Bitrabo Editorial
Following some recent challenges, the TON (Telegram Open Network) blockchain is experiencing a resurgence, with a notable increase in on-chain activity that is enhancing its ecosystem. The launch of new initiatives on this platform has led to a remarkable boost in user engagement and transaction volume.
TON Blockchain Sees a Surge in On-Chain Activity
Marketing expert and investor, Xeusthegreat, reported this positive trend on social media, generating excitement within the community. The spike in on-chain activities indicates a growing interest in the blockchain, thanks to its durability and cost-effectiveness, affirming its competitive position within the Decentralized Finance (DeFi) landscape.
Despite recent network disruptions and the detention of Telegram founder Pavel Durov, TON has seen a remarkable increase in activity. According to Xeusthegreat, the Total Value Locked (TVL) in decentralized exchanges (DEX) has jumped over 71%, and weekly active users have surged by 56%. Additionally, data from Tonstat indicates a near 400% rise in active wallets from August to mid-September.
Upon further analysis to dispel doubts about the rapid growth being driven by bots, Xeusthegreat found that the number of daily active wallets consistently exceeds 1 million. Currently, the blockchain hosts over 19 million activated wallets, with monthly active wallet figures surpassing 9 million, marking an all-time high.
Despite this impressive growth, Xeusthegreat suggests that the network has yet to tap into even half of its full potential, particularly with Telegram’s user base exceeding 900 million. While Telegram offers a strong foundation for the blockchain’s development, it has also grown independently of the platform.
With an influx of innovative projects on the horizon, Xeusthegreat asserts that the DeFi ecosystem is gearing up for significant advancements, especially with its upcoming integration with Polkadot via a new JAMTON parachain. Given that Polkadot plans to expand its parachains from 48 to 1,000, Xeusthegreat believes that this partnership could significantly influence the blockchain’s future.
Robust Growth and Affordable Ecosystem
Moreover, Xeusthegreat noted that during the arrest of Telegram CEO Pavel Durov, there was a noticeable drop in the network’s TVL. However, the number of TON platforms available for liquid staking has continued to rise, now exceeding 57 million. Simultaneously, the TVL has quickly reclaimed and surpassed the $400 million mark.
The blockchain’s Transaction Per Second (TPS) rate has hit an all-time high, exceeding 100,000 TPS. Xeusthegreat points out that this milestone may encourage more developers to initiate and bring projects to the network.
The increase in transactions is likely due to the exceptionally low transaction costs, which are among the lowest in the industry. Anticipated further reductions are expected with the addition of USDT and the launch of gasless W5 wallets.