Fri 14 Jun 2024 ▪
5
min of reading ▪ by
An unexpected piece of news shook the crypto community: Telegram’s blockchain, TON (The Open Network), has surpassed Ethereum in terms of daily active addresses. This phenomenon raises many questions and offers a fascinating insight into the forces at play in this ecosystem.
The Rise to Power
The rise of TON is impressive. This blockchain, supported by the popular messaging app Telegram, saw its daily active addresses surpass those of Ethereum throughout the last month.
According to a report by Delphi Digital, this growth is primarily attributed to Telegram’s massive user base, which reaches approximately 900 million.
The wide distribution and easy integration of Telegram users into the TON ecosystem played a crucial role in this rapid increase.
Delphi Digital described this situation as a reversal, noting that the success of TON could well be underestimated by some players in the crypto market.
However, the real question remains whether this meteoric growth is sustainable in the long term and whether TON can truly maintain its dominant position against a crypto giant like Ethereum.
While it is tempting to directly compare TON to Ethereum, it is essential to note some important nuances.
For example, on June 11th, the three main Ethereum layer 2 solutions (Arbitrum, Base, and Optimism) together showed a total of 1.3 million daily active addresses. These layer 2 solutions play a key role in the Ethereum ecosystem, increasing its transaction processing capacity and reducing fees, in line with the roadmap set by Ethereum co-founder Vitalik Buterin.
Factors Behind TON’s Growth
Several elements explain the recent increase in activity on the TON network. The integration of the stablecoin Tether (USDT) on TON has certainly helped attract more users.
Moreover, the launch of Notcoin, a “tap-to-earn” token that allows users to earn rewards by completing various social challenges, was also a significant factor. Since its introduction five months ago, Notcoin has already attracted 35 million users.
Telegram hasn’t stopped there. On June 6th, the platform launched Telegram Stars, an in-app currency for digital purchases. This new feature was well-received by the crypto community, with rapid adoption on iOS and Android devices.
Telegram’s mini-apps, like Hamster Kombat, have also gained popularity, attracting millions of users every day. In this simulation game, players can increase their exchange revenues by purchasing “upgrade cards” and completing quests.
Impact on the Crypto Ecosystem
The surge in activity on TON has significant repercussions for the entire crypto ecosystem. The rise of crypto-related features on Telegram, including exchange bots and mini-apps, has turned the platform into a central hub for crypto enthusiasts.
For example, Hamster Kombat recently announced that it had become the most popular channel on Telegram in terms of users, demonstrating the considerable impact of these innovations. Additionally, Pixelverse, a Web3-based gaming ecosystem on Telegram, raised $5.5 million in a funding round with the participation of leading investors in the crypto and Web3 gaming sectors, such as Delphi Ventures, Merit Circle, and Mechanism Capital.
The impressive performance of TON against Ethereum raises intriguing questions about the future of cryptocurrencies. While TON continues to grow thanks to Telegram’s massive user base and constant innovations, Ethereum remains a major player with its layer 2 solutions and solid roadmap.
This situation reflects the dynamic and competitive nature of the crypto universe, where new forces constantly emerge to challenge established status quos. In any case, these developments are a vibrant testament to the continuous innovation and resilience of the crypto ecosystem.
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Fasciné par le bitcoin depuis 2017, Evariste n’a cessé de se documenter sur le sujet. Si son premier intérêt s’est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l’état du secteur dans son ensemble.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
