- Despite the regulatory concerns around Telegram in September 2024, TON dominated all other Layer 1 chains in a key metric.
- The blockchain’s success is tied to viral token launches within the month.
- TON’s potential has not gone unnoticed by leading industry players.
From initial troubles with the SEC to Telegram’s recent regulatory woes in France, the road has often been fraught with challenges for The Open Network (TON). However, despite these challenges, the blockchain and its users continue to show signs of resilience.
In the latest instance, the network has recorded yet another feat, showcasing its potential as a beacon of crypto adoption, utterly dominating its peers in a key metric.
TON Accounts for Half of All Layer 1 Transactions
Despite the regulatory concerns around Telegram in September 2024, TON dominated Layer 1 chains in a key metric. According to a September 30 report by CryptoQuant analyst J.A. Maartun, TON captured 50% of all Layer 1 transactions, excluding Solana and BNB, an impressive feat as the blockchain convincingly edged out other highly used blockchains like Ethereum, Polygon, and Tron.
Maartun attributed TON’s dominance in September to token launches from Telegram clicker app projects like DOGS, CatizenAI, Rocky Rabbit, Watbird, and Hamster Kombat. As highlighted by Maartun, these projects all boast millions of monthly active users, the largest being Hamster Kombat with over 110 million monthly active users.
TON’s most recent feat comes as it attracts support and integration from some of the blockchain industry’s biggest players.
Everyone Wants a Piece of the TON Pie
After listing TON in August 2024, Binance, in September 2024, confirmed that it was joining the TON ecosystem with a Telegram clicker game of its own called Moonbix. Per the project’s Telegram, the game has already attracted over 20 million monthly users.
Beyond Binance, on September 18, Bitget and Foresight Ventures announced a staggering $30 million investment to accelerate TON ecosystem growth, focusing on Telegram-based clicker apps.
On the Flipside
- The data likely also includes transactions from bots as network participants seek to game airdrops.
- Despite Bitget’s massive TON investment, a report from the firm has urged the network to expand beyond Telegram in light of the platform’s recent regulatory woes.
- Despite the TON network’s dominance in September 2024, the network’s eponymous native token only surged about 8%, per CoinGecko data.
Why This Matters
Despite now being an independent project, TON’s primary catalyst remains its deep ties and integrations with Telegram. As such, Telegram’s recent regulatory woes in France, including the arrest of its CEO Pavel Durov, sparked significant concern about the future of TON. The data from CryptoQuant, however, suggests that the network and its users have been undeterred by Telegram’s woes.
Read this for more on TON:
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