- Despite regulatory concerns over Telegram in September 2024, TON dominated all other layer 1 chains in key metrics.
- The success of the blockchain is linked to the launch of a viral token within the month.
- TON’s potential has not gone unnoticed by industry leaders.
From early troubles with the SEC to Telegram’s recent French regulatory troubles, The Open Network’s (TON) road has often been fraught with difficulties. But despite these challenges, blockchain and its users continue to show signs of resilience.
Recently, the network recorded another feat, completely outperforming its peers in key metrics, demonstrating its potential as a sign of cryptocurrency adoption.
TON accounts for half of all layer 1 transactions.
Despite regulatory concerns over Telegram in September 2024, TON dominated layer 1 chains in key metrics. According to a September 30 report by CryptoQuant analyst JA Maartun, TON captured 50% of all layer 1 transactions except Solana and BNB. This is an impressive achievement that puts the blockchain convincingly ahead of other popular blockchains such as Ethereum, Polygon, and Tron.
Maartun attributed TON’s dominance in September to token launches from Telegram clicker app projects such as DOGS, CatizenAI, Rocky Rabbit, Watbird, and Hamster Kombat. As Maartun highlights, these projects all boast millions of monthly active users, the largest being Hamster Kombat with over 110 million monthly active users.
TON’s most recent achievement is garnering support and integration from some of the largest companies in the blockchain industry.
Everybody wants a piece of the TON pie.
After listing TON in August 2024, Binance confirmed that it had joined the TON ecosystem in September 2024 through its own Telegram clicker game called Moonbix. The game has already attracted more than 20 million monthly users, according to the project’s Telegram.
Beyond Binance, on September 18, Bitget and Foresight Ventures announced a massive investment of $30 million to accelerate the growth of the TON ecosystem, focusing on Telegram-based clicker apps.
On the flip side
- The data will likely also include transactions from bots as network participants seek game airdrops.
- Despite Bitget’s large-scale TON investment, report from the company It called for the network to expand beyond Telegram in light of the platform’s recent regulatory issues.
- Despite the dominance of the TON network in September 2024, the network’s eponymous native token only surged by about 8%. CoinGecko data.
Why This Matters
Despite now being an independent project, TON’s main catalyst remains its deep ties and integration with Telegram. Telegram’s recent French regulatory troubles, including the arrest of CEO Pavel Durov, have therefore raised significant concerns about TON’s future. However, CryptoQuant’s data suggests that the network and its users have not been hampered by Telegram’s problems.
To learn more about TON, read:
Why TON needs to diversify to survive Telegram drama: Bitget
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