Decrease in Total Value Locked in TON's Main Decentralized Exchanges After Durov's Arrest
TON's DeFi Ecosystem Experiences Significant Decline Amidst Market Turmoil and Legal Troubles
In a surprising turn of events, the total value locked (TVL) of decentralized finance (DeFi) projects on the TON blockchain has taken a significant hit. After reaching over $100 billion in mid-July, the aggregate TVL has dropped to less than $78 billion at the beginning of August, marking a decrease of over 40%.
This week, TON's DeFi ecosystem has witnessed a further decline, with a loss of over 40% of its TVL. The two largest decentralized exchanges (DEXs) on the TON chain, STON.fi and DeDust, have been particularly affected. As of August 20, 2025, these two DEXs have a combined DeFi TVL of approximately $153.6 million.
The decline in the TVL of TON's DeFi ecosystem is likely due to the broader bearish sentiment in the crypto market. However, the arrest of Pavel Durov, the co-founder and CEO of Telegram, may have also played a role. Following his arrest in France on August 24, the price of Toncoin, the native cryptocurrency of the TON blockchain, saw a 20% drop.
Prior to Durov's arrest, STON.fi's TVL stood at $233 million, while DeDust held $210 million in its pools. Since then, both DEXs have experienced a significant decrease in TVL. DeDust, which almost touched the $400 million mark in TVL on July 21, has seen its TVL decrease by over 70%, currently standing at $111 million. STON.fi's TVL peaked on July 31 at $373 million, but has since dropped to its current level of $139 million, a decrease of over 60%.
Despite these challenges, TON's ecosystem is supported by Telegram's large user base and institutional interests. However, the DeFi TVL on TON remains modest compared to top Layer-1 chains and emerging EVM-compatible networks, with limited diversity and growth in protocols on TON’s native DEXs like STON.fi and DeDust.
Apart from TON’s native DEXs, projects like TAC’s EVM layer and lending protocols (Euler) have been attracting more TVL, suggesting shifts in user liquidity preferences within the TON ecosystem.
In conclusion, despite the recent decline, TON's DeFi ecosystem remains a significant player, albeit one that is currently experiencing challenges. The combined TVL of STON.fi and DeDust reflects some stagnation in overall TON DeFi TVL since June 2025, indicating adoption challenges post-incident. However, with the support of Telegram's user base and institutional interests, the ecosystem may yet find a way to overcome these challenges and continue to grow.
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In the continued decline of TON's DeFi ecosystem, the total value locked in STON.fi and DeDust, the two largest decentralized exchanges on the TON chain, saw a significant drop, with investments in finance and technology being affected. As of August 20, 2025, these two DEXs have a combined DeFi TVL of approximately $153.6 million, a significant decrease from their earlier values.
The arrested co-founder and CEO of Telegram, Pavel Durov, may have contributed to the decline in the TVL of TON's DeFi ecosystem, causing a 20% drop in Toncoin's price. Despite these challenges, TON's ecosystem, supported by Telegram's large user base and institutional interests, remains a significant player in the news of technology-driven finance and investing, albeit one currently experiencing difficulties.
