In spite of recent challenges within the network, the TON (Telegram Open Network) blockchain has regained momentum, experiencing a notable increase in on-chain activity that has catalyzed rapid expansion within its ecosystem. The launch of new projects on the platform has led to a significant rise in user engagement and transactions.
Surge in On-Chain Metrics for TON Blockchain
Marketing strategist and investor, Xeusthegreat shared this encouraging news on X, igniting optimism among the community. The rise in on-chain activities showcases a growing interest in the blockchain, driven by its durability and cost-effective ecosystem, thereby reinforcing its competitive position within the Decentralized Finance (DeFi) landscape.
On the TON blockchain, activities have notably increased despite ongoing network issues and the detainment of Telegram’s founder, Pavel Durov. According to the strategist, both the DEX’s Total Value Locked (TVL) and weekly active users have surged impressively by over 71% and 56%, respectively. Moreover, data from Tonstat indicates an almost 400% increase in active wallets from August to September 16.
After further analysis to dispel concerns that this rapid growth might be influenced by bots, Xeus found that the daily number of activated wallets on the blockchain consistently surpasses 1 million. Additionally, the total count of on-chain activated wallets has now exceeded 19 million, while the metric for monthly active wallets has surpassed 9 million, reaching its highest point since the network’s inception.
Despite these advancements, Xeus posits that less than half of the network’s potential has been realized, given that Telegram has a massive user base exceeding 900 million. Although Telegram has laid a strong foundation for TON’s development, the blockchain has also evolved beyond mere reliance on the platform.
As the network witnesses a wave of innovative projects, the strategist asserts that its DeFi ecosystem is poised to enter full development mode, underscoring its upcoming connection with Polkadot via a new JAMTON parachain. With Polkadot already hosting more than 48 parachains and plans to scale up to 100, then ultimately 1,000, Xeus believes this significant partnership could greatly influence the blockchain’s future.
Resilient Strength and Affordable Ecosystem
Moreover, Xeus pointed out that during the arrest of Telegram CEO, Pavel Durov, the network’s TVL experienced a sharp fall. Nevertheless, the number of TON locked into platforms for liquid staking has since risen, now standing at over 57 million. Meanwhile, its TVL has begun a rapid ascent again, exceeding $400 million.
Xeus also reported that the blockchain’s Transactions Per Second (TPS) has reached striking new heights, exceeding 100,000 TPS. He noted that this achievement could inspire developers to create and deploy projects on the network.
The increase in transaction volume might be attributed to its low transaction fees, which are among the most affordable in the industry. It is anticipated that these costs will decline even further with the integration of USDT and the launch of gasless W5 wallets.
Featured image from LinkedIn, chart from Tradingview.com
