The Open Network (TON), a decentralized layer-1 blockchain, is witnessing a surge in activity, with its daily transfer volume reaching 10% of Bitcoin's, according to a CryptoQuant Quicktake analysis. TON's daily transfer volumes are currently between $5 billion and $10 billion, indicating the network's impressive growth despite its relative youth.

The number of on-chain holders of TON's native token, Toncoin, has also increased tenfold from 2.9 million a year ago to 32 million, reflecting TON's growing popularity. The total value locked (TVL) in TON doubled within three weeks to hit an all-time high of $620 million, demonstrating increased investor confidence in the decentralized finance network.

The surge in TON's metrics can be attributed to several factors, including the launch of a Toncoin-based economy on the Telegram app and the introduction of The Open League, a long-term incentive program for TON users. Additionally, the growth of decentralized exchanges and liquid staking projects within the TON ecosystem has contributed to its development.