The $TON
network is growing at a very fast pace, backed by Tether (USDT). The two companies signed a partnership agreement in April this year, charting a positive bullish growth curve from then until today. According to CryptoQuant, USDT on the TON network has officially crossed the $1 billion mark.
Tether USDT and the TON network are a powerful duo
Both Tether and TON dominate various aspects of the market in their respective niches. While Tether issues the industry's largest stablecoin, #TON Network provides the next generation of decentralized applications (DApps) on Telegram.
According to CryptoQuant, USDT on TON has grown 670% in the last 6 months. In May, the steblecoin on the protocol had a valuation of $130 million. Today, the actual blockchain USDT stands at $1.02 billion.
According to a chart provided by CryptoQuant, the supply of USDT on the TON network has stabilized from September to today. The explosion is due to the growth of the decentralized finance (DeFi) ecosystem. DeFiLlama data shows that the total blockchain value (TVL) now stands at $720 million.
This metric is sure to continue its upward trajectory with the current plans between the protocol and Tether. As previously reported, Tether has confirmed that it will launch a dirham-backed USDT on TON to stimulate liquidity in the Middle East. With this new integration of fiat on TON, liquidity will eventually increase, causing a potential increase in the USDT circulating on it.
Impact of the Telegram Ecosystem mini-game
Part of the success of the TON network over the past year is due to the Telegram mini-apps.
From Notcoin ($NOT
) to Catizen ($CATI
) to Hamster Kombat (HMSTR), the hype around these projects has attracted huge capital to the blockchain. While the games have enjoyed huge successes, some of them, like Hamster Kombat, have disappointed the community with their airdrop.
Many believe that the T2E era is fading away, however, these game evolutions may help solidify TON's growth in the long run. In all of these cases, Toncoin remains the most successful player, having soared into the top 10 most capitalized coins earlier this year.
At the time of writing, the change coin was trading at $4.88, down 0.16% in 24 hours. Despite this correction, earlier analysis of Toncoin's price predicts the possibility of exceeding $20 in this bull cycle.