July 24, 2024
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TON Blockchain Daily Transaction Volume Hits $10b, Gaining Public Attention

TON Blockchain Daily Transaction Volume Hits $10b, Gaining Public Attention
  • TON blockchain’s on-chain data shows an increase in daily transactions processed, hitting the $10B mark.
  • The TON blockchain’s increased appeal and TON token contribute significantly to this rise.
  • Its integration with Telegram is supposedly going to have a positive impact on crypto adoption, leveraging the messaging app’s user base.

According to data from on-chain analytics company CryptoQuant, the Open Network (TON blockchain) reached $10 billion in daily transaction volume. The transaction volume ranges between $5 billion and $10 billion, indicating the platform’s popularity and impressive growth. 

Bitcoin’s current average daily transfer volume is approximately $50 billion. As per CryptoQuant’s post, “TON has already achieved 10 percent of Bitcoin’s capacity.” 

While this is the most notable milestone, other on-chain metrics, including token holders, continue to increase steadily. 

The four-year-old blockchain, a product of the most popular messaging app, Telegram, is among the fastest-growing blockchains in the industry.

TON blockchain is currently ninth among all cryptocurrencies, with a market cap of over $2.45 billion. Its native token was trading at $7.25 at the time of writing.

CryptoQuant highlighted that TON token holders have grown exponentially from 2.9 million to 32 million, an increase of over 1000%, showing its surging popularity.

This rise has significantly enhanced the credibility of the TON blockchain within the crypto community, increasing its potential user base. 

TON expressed its plans on Twitter to onboard 500 million users on-chain by 2028 through improved user experience and scaling the blockchain’s infrastructure.

TON Blockchain Transfer Volume

 

TON’s integration with Telegram further significantly increased its market reach. Boasting over 900 million users, this integration significantly increased crypto adoption. 

Telegram also has trading bots, offering automated trading services to Telegram users interacting with the crypto on the TON blockchain

This year, TON blockchain activity skyrocketed due to its popularity in Web 3 clicker games, which drives its adoption. 

However, the most notable achievement is the integration of the TON blockchain with Tether’s USDT. The partnership led to the availability of USDT on TON.

Binance Integrates USDT On TON

The largest crypto exchange, Binance, announced its finalization of Tether’s USDT integration on the TON blockchain. Multiple tweets from the three companies involved confirmed this development.

Telegram’s CEO Pavel Durov and Tether’s CEO Paolo Ardoino had previously announced USDT’s issuance on TON during TOKEN2049 in Dubai. 

The integration allowed for seamless USDT exchange on the TON blockchain at fast speeds and lower costs. 

Binance also mentioned that users could leverage unique token deposit addresses created by the exchange to ensure the process is easier. 

The exchange, however, encouraged users to confirm these addresses and TON’s smart contract details before transactions to ensure the funds’ security.

The integration is part of Binance’s plans to support multiple blockchains to offer users reliable and safe ways to transact cryptocurrencies. 

These blockchains, including TON,  boast increased functionality and opportunities to innovate other blockchain applications.