TLDR:
TON ecosystem’s transaction volume increased 1800% in under 6 months
Daily transaction volume spiked 12x from 100,000 to 1.2 million over the year
TON has 900 million active users, mostly from CIS countries
Bitget Wallet is used by 68% of Telegram game users
TON faces challenges in DeFi, expansion beyond CIS, and regulatory issues
The TON (The Open Network) ecosystem has seen remarkable growth in recent months, according to a report released by cryptocurrency exchange Bitget.
The blockchain network, which is closely integrated with the Telegram messaging app, has experienced a surge in transaction volume and user adoption, while also facing some significant challenges.
According to the Bitget report, the TON ecosystem’s transaction volume has increased by an impressive 1800% in less than six months. This growth is reflected in the daily transaction volume, which has spiked from 100,000 to 1.2 million over the past year, representing a 12-fold increase.
The network currently boasts 900 million active users, with the majority coming from Commonwealth of Independent States (CIS) countries, particularly Russia and Ukraine. Other significant user bases are found in India, Brazil, and the United States.
The ecosystem hosts over 1,159 projects, including cross-chain bridges, decentralized finance (DeFi) applications, launchpads, and various other services.
The Total Value Locked (TVL) in the TON ecosystem has also seen substantial growth, currently standing at $350 million. This represents an 18-fold increase in under six months, largely driven by the growth in decentralized exchange (DEX) trading volume, which has risen from $2 million to $40 million since the beginning of the year.
Bitget Wallet, formerly known as BitKeep, has played a significant role in the TON ecosystem’s growth. The wallet is now used by 68% of Telegram game users and contributes 17% of active addresses on the TON network. Bitget Wallet has become the most downloaded Web3 wallet for two consecutive months, surpassing 12 million monthly active users.
The integration with Telegram has been a key factor in TON’s rapid adoption. The messaging app’s large user base has provided a ready audience for TON’s blockchain services, effectively bridging the gap between Web2 and Web3 technologies.
This integration has led to the popularization of multiple on-chain gaming apps and bots, contributing to the massive influx of users and rise in trading volumes.
Despite its impressive growth, the TON ecosystem faces several challenges. The report highlights that TON suffers from low trading activity and poor lending options.
To counter slow growth in certain areas, the ecosystem will need to address its DeFi shortcomings, expand beyond the CIS region, and tackle regulatory challenges.
The report suggests that while TON will continue to rely on Telegram’s user base in the near term, it may trend towards “de-Telegramization” in the long run to mitigate regulatory risks associated with the messaging app.
This potential shift highlights the delicate balance TON must maintain between leveraging its close ties with Telegram and establishing itself as an independent blockchain ecosystem.
Looking ahead, the report projects that the TON token is expected to rise in value in tandem with broader market trends.
The ongoing development of the TON ecosystem is anticipated to attract more traditional users to the cryptocurrency market, potentially expanding its user base beyond its current concentration in CIS countries
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