According to CryptoPotato, CryptoQuant’s latest analysis shows that TON has become one of the best-performing Layer 1 blockchains in 2024. Since the beginning of the year, TON’s excess returns relative to Bitcoin have reached a staggering 118%, in stark contrast to the weak performance of other popular Layer 1 chains. Among the major blockchains, only TON and BNB have significantly surpassed Bitcoin during this period. This relative strength, coupled with the powerful network effects provided by Telegram, makes TON a cryptocurrency that is particularly worth watching during this bull run. Despite a rocky start, Telegram Open Network (TON) has experienced significant growth over the past year and has become one of the largest projects in the cryptocurrency industry. This growth can be attributed to its vibrant and ever-expanding ecosystem, attracting more and more developers and users. Increased participation and innovation within the TON blockchain has fueled its rise. One noteworthy project on the TON network is Notcoin (NOT), which started as a Telegram game designed to introduce users to Web3 on the blockchain. Recently, Notcoin announced that it would donate 1.03 billion NOT, equivalent to $6.8 million, to Telegram founder Pavel Durov and Telegram. Additionally, TON’s performance has been supported by several key collaborations with The Open Network over the past few months. Recently, well-known stablecoin issuers Tether and The Open Network partnered with the Oobit mobile app to facilitate USDT-to-fiat transactions. This move will enable TON users to use Oobit’s Tap & Pay technology to pay merchants in fiat currency while spending USDT at the same time. The app’s integration will also simplify trading with Tether’s USDT and Tether Gold (XAUt) on the TON network.

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