The total supply of TON shows steady growth from ~5.01 billion to ~5.1 billion TON. However, changes in the circulating supply patterns highlight a sharp decline in early 2024 ~2.5 billion, likely due to lockups and staking activities.
Considering the Masterchain and Workchain data, it is evident that apps and games that function on the workchain on the TON chain spur user activity. Over September, we can attribute the spike in workchain activity to games such as Hamster Kombat, DOGS, and Catizen where trading activity was high.
Looking ahead, a comparison between major altcoins which capture layer one and layer two chains indicates that TON transactions have remained relatively consistent over the last six months with spikes relating to airdrops for games in the TON network. The TRON transaction activity continues to be a prominent ecosystem seen by consistency, with the nearest competitor being Arbitrum.
This growing user base would likely switch trader psychology towards holding over the medium to long term, reducing market liquidity in the TON ecosystem.
Written by ShivenMoodley
