STON.fi captures 90% of all TON DEX transactions, leading user growth with a 15% rise in new addresses this month.
TON DEXs hit 11.4M daily transactions, up from 319.4k in January, reflecting a 3.5M% surge in trading activity.
TON’s TVL reaches $420.2M, up from $13.5M at the start of 2024, showcasing rapid DeFi adoption within the network.
The decentralized exchange (DEX) ecosystem on The Open Network (TON) has experienced a notable surge in activity, highlighted by a significant increase in new addresses and transactions. Data from CryptoQuant and Joao Wedson, Founder and CEO of Alphractal, indicates that the number of new addresses on TON DEXs such as STON.fi and DeDust has grown considerably, demonstrating heightened interest and adoption among traders.
https://twitter.com/joao_wedson/status/1838455997548962283 STON.fi Leads the TON DEX Market
The impact of decentralized exchange in TON network has been complemented well by the STON.fi which has established itself by controlling more than 90% of the DEX transactions. This significant market control can be explained by the fact that this platform is characterized by a convenient navigation, high level of security, and the ability to work with multiple trading pairs, which makes it popular among traders.
Between September 1 and September 23, STON.fi saw a 15% increase in new addresses, growing from 148.9k to 171.3k. This rapid user growth highlights the platform's appeal and ongoing success in attracting new participants to the TON network. Other DEXs on the network, including DeDust, also reported substantial growth during this period, with a 14.9% rise in addresses, from 149.1k to 171.4k. While Megaton Finance experienced a more modest increase of 1.75%, the overall expansion across the network underscores the growing appeal of TON’s decentralized trading platforms.
Surge in Transactions and Total Value Locked
The TON network has witnessed a substantial uptick in daily transactions, particularly within the Commonwealth of Independent States (CIS) region. Daily transactions soared from 319.4k on January 27 to 11.4 million on September 11, marking an extraordinary growth of over 3.5 million percent. The total value locked (TVL) within the TON ecosystem also saw a sharp rise, reaching $420.2 million as of September 23, a substantial increase from $13.5 million on January 1.
TON DEX activity growth demonstrates growing investor interest in decentralized finance protocols, or DeFi. Although the price of Toncoin, the TON blockchain’s native coin, recently experienced relative consolidation, on-chain activity including new addresses and transactions, appears to remain optimistic from traders.
Telegram Integration Drives TON Network Growth
A key factor fueling the growth of the TON network has been its integration with Telegram, a popular messaging platform with nearly 950 million users. By leveraging Telegram’s extensive user base, TON has successfully tapped into a large audience through features such as the official wallet embedded within the app and support for various bots and mini-apps, including Notcoin, Catizen, and Hamster Kombat.
Despite the temporary price impact following the arrest of Telegram CEO Pavel Durov in late August, which led to a drop in Toncoin’s price, the network's DEX ecosystem continues to thrive. The TON Society, the network’s official community group, condemned Durov’s arrest as an infringement on freedom of expression, further galvanizing community support.
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