- TON’s non-zero wallets more than doubled in six months
- Growing user activity helped TON defy the broader market downturn in April
Telegram-linked Toncoin [TON] recorded the fastest network growth among the market’s leading cryptocurrencies in the last six months, according to a recent analysis.
TON’s user base doubles
As per Santiment’s report, non-zero wallets on the network more than doubled in the aforementioned time period to 16.8k. In comparison, blue-chip cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] noted a growth of ‘just’ 10% and 11%, respectively.
Here, it’s worth remembering that Bitcoin and Ethereum are much bigger networks and have a higher base vis à vis TON, a shorthand for The Open Network. Regardless, the parabolic growth in user base is a sign that the project has been gaining traction.
Source: Santiment
TON’s on-chain activity exploded last month, with daily active addresses hitting an all-time high (ATH) of 981 on 11 April. On average, around 500 addresses started interacting daily with a network that had not seen the count exceed 100 until as late as mid-March.
The number of new addresses entering the network also picked up pace, peaking at 613 on 11 April.
Source: Santiment
Telegram-powered growth
The sudden jump in usage stemmed from its increasing proximity to social messaging giant Telegram, which has made significant efforts to integrate the native token into its ecosystem.
The original developer of TON, Telegram introduced an ad revenue-sharing system wherein owners of public channels with at least 1,000 subscribers would get payouts in TON. Given Telegram’s monthly user base of 800 million, this is a significant market for TON to tap into.
TON also enabled minting of USDT, world’s largest stablecoin, on its network, allowing Telegram users to send it to each other’s wallets.
TON’s price shoots up in response
These integrations were reflected in TON’s price as it defied the broader downturn in April to log gains of 3.75%, according to CoinMarketCap.
Read Toncoin’s [TON] Price Prediction 2024-25
In the last 24 hours alone, TON was up by more than 12% to trade at $5.39. The latest surge was spurred by investments by Pantera Capital, one of the biggest digital assets-focused venture capital firms in the world. The company is betting big on TON’s utility on the Telegram app and its potential to go mainstream.