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Gulf Press > Business > Crypto > Increase in TON’s Transaction Volume Surpasses Layer-1 Competitors
Crypto

Increase in TON’s Transaction Volume Surpasses Layer-1 Competitors

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Last updated: 2024/09/30 at 3:31 PM
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The Open Network (TON) has established itself as a leading Layer 1 solution in the cryptocurrency space, capturing over 50% of all Layer 1 transactions in September. This significant achievement has placed TON ahead of competitors like Ethereum and Avalanche, showcasing its growing popularity and adoption in the market. The success of TON can be attributed to the launch of several major projects on the network, including DOGS, CatizenAI, and Rocky Rabbit, which attracted millions of monthly active users. Additionally, Watbird and Hamster Kombat further contributed to TON’s growth, solidifying its position in the industry.

Despite the impressive performance of TON, Solana continues to maintain its lead among Layer 1 chains, as per data from CryptoQuant. With over 1.1 billion transactions processed in September and 3.9 million daily active addresses, Solana has outperformed TON in terms of transaction count and user engagement. While TON has achieved significant transaction volume, it lags behind Solana and NEAR Protocol in daily active addresses, highlighting the competitive landscape of Layer 1 solutions in the market. However, TON remains a strong contender and has shown promising growth in recent months.

Bitget, a cryptocurrency exchange and investor in the Open Network Foundation, has made bullish predictions for the TON ecosystem in its September report. One of the key forecasts is the potential “de-Telegramization” of the TON ecosystem, suggesting that TON may need to distance itself from Telegram to mitigate regulatory risks. Despite the initial impact of Telegram CEO Pavel Durov’s arrest on TON’s ecosystem, the report anticipates a trend towards greater independence for the network. The report also predicts that Toncoin, the native cryptocurrency of the TON blockchain, will outperform Bitcoin’s spot returns in a bullish market, attracting increased institutional interest and OTC purchases.

Following Pavel Durov’s arrest in August, TON experienced a drop in its total value locked (TVL), which currently stands at approximately $427 million, down 45% from its peak in July 2024. Despite the challenges faced by the network, Toncoin has still managed to achieve a remarkable 149% return since the beginning of the year, showcasing resilience and potential for growth. With the price of Toncoin rising from $2.27 to $5.82 since January 1, it has outperformed Bitcoin’s performance during the same period, indicating a positive trajectory for the native cryptocurrency of the TON blockchain. The market outlook for TON remains optimistic, with institutional interest expected to drive further growth and development in the ecosystem.

In conclusion, The Open Network (TON) has emerged as a strong competitor in the Layer 1 solutions space, capturing over 50% of all Layer 1 transactions in September. While Solana maintains its lead among Layer 1 chains, TON’s performance and growth potential are notable, with promising developments and projects contributing to its success. With bullish predictions for the TON ecosystem, including the potential “de-Telegramization” and increased institutional interest, TON’s outlook remains positive despite challenges faced in the market. As TON continues to evolve and adapt to changing regulatory environments, it is poised for further growth and adoption, cementing its position as a key player in the cryptocurrency industry.

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News Room September 30, 2024
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