The total value locked on The Open Network (TON) blockchain has crossed $300 million for the first time — an over tenfold increase since early March.

The network is seeing locked value surge amid an ongoing ecosystem initiative, The Open League. This is contributing to the surge in TVL by rewarding users of TON’s top decentralized applications.

Since the incentive program was rolled out, the network's TVL went from $23 million in early March to the current $315 million, per DeFiLlama data. The rapid growth in TVL has mainly been driven by decentralized exchanges such as Ston.fi and Dedust, as well as liquid staking projects like Tonstakers and bemo.

The network recently onboarded 1 million wallets during the token generation event for Notcoin — a viral clicker game created as a …