The Open Network (TON), a layer-1 blockchain connected to Telegram, has hit a significant milestone, now boasting over 100 million unique wallet addresses with positive balances. This marks a staggering 95% increase in active users since the start of the year, when the network had only 4.3 million. The data, highlighted by a CryptoQuant analyst, reflects TON’s accelerating growth and expanding ecosystem.
What’s Driving TON’s User Growth?
A major factor behind TON’s rapid expansion is its relationship with Telegram. Initially developed by Telegram as the Telegram Open Network, the project was discontinued due to regulatory challenges. However, a new team of developers revived it under the name The Open Network (TON).
In September 2023, Telegram re-entered the blockchain space by launching its crypto wallet on TON, which sparked a surge in activity. Since then, several tap-to-earn games have gained popularity on the platform, allowing users to earn rewards in tokens by completing specific tasks. These rewards are distributed through the TON mainnet.
One of the first successful games to launch on TON was Notcoin, which drew in millions of users. Following its success, other popular games like Dogs and Hamster Kombat appeared, attracting even more users. The increasing number of Telegram-based games has helped TON grow its user base significantly.
Telegram’s Influence on TON’s Growth
Telegram’s vast reach has been instrumental in TON’s user adoption. By integrating TON’s blockchain into its platform, Telegram has exposed millions of users to the world of cryptocurrency. This has been a key factor in onboarding new users to both the TON ecosystem and the broader crypto market, according to the CryptoQuant analyst.
Toncoin’s Price Struggles Despite User Growth
Despite TON’s rapid user growth, the price of its native token, Toncoin, has not seen a corresponding rise. As of now, Toncoin is priced at $5.19, down by 1.4% over the past 24 hours. Additionally, this represents a 37% drop from its peak value of $8.24 in June 2024.
Recent reports indicate that around 80% of Toncoin holders are currently in the red due to the significant decline in value. Nevertheless, as the TON ecosystem continues to expand and attract more users, there’s optimism that Toncoin’s value could rebound, particularly if major cryptocurrencies like Bitcoin also experience price gains.
Although Toncoin’s price remains under pressure, the consistent growth in user numbers and projects within the TON ecosystem suggests that the platform’s long-term potential remains strong. As more use cases emerge and the user base expands, Toncoin may see a recovery in the future.
