As a researcher with a background in blockchain technology and on-chain analytics, I find the recent developments on The Open Network (TON) truly intriguing. The network’s meteoric rise in popularity is evident from its soaring on-chain metrics, which are reminiscent of Bitcoin’s early days.
The decentralized blockchain platform, The Open Network (TON), has gained significant popularity and is currently experiencing a surge in usage as more and more users are attracted to its ecosystem.
An in-depth analysis by a CryptoQuant expert revealed that the on-chart data of the network is soaring, as its daily transfer volume now accounts for approximately 10% of Bitcoin‘s volumes. Such explosive metrics underscore the robust expansion of the network.
TON Reaches 10% of Bitcoin’s Capacity
As a crypto investor, I’ve observed that the daily transfer volume of Bitcoin averages at an impressive $50 billion. On the other hand, TON‘s daily transfer volumes fall between $5 billion and $10 billion. This data suggests that TON has managed to reach approximately 10% of Bitcoin’s capacity, which is quite remarkable given that it is a few years younger in the crypto world.
As a crypto investor, I’ve noticed an impressive rise in both the daily transaction volume and the number of on-chain holders of Toncoin (TON) on the TON blockchain. To put it into perspective, the analyst revealed that the number of TON holders has skyrocketed from 2.9 million a year ago to a staggering 32 million at present. This significant increase underscores the burgeoning popularity of TON and its underlying network.
Approximately three weeks ago, CryptoPotato announced that the Total Value Locked (TVL) on the TON blockchain had more than doubled, reaching a new peak of $620 million on Monday. This significant increase came after TVL hit $300 million in late May. At present, this growth indicates growing investor trust in TON’s decentralized finance ecosystem.
TON’s Metrics Surge
As an on-chain analyst, I’ve delved into the recent surge in TON‘s metrics and uncovered several contributing factors. One significant factor is the emergence of a Toncoin economy within the Telegram app. Telegram’s latest advertising system generates revenue that is split 50/50 between the platform and channel owners, exclusively in TON tokens instead of fiat currency. This innovative initiative has drawn an unprecedented influx of new users to the TON blockchain.
The TON Foundation announced The Open League program in April, which is a new initiative offering incentives to TON users, teams, and traders. Under this program, the foundation will distribute 30 million TON, equivalent to approximately $188 million, to community members via airdrops, quests, and liquidity pools on TON’s decentralized exchanges.
As a researcher studying the TON blockchain, I’ve noticed an intriguing trend over the past fortnight. Decentralized exchanges such as Ston.fi and Dedust have witnessed substantial growth in terms of Total Value Locked (TVL). Furthermore, liquid staking initiatives like Tonstakers and Bemo have also seen a surge in TVL. These developments are contributing considerably to the expanding ecosystem of TON.
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- W PREDICTION. W cryptocurrency
- FIO PREDICTION. FIO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- BONE PREDICTION. BONE cryptocurrency
- WALV PREDICTION. WALV cryptocurrency
- Bitcoin’s Unreliable Death Cross Is Looming Again
- Did the Megalopolis Trailer Make Up All Those Movie-Critic Quotes?
- Ethereum Suffers $61M Outflows, Worst Performance Since August 2022
- Decoding the Cosmic Conundrum in Honkai: Star Rail – Why So Serious?
2024-06-20 21:44