Recently, the TON blockchain has attracted a lot of attention especially when looking at the user base of its most popular tokens. A total of 29 million addresses are shared by the top five tokens on the TON chain: TON, USDT, CATI, NOT and DOGS.

With regard to TON, they have 19.39 million, USDT 1.54 million, CATI 1.09 million, NOT 2.86 million and DOGS 5 million. In contrast to PEPE, the leading meme coin on Ethereum with 280,000 addresses, the TON ecosystem obviously has a significant number of wallets.

Problem with user count

There is a catch though. The truth is that some of these tokens such as CATI, NOT and DOGS encourage spamming and wallet farming. Even though these numbers may at first glance appear impressive, they might not represent reality.

The top five tokens on the TON chain are TON, USDT, CATI, NOT, DOGS, with 19.39 million, 1.54 million, 1.09 million, 2.86 million, and 5 million addresses on the chain. In comparison, Ethereum's top Memecoin PEPE has only 280k addresses on the chain, which shows the huge number… pic.twitter.com/0QWXAYdm8w

— Wu Blockchain (@WuBlockchain) September 22, 2024

In essence, one individual can create an artificially inflated user count by owning multiple wallets. This means that even though the TON network looks to have a huge user base, a significant percentage of users may be greatly inflated as a result of these farming techniques.

However, because actual users are using TON and USDT for valid reasons, these tokens continue to be extremely popular and frequently used on the network. TON is indeed expanding, but it's important to remember that it still pales in comparison to industry titans like Ethereum and Solana.

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TON has long way to go

The larger and more established ecosystem of Ethereum is reflected in its total value locked (TVL), which is approximately 100 times larger than that of TON. With TVL figures roughly 10 times higher than TON's, Solana also outperforms TON by a considerable margin. In conclusion, although the figures pertaining to the most popular tokens on the TON blockchain might seem impressive at first, they do not fully represent actual user behavior.

More objective metrics continue to place blockchain ecosystems like Ethereum and Solana in the lead, indicating that TON has a long way to go before really competing on the same level.