As the cryptocurrency market continued its downward trend throughout the week, Bitcoin fell below $61,000 on Thursday, and then began to rebound on Friday. Currently, the price of Bitcoin has rebounded to above $62,800.
The day before yesterday, the transaction volume of DEX on the Solana chain reached 1.314 billion US dollars, surpassing the transaction volume of DEX on the Ethereum chain of 1.297 billion US dollars.
ETFs continued to see outflows, with Bitcoin spot ETF seeing a net outflow of US$11 million yesterday, of which BlackRock IBIT saw a net inflow of US$14 million and Grayscale GBTC saw a net outflow of US$43 million. What is different from before is that except for Grayscale, other spot ETFs maintained net inflows this week, and the impact of Grayscale's outflows also decreased as its management scale continued to decline.
While Toncoin’s movement is somewhat in line with other leading cryptocurrencies, it has a stronger catalyst for more substantial growth. Let’s take a closer look.
TON ecosystem demand is affected by Notcoin airdrop
Notcoin, which has been mentioned in previous articles, is a social clicker game that runs in the Telegram application. When playing the game, participants need to interact with the Notcoin bot and are encouraged to invite friends to join.
So why did Notcoin's airdrop boost TON demand?
First of all, since its launch, Notcoin has attracted a large number of players to participate. There are more than 35 million players worldwide, and the number of daily active users has reached 6 million. This high level of participation shows the popularity of Notcoin worldwide. Secondly, the promotion of Notcoin games on Telegram mainly relies on fission propagation, mainly focusing on its advantage of being backed by the TON public chain.
Finally, looking at the data, in the days leading up to the release of NOT on the TON blockchain, the total value locked (TVL) of the entire network increased significantly. TVL stood at 40.58 million TON as of May 10, up 33% in May and 7x so far in 2024, highlighting the strong demand for Toncoin. The rise in TVL coincides with the integration of the Tether (USDT) stablecoin on the TON blockchain.
TON’s rise is related to Pantera Capital
On May 2, Pantera Capital announced an investment of an undisclosed amount in The Open Network, citing the PoS ecosystem’s integration with the Telegram messaging service in April as a major factor behind the investment.
Pantera Capital believes that the partnership between The Open Network and Telegram makes the former one of the largest crypto networks due to Telegram’s huge reach with 900 million monthly users and 36.7 million downloads.
Since the announcement, Toncoin’s value has risen by approximately 46%, reflecting the market’s optimistic reaction to these developments.
The inner reasons for the rise of TON ecosystem
Roadmap details: Gas, DeFi and Stake
In fact, one of the most eye-catching highlights of TON’s 2024 development roadmap is fee-free transactions.
Simply put, it is to improve user experience. By eliminating gas fees, TON will simplify the transaction process and improve user experience, especially in daily transaction scenarios.
Imagine that you can send $5 to your friend in Telegram without asking for his credit card number or wallet address, and more importantly, it’s free.
Factors affecting the market outlook:
NOT price performance in the future market:
With the positive news of NOT being listed on Binance, the pre-market trading price has risen sharply, up 68.77% in 24 hours. Bitget will also launch the notcoin pre-market today. Users can ambush in advance and wait for the opening.
Pantera's future support for the Ton ecosystem:
Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in Telegram’s TON blockchain project in the fund’s history, which has increased attention to the TON ecosystem. If support such as project financing and product launch can be implemented in a timely manner, the prosperity of the TON ecosystem will come faster.
TON is still in its early stages, with great potential
In summary, we believe that the TON network is still in its early stages, and we are very much looking forward to seeing the Telegram user base adopt its ecosystem and experience more new features that will be launched in the future.
In essence, Telegram itself embodies the spirit of cryptocurrency - open, free, and permissionless. The TON network has achieved a clever symbiotic relationship with Telegram, in which scalable smart contract functions and a powerful payment network make some breakthrough functions that are impossible in the Web2 environment possible. Given Telegram's large user base, scalable infrastructure, thriving mini-program ecosystem, and native stablecoin payment functions, TON has the potential to tap into more value from this "treasure trove" of 900 million active users.
Market value growth and market influence enhancement
According to the latest data from Coingecko, TON’s market value has exceeded US$24.5 billion, currently reaching US$24,562,397,988. It has now surpassed Dogecoin and returned to the ninth place in the cryptocurrency market value ranking.
The total locked value (TVL) of TON ecosystem has exceeded US$250 million, reaching US$259.14 million at the time of writing, setting a new historical high. The top three ecosystem projects in terms of TVL are liquidity staking services Tonstakers and bemo, and DEX STON.fi.
In fact, what made Ton successfully appear in people's vision was that Notcoin was listed on the top platform. After all, the price of the Telegram-related Toncoin (TON) cryptocurrency has rebounded by about 50% so far this month (including a 15% increase in the past 24 hours), reaching US$7.10 on May 10, the highest level in three weeks.
Summarize
Of course, long-term benefits lie in persistence in holding and building, and the biggest breakthrough in the short term is still listing on Binance. Currently, Binance has launched TON’s perpetual contract, and the news that TON spot trading will also be launched is still fermenting. Looking at the recent actions of the foundation, it seems that it has been actively preparing, and similarly, new and old investors in the market are eagerly waiting.
If you feel helpless, confused, and can’t see the direction in trading right now, you can click on my avatar or the link at the end of the article, and we can make progress together!Boil leaves---
