TON Blockchain Transaction Volume Surpasses 1 Billion

The Open Network (TON), a blockchain associated with Telegram, has surpassed 1 billion total transactions, according to data from TON Scan. This milestone was achieved less than a week after the network suffered two major outages related to memecoin airdrops.

TON’s transaction volume has now surpassed 1.02 billion, half of which occurred in just the past three months. This rapid growth demonstrates the rapid growth of user engagement on the platform, leveraging Telegram’s integration with nearly 1 billion global users.

Last month, TON Core and Tonkeeper introduced the W5 smart wallet standard, enabling gas-free transactions on the TON blockchain using USDT as transaction fees.

In early May, Pantera Capital invested in The Open Network to leverage Telegram’s large user base to drive widespread cryptocurrency adoption.

The network currently has around 280,000 daily active users and processes an average of 800,000 transactions per day. According to a recent report from cryptocurrency exchange Bybit, TON’s Telegram integration could replicate the success of WeChat and become a “superapp” with Web3 capabilities.

However, TON has recently faced difficulties due to two related network outages caused by the DOGS memecoin airdrop. Between August 27 and 29, TON processed 20 million transactions, with DOGS accounting for over 30% of the activity. According to Ian Witkoff, head of TON Ventures, this surge caused average transaction fees to reach a six-month high and likely led to TON’s highest day of active users.

The intense activity overwhelmed some validators, halting transaction processing and consensus. Crypto analyst Maartun suggests that during peak periods, DOGS transactions accounted for around 35% of all transactions in some blocks, with the network processing an average of 100 transactions per second (and then per block).

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