According to data from on-chain analytics company CryptoQuant, the Open Network (TON blockchain) reached $10 billion in daily transaction volume. The transaction volume ranges between $5 billion and $10 billion, indicating the platform’s popularity and impressive growth.
Bitcoin’s current average daily transfer volume is approximately $50 billion. As per CryptoQuant’s post, “TON has already achieved 10 percent of Bitcoin’s capacity.”
Also Read: TON Foundation and Tether unveils USDt global integration plan
While this is the most notable milestone, other on-chain metrics, including token holders, continue to increase steadily. The four-year-old blockchain, a product of the most popular messaging app, Telegram, is among the fastest-growing blockchains in the industry.
TON blockchain is currently ninth among all cryptocurrencies, with a market cap of over $2.45 billion. Its native token was trading at $7.25 at the time of writing.
TON blockchain’s appeal increases within the crypto community
CryptoQuant highlighted that TON token holders have grown exponentially from 2.9 million to 32 million, an increase of over 1000%, showing its surging popularity.
This rise has significantly enhanced the credibility of the TON blockchain within the crypto community, increasing its potential user base. TON expressed its plans on Twitter to onboard 500 million users on-chain by 2028 through improved user experience and scaling the blockchain’s infrastructure.
❓How @ton_blockchain plans to onboard 500 Million users on-chain?
We discussed it with TON Ecosystem Lead Alena Shmalko.
📌Read the article: https://t.co/vnkRyXdqqW
— BeInCrypto (@beincrypto) June 20, 2024
TON’s integration with Telegram further significantly increased its market reach. Boasting over 900 million users, this integration significantly increased crypto adoption. Telegram also has trading bots, offering automated trading services to Telegram users interacting with the crypto on the TON blockchain
This year, TON blockchain activity skyrocketed due to its popularity in Web 3 clicker games, which drives its adoption. However, the most notable achievement is the integration of the TON blockchain with Tether’s USDT. The partnership led to the availability of USDT on TON.
Binance integrates USDT on TON
The largest crypto exchange, Binance, announced its finalization of Tether’s USDT integration on the TON blockchain. Multiple tweets from the three companies involved confirmed this development.
Telegram’s CEO Pavel Durov and Tether’s CEO Paolo Ardoino had previously announced USDT’s issuance on TON during TOKEN2049 in Dubai. The integration allowed for seamless USDT exchange on the TON blockchain at fast speeds and lower costs.
🔈 @binance opens deposits and withdrawals for $USDt on #TON! 💎 https://t.co/Jwwkfe2YVG
— TON 💎 (@ton_blockchain) June 21, 2024
Binance also mentioned that users could leverage unique token deposit addresses created by the exchange to ensure the process is easier. The exchange, however, encouraged users to confirm these addresses and TON’s smart contract details before transactions to ensure the funds’ security.
Also Read: Traders bet big on $100K Bitcoin Calls, eyeing major rally in 2025
The integration is part of Binance’s plans to support multiple blockchains to offer users reliable and safe ways to transact cryptocurrencies. These blockchains, including TON, boast increased functionality and opportunities to innovate other blockchain applications.
Cryptopolitan reporting by Collins J. Okoth
