Key Insights:
- Messari shows TON futures open interest has been rising from $70 M to $140.31 M since March 2025.
- TACBuild’s EVM-powered MiniApps streamline DeFi inside Telegram, expanding on-chain engagement.
- BlackRock reportedly eyes a $1.5 B Telegram bond at 9 %, lifting TON 6 % amid bullish technicals.
Toncoin’s derivatives market is gaining traction with rising investor interest. At the same time, on-chain activity is strengthening as traditional finance begins to engage with the ecosystem.
Data from Messari on 2 July places TON futures open interest at $140.31M, more than double its March level. This spike coincides with rapid MiniApp deployment on Telegram and rising institutional curiosity.
TON Open Interest Signals Rising Liquidity
Analyst Lennaert Snyder charted a steady four-month climb in TON open interest, indicating deeper liquidity and tighter spreads. The slope accelerated during June as traders positioned around Telegram integration milestones and bond-related headlines.
Volume trends also strengthened. TON posted $141.69M in 24-hour perpetual turnover on 3 July, according to Coinglass. The long-to-short account ratio on Binance settled near 1.39, showing balanced sentiment despite heightened positioning.
Liquidation data remained modest, with $74.54K wiped in 24 hours. This implied orderly growth rather than speculative excess.
TokenTerminal ranks TON ninth among layer-one networks for monthly active addresses. It currently has 1.9 million active wallets out of a 229.7 million sector total.
While its market share sits at 0.8%, the number steadily rises. This growing user base helps deepen the derivatives market and reflects expanding ecosystem support.
MiniApps and On-Chain Activity Strengthen Fundamentals
Developers are translating that liquidity into utility through Telegram MiniApps. TACBuild integrates EVM smart contracts directly into TON MiniApps. This enables users to tap into DeFi features like swaps and lending easily.
The architecture keeps keys on TON while TACBuild handles EVM execution, removing MetaMask extensions, bridges, and confusing jargon.
This frictionless flow has begun to lift network metrics. IntoTheBlock reports rising active address counts across mid-tier networks; both TON and Avalanche showed clear spikes in late June.
Avalanche saw a 51% month-over-month surge in active addresses. TON also recorded percentage gains, though smaller, continuing to outperform inactive layer-one networks.
NFT activity is becoming a strong contributor to this growth. Toncoin Foundation’s dashboard shows regular volume spikes above $10 million since early May.
Daily volume composition places TON ahead of Ethereum and Solana on select days. This demonstrated cross-vertical adoption rather than sole reliance on transfers. Telegram reinforces this trend by embedding native Toncoin payments for account-level upgrades and micro-transactions.
The social layer converts passive chat users into wallet holders, then funnels them toward MiniApps, compounding address and transaction growth. Analysts expect upcoming tipping and trade functions to extend this loop and anchor higher fee revenue.
Institutional Moves and Price Outlook
Traditional finance is now testing the waters. Bloomberg reports that BlackRock may join Telegram’s proposed $1.5 Billion bond offering. The bond includes a 9% coupon and offers exposure to TON ecosystem activity.
The report triggered a 6 % price pop on 1 July and pushed futures open interest to its current highs. Meanwhile, since early April, Toncoin has been trading in a tight range between $3.51 and $2.80. However, the apparent manipulation event around the end of June saw it fall to $2.60.
MACD converges toward the signal line, indicating growing momentum. Also, the Alligator lines are narrowing, indicating a probable trend reversal.
A breakout above $3.10 would cause distribution, with the next significant resistance being $5. This indicates a possible transition into a bullish phase.
Meanwhile, constant funding rates are close to neutral, which would signify balanced leverage instead of one-sided speculation.
As Telegram and MiniApp deployments provide an organic demand, the derivatives data indicate preparedness for larger capital injections.
The increasing address activity, NFT throughput, and institutional fixed-income interest place TON as an emergent multi-vertical network.
