The Open Network (TON), a layer-1 blockchain connected to the social platform Telegram, has actually achieved a brand-new turning point in its history.
According to information from a CryptoQuant expert, the L1 blockchain reached 100 million special wallet addresses with non-zero balances. This marks a 95% rise in active users because the start of the year, which was “just” 4.3 million.
What’s Behind TON’s Growth?
Load’s rise in active users comes from its ties with Telegram. The social messaging platform at first produced the TON blockchain under the name Telegram Open Network, prepares to incorporate it into its environment fell through, requiring the desertion of the blockchain job. A brand-new group of designers got from where it ended.
Telegram restored its interest in TON in September 2023, releasing its crypto wallet on the L1 blockchain. Fast-forward to this year, and different tap-to-earn video gaming jobs started emerging on Telegram. The catch was that gamers would carry out particular jobs to make tokens claimable by means of the TON mainnet.
Among the very first remote control video games to debut on the L1 network was Notcoin, which drew in countless users. Other jobs, such as Dogs and Hamster Kombat, quickly emerged, catching the attention of countless individuals. More Telegram-based video games have actually flooded the social app, inviting more users to join their environments.
CryptoQuant expert worried that Telegram’s ties with TON have actually assisted onboard countless users into the crypto market.
Will Price Follow?
In spite of TON’s newest turning point, the network’s native coin, Toncoin, has actually stopped working to impress just recently. At the time of composing, the coin cost $5.19, representing a 1.4% cost reduction within the previous 24 hours. The existing cost is a 37% drop from its all-time high of $8.24, seen in June 2024.
Last month, CryptoPotato reported that 80% of Toncoin holders are at a loss due to the coin’s sharp decrease. The crypto possession will likely as soon as again see rate boosts as its community grows and leading cryptocurrencies like Bitcoin unlock greater costs.
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