Decline in Total Value Locked on TON's Main Decentralized Exchanges after Durov's Arrest
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The TON blockchain's DeFi ecosystem has been experiencing a significant downturn, with the total value locked (TVL) in the two largest decentralized exchanges (DEXs), STON.fi and DeDust, tumbling by over 60% since the end of July.
This decline aligns with a general overall downturn in TON's DeFi ecosystem, influenced by decreased token usage, lower wallet activity, and reduced trading volumes on these DEXs.
As of this writing, DeDust has $111 million worth of crypto in its deposits, down 68% over the last month and over 70% from its recent peak. STON.fi, on the other hand, holds $139 million in its pools, a significant drop from its peak on July 31, when it reached $373 million.
The decline in the TVL was triggered by a broader bearish sentiment in the crypto market, with the aggregate TVL of all DeFi projects dropping from over $100 billion in mid-July to less than $78 billion at the beginning of August.
Interestingly, since Saturday, Toncoin has been the most deposited crypto asset in both DeDust and STON.fi, and its price decline has affected their TVL. The arrest of Pavel Durov, co-founder and CEO of Telegram, on August 24, has also been a factor in the decline of Toncoin's price, leading to a 20% drop.
However, there is no evidence or mention in the available data linking Pavel Durov's personal legal issues or arrest to the performance or TVL decline of TON-based DEXs like DeDust and STON.fi. The decline appears strictly market and usage-driven.
It's important to note that TON is officially separated from Telegram due to regulatory pressure on the messaging app, but they are related through a partnership. As such, the arrest of Pavel Durov may have indirectly affected the TON chain's DeFi ecosystem.
As of now, the network has a TVL of $307 million, down from $508 million on Saturday. The aggregate TVL of all DeFi projects on TON has dropped from over $800 million in early August to less than $307 million currently.
In summary, the decline in the TVL of DeDust and STON.fi on the TON chain is primarily attributed to a broad, more than 2.5x decline in TVL across TON's entire DeFi ecosystem over the past year. The decline appears to be market and usage-driven, with no reported impact from Pavel Durov's arrest on these TON chain DEX platforms based on available information.
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