According to CryptoPotato, The Open Network (TON), a decentralized layer-1 blockchain, has seen a significant increase in user activity, becoming one of the most popular chains. An analyst's CryptoQuant Quicktake revealed that TON's on-chain metrics are experiencing a surge, with its daily transfer volume reaching 10% of Bitcoin's figures. This increase underscores the network's consistent growth.
The average daily transfer volume of Bitcoin is $50 billion. Currently, TON's daily transfer volumes range between $5 billion to $10 billion, indicating that the network has achieved around 10% of Bitcoin capacity despite being relatively new. Alongside the rise in the total value of daily transactions on the TON blockchain, the number of on-chain holders of TON's native token, Toncoin, has also increased significantly. The number of TON holders has risen 10x from 2.9 million a year ago to 32 million, highlighting TON's growing popularity.
Earlier this week, it was reported that TON's total value locked (TVL) doubled within three weeks to reach an all-time high. The blockchain's TVL hit $300 million in late May and then doubled, surging to $605 million. At the time of reporting, the TVL had increased to $620 million. This increase in TON's TVL since early March indicates rising investor confidence in the decentralized finance network.
Several factors have contributed to the surge in TON's metrics, including the launch of a Toncoin-based economy on the Telegram app. Telegram recently introduced an advertising system that pays 50% of revenue generated by channels to their owners exclusively in TON, not fiat. This initiative attracted a large number of new users to the TON chain. Additionally, TON unveiled The Open League program in early April, introducing a long-term incentive program for TON users, teams, and traders. Through the program, the TON Foundation will disburse 30 million TON worth roughly $188 million to community members through airdrops, quests, and liquidity pools on the network's decentralized exchanges. The presence of decentralized exchanges like Ston.fi and Dedust, as well as liquid staking projects, including Tonstakers and Bemo, have also experienced significant TVL growth in the past two weeks, contributing to the development of the TON ecosystem.