fee, accessible DeFi on TON in 2025.
From Gaming Boom to DeFi Foundations
TON’s 2024 surge was fueled by tap-to-earn games, onboarding millions and pushing daily active wallets to nearly 2 million. However, as incentives waned, TVL dipped, highlighting the fragility of speculative adoption. Now, TON DeFi in 2025 focuses on core utilities like swaps, staking, and lending. Protocols such as STON.fi, a leading DEX with near-zero fees and $400 million in liquidity, and Tonstakers for liquid staking, prioritize user-friendly services. EVAA, the first lending protocol, exemplifies this maturation, blending Telegram’s reach with blockchain efficiency to attract non-crypto natives.
Key Challenges in TON’s DeFi Ecosystem
Despite progress, TON DeFi faces hurdles. Wallet creation slowed from 724,000 daily in late 2024 to 33,000 in early 2025, underscoring retention issues post-gaming hype. Liquidity remains concentrated in basic services, and cross-chain interoperability is nascent, though planned integrations with Polygon and EVM chains aim to address this. Broader DeFi risks like smart contract vulnerabilities persist, but TON’s asynchronous design and recent upgrades enhance security. Compared to Ethereum’s $30% TVL growth in 2025, TON’s ecosystem must scale to compete.
Institutional Momentum and Adoption Signals
Encouragingly, institutional interest is rising. In January 2025, Zodia Custody added support for TON’s Jetton tokens, enabling secure management for banks. July saw The Open Platform raise $28.5 million from Ribbit Capital and Pantera, valuing it at $1 billion. Stablecoins like USDT on TON facilitate $5 trillion in transactions, powering remittances and DeFi with near-instant, low-cost transfers. With $100 million ecosystem funds and tools like Omniston for liquidity aggregation, TON positions itself as a “WeChat Pay of Web3.”
TON DeFi’s potential to lead a financial revolution hinges on evolving beyond games into robust, inclusive tools. With Telegram’s distribution and improving infrastructure, it could onboard the unbanked and redefine payments. However, sustained user growth and regulatory clarity are key. As DeFi globally surges toward $231 billion by 2030, TON’s 2025 trajectory suggests it’s not just participating—it’s poised to pioneer accessible, decentralized finance for billions
