Binance has recently broadened its cryptocurrency management services by incorporating support for the Tether (USDT) stablecoin on The Open Network (TON) blockchain. This enhancement not only introduces new options for deposits and withdrawals but also signifies a pivotal development for TON, given that USDT is the largest stablecoin by market capitalization.
Strategic Partnership Between Tether and TON
The role of stablecoins like USDT is critical in providing stability within the inherently volatile blockchain market. USDT’s dominance is maintained through its liquidity, accessibility, widespread use in decentralized finance (DeFi), and its utility in facilitating cross-border transactions.
In a strategic move in April, Tether, the entity behind USDT, forged a partnership with TON. This collaboration is aimed at facilitating global cryptocurrency transactions and offering financial solutions to the unbanked populations.
Source: CryptoQuant
The alliance intends to craft a borderless financial system utilizing decentralized technologies, which could revolutionize accessibility and improve the efficiency of transactions.
Despite these advancements, Toncoin, the native token of the TON blockchain, has not yet achieved a spot listing on Binance and is currently available only in the form of perpetual futures. However, the growing demand for TON could potentially prompt Binance to add Toncoin to its spot trading lists soon.
According to Maarten, a community manager and analyst at CryptoQuant, TON is emerging as one of the most popular blockchains. He has noted significant increases in various on-chain metrics, indicative of the network’s robust growth.
Dramatic Increase in Toncoin Holders
One of the primary metrics showcasing the expansion of TON is the transfer volume, which measures the total dollar value of tokens transacted over the network within a specific timeframe. Maarten’s analysis indicates that the transaction volume on TON oscillates between $5 billion and $10 billion.
When compared to Bitcoin’s average daily transfer volume of about $50 billion, TON’s achievement of reaching up to 10% of Bitcoin’s capacity is remarkable, especially considering that TON is only four years old.
Moreover, the growth of Toncoin’s holder base has been meteoric. The count of distinct addresses holding Toncoin has leaped from 2.9 million to 32 million in just one year, marking a 1003% increase. This dramatic surge underscores the escalating popularity of the TON token.
Source: CryptoQuant
The appeal of TON is further enhanced by its integration with user-friendly, token-rewarding games such as Notcoin (NOT), Yescoin, and Hamster Kombat, which are available on Telegram.
Telegram, with its substantial user base of nearly one billion, utilizes TON as its preferred blockchain for Web3 integrations. Notcoin started as a social clicker game on Telegram, where participants could earn in-game currency by tapping a virtual golden coin.
Community-Driven Development with NOT Token
At the heart of the Notcoin ecosystem is the NOT token, which is designed to actively involve users in the project’s development. Participants who engage with new games and delve into Web3 projects earn NOT tokens, thereby fostering a community-driven platform.
This model not only allows users to influence the project’s direction but also promotes equitable resource distribution and empowers the Notcoin community. The rising value of the NOT token mirrors the broader growth and increased activity within the TON blockchain.
The bullish sentiment surrounding TON is further reinforced by a significant investment from Pantera Capital, a venture capital firm. This recent financial injection into The Open Network marks a crucial milestone, confirming the growing interest and confidence in TON’s potential, particularly as it continues to integrate and expand within Telegram’s extensive user network.
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