Toncoin (CRYPTO:TON), associated with the Telegram messaging app, has seen a surge in its DeFi ecosystem despite a general downturn in the cryptocurrency market.

Over the past month, Toncoin's total value locked (TVL) has increased by over 60%, reaching $702 million.

The leading DeFi protocol on the network, DeDust, doubled its TVL during this period.

Daily trading volumes on Toncoin's decentralized exchanges (DEXes) also hit an all-time high of $97 million on July 5.

Currently, TON trades at $7.25, below its 20-day EMA, signaling potential bearish trends, but a shift in sentiment could push it to $7.46.