In the second quarter of 2023, The Open Network (TON) saw a total of 2.88 million accounts and 173 million transactions, making it the 14th largest cryptocurrency by market capitalization. TON’s technology, ecosystem and economics all improved significantly, compared to the previous quarter.

TON update 2023.06 introduces burn functionality, incinerating 50% of network fees, which could reduce Toncoin supply. Also, a “black hole” mechanism permanently deletes all Toncoin shipped, which could form future deflationary measures.

To increase user engagement, a new smart contract called “The Locker” has been created. It allows users to lock their Toncoin for a long time in exchange for rewards. Additionally, the network now allows users to send encrypted messages using TON wallets, ensuring secure communication even in the absence of conventional messaging servers.

Due to the Liquidity Mining Rewards campaign, the total value locked (TVL) of the network increased by 2,200%, and more than USD 20 million passed through the token bridge that was established in the previous quarter. Staking and a decentralized cryptocurrency exchange have been added to the well-known TON Tonkeeper wallet, and other exchanges on TON have been updated or just created.

Users now have the facility to earn staking rewards while using their assets in DeFi thanks to the development of a liquid staking solution. Alteration of TON addresses to prevent loss of assets due to incorrect transactions and advances in non-fungible tokens (NFTs), with well-known artists featuring their work and collecting royalties in Toncoin, are further enhancements.

TON has updated its virtual machine (TVM) and has released a new WebApp API in collaboration with Telegram. The core of the system has been optimized for optimization, security and protection against DDoS attacks. Progress has been made in the development of the Rainbow cross-chain solution, which operates without intermediaries or private keys. Five TON contests have been held, with a prize pool of over $200,000, and a large-scale Hack-a-TON program with a prize pool of 150,000 Toncoin was announced. TON plans to introduce new cross-chain solutions, optimize tokenomics, stimulate growth in the DeFi segment, and conduct public stress tests of the blockchain in the coming quarter.

Toncoin support has been added to several sites including Changelly, Onramp, Mooli, CoinStats, and Chainalysis. Trust Wallet has integrated TON. Significant partnerships have also been initiated with cryptocurrency exchanges MEXC and BIT.com.