The Open Network (TON), originally developed as Telegram Open Network to enhance the popular messaging app, has outperformed Ethereum (ETH) in daily active addresses throughout June.
Despite Telegram stepping back due to regulatory issues, an independent community has driven TON’s growth, leveraging Telegram’s 900 million users and integrated crypto wallet.
Delphi Digital highlighted TON’s impressive growth in a recent post on X (formerly Twitter), noting that TON’s daily active addresses have surpassed Ethereum’s.
Daily active addresses and daily transactions in Ton and Ethereum networks. Source: Artemis
Since May 17, TON and Ethereum have been closely matched. However, TON gained an edge at the beginning of June, surpassing Ethereum on 10 out of the first 11 days.
On June 3, TON reached a record 568,300 DAAs, a level Ethereum hasn’t seen since September 13, 2023.
Despite these impressive figures, Ethereum has been actively pushing transactions to layer 2 scaling solutions, which have attracted significant user activity.
On June 11 alone, three of Ethereum’s top layer 2 solutions—Arbitrum (ARB), Base, and Optimism (OP)—boasted a combined 1.3 million daily active addresses.
Factors driving TON’s surge
The recent surge in activity on TON is driven by an ecosystem of mini-applications, including chatbots and games.
Notcoin, a free game on Telegram with over 35 million users, launched its cryptocurrency NOT in May, reaching a market cap of $2.1 billion. Other popular games like Hamster Kombat and Catizen have nearly 33.6 million and 3.6 million users, respectively.
Telegram also hosts TON-native trading bots like sTONks, which are expected to enhance the user experience for traders. Additionally, the introduction of Telegram Stars, an in-app currency for digital purchases, has further enhanced user interaction.
The future of TON and web3
The Total Value Locked (TVL) in TON has grown dramatically from $22.9 million to over $500 million since March, marking an impressive increase within just three months.
BREAKING: $500M Total Value Locked (TVL) ?The GDP of a small country is in use across #TON's apps. This incredible achievement is yours, TON Community!From $22.9M TVL in March 2024 to more than half a billion today – over 2,000% increase. ?It’s still only the beginning.… pic.twitter.com/bE3xqohACG
— TON ? (@ton_blockchain) June 13, 2024The number of active Toncoin wallets has surged from 1.28 million at the start of 2024 to over 8 million. This growth reflects the network’s expanding user base and the increasing adoption of Toncoin for various financial activities.
If you are starting on crypto, I will strongly recommend you to have a look at $TON / @ton_blockchainSuper early. Super quick. Easy to build.Moreover, run by @telegram .Few more weeks, you will see $TON over 10$ ? pic.twitter.com/ONRBCFKsmc
— Crypto King??.eth.sol (@cryptosanthoshK) June 11, 2024Crypto influencer Crypto King recently recommended Toncoin to new investors, emphasizing its fast and user-friendly blockchain infrastructure. He noted the credibility of the development team, which also developed Telegram, suggesting that this could lead to a significant price spike for Toncoin, potentially reaching $10 in the near future.
In a technical analysis, crypto analyst Ali Martinez identified a potential 40% breakout for Toncoin, targeting an ambitious price point of $11.
At press time, Toncoin is trading at $8.03, reflecting a 6.63% increase over the past 24 hours.
The rise of TON reflects broader trends in the crypto ecosystem, where platforms that successfully integrate blockchain technology with existing user bases can achieve rapid growth.
While Ethereum continues to be a major player with its layer 2 solutions, TON’s success illustrates the dynamic and competitive nature of the crypto market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
