The Open Network (TON) blockchain, backed by Telegram, has been making waves in the crypto world. Recently, TON has outpaced Ethereum in terms of daily active addresses (DAA), achieving this feat on 10 of the last 11 days. This is a significant milestone, although it’s important to note that this comparison doesn't include Ethereum’s layer 2 solutions.
TON’s Market Status
As of writing this article, TON’s market status is as follows:
- Price: $7.61
- Market Cap: $18,506,409,306
- 24-Hour Trading Volume: $486,680,607
- Circulating Supply: 63,670,127 TON
- Total Supply: 2,432,801,627 TON
TON’s success can be attributed to its massive user base, courtesy of Telegram's 900 million users. Delphi Digital highlighted this on June 10, referring to the phenomenon as “The Flippening CT ignores.” They pointed out that TON’s growth is closely linked to Telegram’s distribution power.
Data from Artemis reveals that TON and Ethereum have been in close competition since May 17, when TON first surpassed Ethereum in daily active addresses. TON continued its momentum into June, with a record 568,300 DAAs on June 3. For context, Ethereum hasn’t seen such high numbers since September 13, 2023.
However, the comparison between TON and Ethereum isn't entirely straightforward. Many Ethereum transactions have moved to layer 2 scaling solutions, which means a lot of user activity isn't reflected in the main blockchain's DAA. For instance, on June 11, three of the top Ethereum layer 2s—Arbitrum, Base, and Optimism—collectively saw 1.3 million daily active addresses.
Ethereum co-founder Vitalik Buterin has been a strong advocate for using layer 2 solutions to scale the main blockchain, which is part of Ethereum’s roadmap. This shift to layer 2s makes direct comparisons with TON less fair.
Factors Driving TON’s Growth
Several factors have contributed to TON’s recent surge in network activity. Telegram’s integration of the Tether (USDT) stablecoin on TON and the launch of Notcoin, a “tap-to-earn” token, have played significant roles. Notcoin has attracted 35 million users since its launch five months ago, incentivizing them with rewards for completing social challenges.
Additionally, Telegram introduced Telegram Stars on June 6, an in-app currency for digital purchases. The popularity of Telegram trading bots has also boosted TON’s use on the platform.
How High Can TON Go in June?
Predicting the exact trajectory of TON is challenging, but if the current growth trend continues, TON could potentially see its price rise to around $10 by the end of June. This estimate considers the ongoing increase in user adoption and the expanding ecosystem of services integrated with TON.
Is It a Good Time to Buy TON?
Given TON’s impressive growth and the strong backing from Telegram, it appears to be a promising time to consider investing in TON. The steady increase in daily active addresses and the expanding utility of the TON ecosystem suggest a strong potential for future gains.
Where to Buy TON?
For those interested in purchasing TON, Bitget is a recommended platform. Bitget offers a user-friendly interface and robust security measures, making it a reliable choice for buying and trading TON.
Conclusion
TON’s recent performance in surpassing Ethereum in daily active addresses marks a significant achievement. While the comparison isn’t entirely fair due to Ethereum’s use of layer 2 solutions, TON’s growth is undeniable. Backed by Telegram’s vast user base and a suite of new features and integrations, TON’s future looks promising. For those considering an investment in TON, the current market conditions suggest it might be a good opportunity, especially through trusted platforms like Bitget.
