Charted: The Open Network is open for business

The Open Network, the blockchain closely associated with mega-messaging app Telegram, is rapidly moving up the ranks of chains hosting decentralized finance activity.

The big picture: In terms of funds entrusted to various apps on the blockchain (the term of art is "total value locked"), The Open Network (TON) came from almost nothing early this year to join the ranks of chains like Avalanche and Polygon that have years in the market.

• Several chains (even new ones, such as Blast and Base) are still an order of magnitude larger.
• And Ethereum is larger than all its competitors combined.

Yes, but: It can't be denied that TON's surge has been uniquely fast.

Between the lines: Typically, blockchains try to differentiate by having a unique feature set or performance, or by serving a niche in the market.

• TON's difference maker is exceptional: It has privileged access to one of the largest apps in the world.

💭 Our thought bubble: For now, however, users of Telegram mostly seem to be playing silly games where the main object is to tap your phone a lot, so we'll have to see if it can come up with somewhat more sticky applications before long.

What we're watching: We have said that The Open Network will be the Solana of this cycle, and we're still saying it.