TON surpasses Ethereum in daily active users What lies ahead for Web3
The Telegram Open Network (TON), originally created to enhance the popular messaging app, has surpassed Ethereum (ETH) in daily active addresses for the month of June.
Despite regulatory challenges causing Telegram to step back, an independent community has fueled TON’s growth by leveraging Telegram’s vast user base of 900 million and integrated crypto wallet. Delphi Digital highlighted TON’s impressive growth in a recent post on X (formerly Twitter), noting that TON’s daily active addresses have exceeded those of Ethereum.
They credited Telegram’s massive user base for this achievement but questioned whether TON’s growth could be sustained long-term to permanently surpass Ethereum. Daily active addresses (DAA) are defined as the number of unique wallets engaging in transactions on a blockchain each day.
Since May 17, TON and Ethereum have been neck and neck, with TON taking the lead at the beginning of June, outperforming Ethereum on 10 out of the first 11 days. On June 3, TON reached a record 568,300 DAAs, a level Ethereum hasn’t seen since September 13, 2023.
Despite Ethereum actively migrating transactions to layer 2 scaling solutions, TON has seen a surge in activity driven by mini-applications like chatbots and games. Notcoin, a popular game on Telegram with over 35 million users, launched its cryptocurrency NOT in May, reaching a market cap of $2.1 billion.
Additionally, TON-native trading bots like sTONks and the introduction of Telegram Stars, an in-app currency for digital purchases, have enhanced user interaction and further driven TON’s growth. The Total Value Locked (TVL) in TON has skyrocketed from $22.9 million to over $500 million since March, marking an impressive increase within just three months.
The number of active Toncoin wallets has surged from 1.28 million at the start of 2024 to over 8 million, reflecting the network’s expanding user base and increasing adoption of Toncoin for various financial activities. Crypto influencer Crypto King recently recommended Toncoin to new investors, predicting a significant price spike potentially reaching $10 in the near future.
In a technical analysis, crypto analyst Ali Martinez identified a potential 40% breakout for Toncoin, targeting an ambitious price point of $11. At the time of writing, Toncoin is trading at $8.03, reflecting a 6.63% increase over the past 24 hours.
The rise of TON showcases the growing trend in the crypto ecosystem, where platforms that successfully integrate blockchain technology with existing user bases can experience rapid growth. While Ethereum remains a major player with its layer 2 solutions, TON’s success demonstrates the dynamic and competitive nature of the crypto market.