In the first week of September, the number of daily active TON addresses soared to 3 million.
TON has also seen a rise in the volume of on-chain trades, particularly in the stablecoin market.
With its active addresses lately surpassing industry-leading blockchains, the Open Network (TON) protocol has continued to achieve amazing growth. In the first week of September, the number of daily active TON addresses soared to 3 million, according to statistics from the industry research portal IntoTheBlock.
The research showed that this was more than the total number of active addresses on Ethereum and Bitcoin, two of the most prominent Layer 1 networks. Developers, investors, and users have taken notice of TON’s meteoric rise in popularity over the last few months, establishing it as a serious player in the blockchain industry.
Surge in USDT Trade Volumes
Not only has the number of active addresses increased, but TON has also seen a rise in the volume of on-chain trades, particularly in the stablecoin market.
As of now, the blockchain is one of the most active networks in terms of USDT trade volumes. On September 9, TON had an astounding $1.2 billion USDT trading volume, with 1.5 million individual holders, according to IntoTheBlock.
Yet, with a trading volume of $98.1 billion reported on Sept. 9, Tron continues to be the largest blockchain for USDT trading. With $34.3 billion, Ethereum came in second. Analysts claim that the increase in TON’s USDT trading shows that TON users are becoming more interested in adoption. Tether, the USDT’s issuer, debuted the stablecoin on TON in early April.
Notcoin and Hamster Kombat are just two of the many popular TON-based decentralized apps (dApps) that have helped propel the network forward. In recent months, the TON blockchain has seen an uptick in user engagement due to these tap-to-earn initiatives.
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