Toncoin (TON) price has seen significant gains over the past 10 days, reaching its highest level in nearly four weeks as crypto traders evaluate a series of optimistic updates to the ecosystem, including its addition to Binance Launchpool.
According to data from Cointelegraph Markets Pro and TradingView, TON rose more than 51% from its low of $4.78 on August 5, reaching an intraday high of $7.26 on August 14. At the time of publication, TON was trading at $6.98, up 10% in the last 24 hours.
TON is currently the 8th largest cryptocurrency with a market cap of over $17.67 billion. The 24-hour volume surge of over 90% is a testament to the strength of demand-side activity.
Let’s take a look at what’s behind TON’s recent price surge.
TON Takes Place on Binance Launchpool Platform
The price of Toncoin, the native token of Open Network, has continued to rise after Binance, the world’s largest cryptocurrency exchange, announced that it would add TON to its Binance Launchpool platform.
“Binance is excited to announce the 56th project on Binance Launchpool – TONcoin (TON), a decentralized, open L1 blockchain.”
The token will be available on Launchpool from August 15th, and users can stake BNB and FDUSD to earn TON tokens.
The Toncoin price also surged last week, jumping more than 14% in a single day after the exchange listed the token for spot trading on August 8. The token was previously only available for futures trading on Binance.
Open Network and Pyth Network Partnership Supports Toncoin Price Surge
Ahead of TON’s August 14th announcement, news also broke of a strategic partnership between The Open Network and decentralized data oracle Pyth Network to provide high-quality data to TON developers.
The partnership integrates Pyth’s full oracle service into TON, allowing for on-demand price data requests to help blockchain developers “make their apps truly stand out.”
According to information shared with Cointelegraph, Michael Cahill, CEO of Douro Labs and core contributor to Pyth, explained that the price feed is “secured with multiple layers of protection.”
“These measures are designed to give TON developers and all other supporting ecosystems the confidence to build cutting-edge DeFi that will serve potentially millions of users.”
The partnership with Pyth adds to TON’s list of collaborations with other industry players, most recently integrating The Open Network into IntoTheBlock’s analytics platform.
These partnerships show growing institutional interest in layer 1 blockchains, which could have a positive impact on blockchain prices.
relevant: Former TON Foundation Executive Launches $40 Million TON Ventures Fund
TON Network Growth
Building on these developments, The Open Network experienced significant user growth and adoption throughout 2024, led by casual games on the Telegram messaging app.
According to Artemis data, this growth is evident in the number of daily active addresses (DAAs) and daily transactions, which have increased over the past 90 days, surpassing the Ethereum network.
The graph below shows that TON has been gaining ground since early June, surpassing Ethereum in terms of DAA since June 10th and in terms of daily transactions since July 7th.
According to additional data from DefiLlama, TON’s total value locked (TVL) has grown exponentially, increasing by approximately 3,290% from $22.92 million on March 1 to an all-time high of $776.6 million on July 20. TVL has since dropped to the current $597.95 million.
Increasing TVL means more users are interacting with the network, which increases the demand for Toncoin on the blockchain.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.