- The decentralized layer-1 blockchain, The Open Network (TON), has risen to prominence, attracting a significant number of new users to its ecosystem.
- An analysis by CryptoQuant revealed a notable increase in TON’s on-chain metrics, with its daily transfer volume now reaching 10% of Bitcoin’s figures.
- These metrics emphasize the unwavering growth and expanding user base of The Open Network.
Explore the rapid growth of The Open Network (TON) and its striking performance metrics, showcasing the blockchain’s expanding influence in the crypto space.
TON Reaches 10% of Bitcoin’s Daily Transfer Volume
Bitcoin boasts an average daily transfer volume of $50 billion. Currently, TON’s daily transfer volumes fluctuate between $5 billion and $10 billion. This milestone highlights the fact that TON has achieved around 10% of Bitcoin’s capacity, a notable achievement for such a nascent network.
Moreover, the number of holders of Toncoin (TON), the native token of The Open Network, has significantly increased. Over the past year, the number of TON holders has surged from 2.9 million to an impressive 32 million. This exponential growth underscores the rising popularity and acceptance of TON.
Recent reports indicate that TON’s total value locked (TVL) experienced a significant upsurge within a span of three weeks, reaching a record high. From late May, where TVL stood at $300 million, it doubled to $605 million by the following Monday. As of the latest data, the TVL has grown to $620 million, illustrating growing investor confidence in this decentralized finance network.
Factors Driving the Surge in TON’s Metrics
The increase in TON’s metrics can be attributed to several key factors. One of the primary drivers is the establishment of a Toncoin-based economy integrated within the Telegram app. Telegram’s new initiative offers an advertising system that compensates channel owners exclusively in TON, thereby enhancing user engagement and activity on the network.
Additionally, the launch of The Open League program by TON has further fueled its growth. Introduced in early April, this long-term incentive program allocates 30 million TON (approximately $188 million) to community members through airdrops, quests, and liquidity pools across various decentralized exchanges.
Decentralized exchanges like Ston.fi and Dedust, along with liquid staking projects such as Tonstakers and Bemo, have also seen substantial growth in total value locked (TVL) in recent weeks, contributing to the robust development of TON’s ecosystem.
Conclusion
The Open Network (TON) demonstrates remarkable growth, reflected through its increased transfer volumes and soaring number of token holders. The integration with Telegram and innovative programs like The Open League are key drivers behind this success. With the rising TVL and expanding ecosystem, TON is positioned to further solidify its standing in the blockchain space.
