TON Network transaction volume soars, outpacing Layer 1 competitors
3 min readThe Open Network (TON) has cemented its position as one of the leading Layer 1 solutions in recent months. After all, in September, TON captured more than 50% of all Layer 1 transactions, surpassing competitors such as Ethereum (ETH) or Avalanche (AVAX). This is according to data from CryptoQuant.
The Open Network (#TON) is emerging as a leading Layer-1 solution
“In the past month… $TON captured over 50% of all Layer 1 transactions during this period, largely driven by several major token launches.” – By @JA_Maartun
Read more 👇https://t.co/0Er9EerVrc pic.twitter.com/hEI4feAwnM
— CryptoQuant.com (@cryptoquant_com) September 30, 2024
The success of the TON network can be attributed to several token launches. Just to give you an example, DOGS, one of the first major projects on the network, attracted 28 million monthly active users (MAU).
Meanwhile, CatizenAI and Rocky Rabbit, both with 18 million MAU each, also gained significant attention. Watbird and Hamster Kombat further contributed to the growth of the TON network, with Watbird attracting 12 million MAU and Hamster Kombat reaching an impressive 110 million MAU.
Solana maintains the lead
However, CryptoQuant excluded Solana (SOL), BNB Chain (BNB), and NEAR Protocol (NEAR) from its overall analysis.
Based on Artemis data and the additional chains included in the analysis, the Solana network continues to lead all Layer 1 chains in terms of transaction count and daily active wallets. As of September 30, Solana had processed over 1.1 billion transactions for the month and had gained 3.9 million daily active addresses.
In comparison, the TON network performed well but was outperformed by Solana in both categories. TON has reached 212.5 million transactions so far in September, securing the second place in terms of transaction volume.
However, in terms of daily active wallets, the TON network has been surpassed by Solana and NEAR Protocol , with 2.1 million daily active addresses (all data as of September 30).
Bitget predicts the “de-telegramization” of the TON network
Bitget , a cryptocurrency exchange and major investor in the Open Network Foundation, outlined bullish predictions for the TON ecosystem in its latest September report.
One of the report’s key predictions is a potential “de-telegramization” of the TON ecosystem. As Telegram faces increasing regulatory scrutiny, Bitget suggests that TON may need to distance itself from the messaging app to mitigate the associated risks.
While TON will likely continue to rely on Telegram’s user base in the short term, the report predicts a long-term trend toward greater independence.
“The news of the arrest [of Telegram CEO Pavel Durov on August 25] had a significant impact on the TON ecosystem. As a result, the price of the TON token fell by more than 17.6% in the week following the arrest. In addition, the TVL on the TON network also saw a sharp decline, with a single-day drop exceeding 60%.”
As of September 30, the total value locked (TVL) of the TON network was approximately $427 million. This represented a 45% decrease from the peak of $776 million in July 2024.
In terms of token performance, Bitget predicts that Toncoin, the native cryptocurrency of the TON blockchain, will outperform Bitcoin in a bullish market. The report also predicts increased institutional interest in the TON network, with many institutions favoring over-the-counter (OTC) purchases.
Despite a significant drop following the arrest of Telegram CEO Pavel Durov in August, Toncoin has still managed to achieve a remarkable 149% return since the start of the year. After all, the price has risen from $2.27 on January 1 to $5.82 at the time of writing.
