Coinspeaker TON Blockchain Surpasses Ethereum in Daily Active Users
Amid a week of global crypto market fluctuations and cautious investor behavior, The Open Network (TON), backed by Telegram, has experienced significant growth in activity, surpassing Ethereum in daily active users.
Since the start of the month, TON and Ethereum have been closely competing in terms of user activity. However, thanks to Telegram’s vast user base of 900 million, TON has taken the lead, surpassing Ethereum for ten consecutive days since June 1.
On June 3, the blockchain achieved a milestone with 568,300 daily active addresses (DAAs), according to Artemis data. Ethereum, on the other hand, has not reached this level of activity since September 13, 2023.
A Deeper Look
Ethereum’s lower performance compared to TON could be attributed to several factors, including the fact that the majority of the network’s user activity has moved to layer 2 scaling solutions, which were not considered for the comparisons with TON.
These scaling solutions were developed to help scale transactions on the Ethereum ecosystem, reducing congestion and fees by processing transactions off the main Ethereum blockchain.
As a result, most of the activities on the chain have shifted to the L2s.
For example, on June 11, the top three Ethereum layer 2 networks, Arbitrum, Base, and Optimism, collectively recorded 1.3 million daily active addresses. This shows that while Ethereum’s main network might seem less active, substantial activity is happening on these secondary layers.
New Milestone and Market Performance
Despite this unfair comparison, TON has experienced remarkable growth. Amidst the global market downturn, the network’s native token also known as Toncoin (TON) reached a milestone of $7.76 earlier this month, its highest since launch.
Although the token has since dropped over 12%, industry analysts remain optimistic about its future.
A pseudonymous analyst “Crypto King” predicted that TON could reach $10 in the coming weeks, citing its strong user base, rapid and user-friendly infrastructure, and support from Telegram.
Another expert, Alex Clay, also supported this view, noting that TON has a bullish structure despite the market decline. He believes the digital asset could reach $10.5 and $11.6 in the short term.
Additionally, according to Token Terminal data, despite the recent price dip, key metrics suggest long-term bullishness for TON. The data also provided additional insight into the network’s performance over the past four weeks.
In the last 30 days, TON’s fully diluted market cap rose by 3.6%, the number of token holders surged by 76.3%, and revenue and fees increased by 26.0%.
Although trading volume decreased by 11.6%, these metrics indicate a strong underlying growth trend for TON.
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TON Blockchain Surpasses Ethereum in Daily Active Users
