- Recent developments in the blockchain sector have garnered noteworthy attention.
- Telegram’s blockchain, The Open Network (TON), currently boasts more daily active addresses than Ethereum this month, driven by Telegram’s extensive user base.
- However, analysts caution that these figures might not fully convey the whole picture.
Explore the latest in blockchain with our in-depth look at how TON is outperforming Ethereum in daily active addresses.
Factors Contributing to TON’s Increased Activity
According to a report by Delphi Digital on June 10, the growth of TON, buoyed by Telegram’s substantial 900 million user base, has been impressive, consistently surpassing Ethereum in daily active addresses. Despite this, Delphi Digital notes that TON remains in an experimental phase on Telegram, and its long-term performance is still uncertain.
Telegram’s Influence on Blockchain Dynamics
Data from Artemis indicates that, since May 17, TON has consistently outperformed Ethereum in daily transactions, with a significant lead by early June. Ethereum, meanwhile, has seen a migration of transactions to Layer-2 networks. For example, on June 11, the top three Ethereum Layer-2 networks—Arbitrum, Base, and Optimism—logged a combined total of 1.3 million daily active addresses.
Telegram’s Strategic Integrations
Vitalik Buterin, Ethereum co-founder, supports the development of Layer-2 networks to enhance the Ethereum blockchain. The surge in TON’s activity may be attributed to Telegram’s integration of the Tether (USDT) stablecoin and the 35 million users who have adopted Notcoin since its launch. Additionally, Telegram’s introduction of Telegram Stars, an in-app currency, and the growing popularity of Telegram trade bots, have significantly driven its network activity.
Concluding Remarks
TON’s growth, while significant, needs to be contextualized within Ethereum’s diversified transaction ecosystem across Layer-2 networks. Telegram’s strategic integrations and features are key drivers of TON’s rising activity. The future of TON will depend on ongoing user engagement and further technological advancements.
