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- On-chain data from the TON blockchain indicates a rise in daily transactions processed, reaching the $10 billion threshold.
- The growing interest in the TON blockchain and the TON token plays a crucial role in this increase.
- Its connection with Telegram is expected to positively influence cryptocurrency adoption, utilizing the messaging platform’s extensive user base.
Data from the on-chain analytics firm CryptoQuant reveals that the Open Network (TON blockchain) achieved a daily transaction volume of $10 billion. The transaction volume fluctuates between $5 billion and $10 billion, reflecting the platform’s popularity and remarkable expansion.
The average daily transfer volume for Bitcoin is around $50 billion. According to CryptoQuant’s report, “TON has already reached 10 percent of Bitcoin’s capacity.”
While this represents a significant milestone, other on-chain indicators, such as the number of token holders, are also steadily increasing.
The four-year-old blockchain, developed by the widely used messaging application Telegram, ranks among the fastest-growing blockchains in the sector.
Currently, the TON blockchain holds the ninth position among all cryptocurrencies, with a market capitalization exceeding $2.45 billion. At the time of writing, its native token was priced at $7.25.
CryptoQuant noted that the number of TON token holders surged from 2.9 million to 32 million, marking an increase of over 1000%, which highlights its rising popularity.
This growth has significantly bolstered the credibility of the TON blockchain within the cryptocurrency community, expanding its potential user base.
TON announced its ambition on Twitter to onboard 500 million users on-chain by 2028 through enhancements in user experience and scaling its blockchain infrastructure.
TON Blockchain Transfer Volume
TON’s integration with Telegram has further broadened its market reach. With over 900 million users, this integration has greatly facilitated cryptocurrency adoption.
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Telegram also provides trading bots, which offer automated trading services to users engaging with cryptocurrencies on the TON blockchain.
This year, activity on the TON blockchain has surged due to its popularity in Web 3 clicker games, contributing to its adoption.
However, the most significant achievement is the integration of the TON blockchain with Tether’s USDT. This partnership has enabled the availability of USDT on TON.
Binance Integrates USDT On TON
The largest cryptocurrency exchange, Binance, announced the completion of Tether’s USDT integration on the TON blockchain. Multiple tweets from the three involved companies confirmed this development.
Telegram’s CEO Pavel Durov and Tether’s CEO Paolo Ardoino had previously revealed USDT’s issuance on TON during TOKEN2049 in Dubai.
This integration facilitates seamless USDT exchanges on the TON blockchain at high speeds and reduced costs.
Binance also indicated that users could utilize unique token deposit addresses created by the exchange to simplify the process.
However, the exchange advised users to verify these addresses and the details of TON’s smart contract prior to transactions to ensure the security of funds.
This integration is part of Binance’s strategy to support multiple blockchains, providing users with reliable and secure methods for cryptocurrency transactions.
These blockchains, including TON, offer enhanced functionality and opportunities for innovation in other blockchain applications.
