The growth of its DeFi ecosystem and the upcoming addition of Binance Launchpool have put wind in Toncoin’s sails.
Toncoin ( TON ) prices have surged over the past 10 days to reach their highest level in nearly 4 weeks as crypto traders assess a series of optimistic updates to its ecosystem, including its listing on the Binance Launchpool.
Data from Cointelegraph Markets’ Professional and Trading views show that TON has risen from a low of $4.78 on Aug. 5, increasing by more than 51 percent to reach an intraday high of $7.26 on Aug. 14. At press time, TON is trading at $6.98, up 10 percent in the past 24 hours.
ton/dollar daily chart.
TON is now the eighth-largest cryptocurrency with a market cap of over $17.67 billion. The strength of demand-side activity is evidenced by a more than 90% increase in 24-hour trading volume.
Let’s look at some of the factors behind TON’s recent price surge.
TON finds a place on Binance launch pool platform
Ahead of the continued rise in the price of Toncoin, the native token of the Open Network, Binance, the world’s largest cryptocurrency exchange, announced that it would add TON to the Binance Launchpool platform.
“Binance is excited to announce the 56th Binance Launchpool project — Toncoin (TON), a decentralized and open L1 blockchain.”
The token will be available on Launchpool starting August 15, and users can stake BNB and FDUSD to earn TON tokens.
Toncoin prices also surged last week, surging 14% in a single day after the exchange listed it for spot trading on August 8. The token was previously only available for futures trading on Binance.
Open Network’s collaboration with Python Network supports Toncoin price surge
TON’s performance on August 14 also followed news of a strategic partnership between Open Network and Pyth Network, the latter of which is a decentralized data oracle that provides high-fidelity data to TON builders.
The collaboration will integrate Pyth’s pull oracle service into TON, allowing on-demand price data requests to support developers on the blockchain and make “their applications truly stand out.”
According to information shared with Cointelegraph, Michael Cahill, an executive at Duro Labs and a core contributor to Python, explained that the price feed is “multiple layers of protection.”
“These measures are designed to give TON developers and all other supported ecosystems the confidence to build cutting-edge DeFi for potentially millions of users.”
TON’s collaboration with Pyth also adds to its collaboration with other industry partners, including the recent integration of The Open Network into IntoTheBlock’s analytics platform.
These collaborations indicate growing institutional interest in layer 1 blockchains, which could have a positive impact on their prices.
Related: Ex-TON Foundation Exec Launches $40M TON Venture Capital Fund
TON's Network Growth
Based on these developments, the open network will experience significant user growth and usage improvements throughout 2024, led by casual gaming on Telegram messaging pages.
This growth is evident in the number of unique daily active addresses (DAA) and daily transactions, which have grown over the past 90 days to surpass the Ethereum network, according to data from Artemis.
The chart below shows that TON has gained a foothold near the beginning of June, beating Ethereum in terms of DAA since June 10th, and starting from July 7th, in terms of daily transactions.
TON’s DAA and daily transactions with Ethereum.
Other data from DefiLama shows that TON’s total value (TVL) has grown exponentially, increasing by approximately 3,290% from $22.92 million on March 1 to an all-time high of $776.6 million on July 20. Since then, the value of TVL has fallen to $597.95 million.
The total value locked on the open network.
The increase in TVL indicates that more users are interacting with the network, driving demand for tokens on the blockchain.
