The Open Network, popularly known as TON, has become one of the fastest-growing blockchains this year, helped by the popularity of Telegram and tap-to-earn gaming platforms.
Toncoin, its native token, has seen its market capitalization grow to over $14.6 billion, making it the 10th-biggest cryptocurrency in the industry.
TON’s growing metrics
On-chain data for the TON Blockchain shows that its network is doing well and continues to grow.
According to TonStat, the number of accounts in the TON Blockchain rose to over 96.8 million, much higher than January’s 4.3 million. This account growth makes it one of the best-performing networks in the industry.
More data shows that the number of transactions per day has jumped to a record high of over 17.45 million, a notable growth since it handled less than 200k transactions in the same period in 2023.
Meanwhile, the number of on-chain activated wallets continued rising, reaching over 20.6 million, up from 813k in October last year. Active wallets, or the number of distinct on-chain wallets that have sent at least one transaction, have risen to over 10.8 million.
This growth has been propelled by the growing ecosystem. Data by DeFi Llama shows that the network has over $431 million in total value locked (TVL), making it the 20th-biggest player in the DeFi industry.
TON has overtaken some of the best-known networks in the blockchain industry like Cardano, Cronos. Near Protocol, Celo, and Algorand.
TON has hundreds of DeFi networks, with the biggest ones being Tonstakers, STON.fi, DeDust, Bemo, and EVAA Protocol. Tonstakers and Bemo are the biggest liquid staking platforms in the network with over $222 million and $80 million in assets while STON.fi and DeDust are the biggest decentralized exchange networks in TON.
Most importantly, TON has continued to accumulate substantial sums of stablecoins in its ecosystem. It has over $668 million worth of Tether, a crucial aspect because it is the most active stablecoin in the industry.
Tap-to-earn ecosystem growth
The other reason why the TON Blockchain has done well is the popularity of Telegram, a social media network with over 900 million users.
Recently, Telegram unveiled a feature that lets developers build games and tap-to-earn mini applications.
Since then, many developers have unveiled their tap-to-earn games, most of which have gone viral.
Hamster Kombat, the biggest player in the industry, accumulated over 300 million players globally. Similarly, Tapswap has more than 70 million users while Notcoin has almost 50 million users.
Other popular tap-to-earn games in Telegram are X Empire, PixelTap, Blum, Dogs, MemeFi, and Cats.
Tap-to-earn tokens use a relatively simple business model, where users gain tokens by doing simple activities like tapping a button, following their social media accounts, and engaging with the app every day.
After that, these token holders can convert the tokens for fiat currencies, such as the US dollar, when they launch their airdrops.
Developers have also created games in the ecosystem, known as tap-to-earn games. Users can accumulate tokens by playing simple mobile games, and then convert their winnings into cash.
The most popular games on Telegram are Notcoin, Hamster Kombat, Catizen, Goats, Lost Dogs, Gamee, and Notai, all of which have over 10 million users.
Most tap-to-earn and Telegram games are yet to launch their airdrops. Notcoin has a market cap of over $900 million while Hamster Kombat has a valuation of $370 million. There is a likelihood that Hamster’s valuation will do well when it moves from the ongoing price-discovery phase. Catizen’s market cap has moved to $128 million while Pixelverse is valued at over $30 million.
TON to benefit from network utility
TON Blockchain will likely continue doing well in the long term because of its utility in the gaming and DeFi industry. As demand for tap-to-earn gaming grows, so will the demand for TON coin.
The blockchain network also offers fast speeds and substantially lower fees than networks like Ethereum and BNB Chain. This makes it an attractive option for developers who want to minimize the costs of building d’apps.
TON has arguably one of the most vibrant blockchain ecosystems, encompassing a broad range of popular games and applications. This is a contrast to the limited selection of products that are available on networks such as Cardano and Algorand.
Additionally, the number of burned TON tokens has continued growing. The number of burned tokens rose to over 32,000 on Sep. 28, its highest point on record. This burning mechanism will place deflationary pressure on the price of TON, rewarding investors who managed to invest in the blockchain early.
Analysts have become highly bullish on TON as its ecosystem growth accelerates. It has become a top network for gamers, especially for those interested in tap-to-earn.
The network is growing its users, with the number of daily active wallets jumping to a record high. Also, daily transactions have soared in the past few months, showing continued interest in the network.
The coin will also continue doing well because of the ongoing macro events like the Federal Reserve interest rate cuts, which could encourage investors to invest in assets outside of central banks.
