The Open Network (TON) has emerged as a leading Layer 1 blockchain solution in recent months, gaining significant traction. In September, TON accounted for over 50% of all Layer 1 blockchain transactions, outperforming notable competitors such as Ethereum (ETH) and Avalanche (AVAX), as reported by CryptoQuant.
Key Factors Driving TON’s Success
TON’s remarkable growth can be attributed to several high-profile token launches. DOGS, one of the earliest projects on the network, attracted a staggering 28 million monthly active users (MAU). Other projects like CatizenAI and Rocky Rabbit saw significant attention, each boasting 18 million MAUs. Additionally, Watbird reached 12 million MAUs, while Hamster Kombat achieved an impressive 110 million MAUs, contributing to the overall growth of TON.
Solana Maintains Lead in Key Metrics
Although TON’s transaction volume has surged, Solana (SOL) remains the leader in Layer 1 chains in terms of both transaction count and daily active wallets. According to Artemis data, Solana processed over 1.1 billion transactions in September and recorded 3.9 million daily active addresses.
While TON ranked second in transaction volume with 212.5 million transactions as of September 30, it was surpassed by both Solana and NEAR Protocol in terms of daily active wallets, with 2.1 million daily active addresses reported for the same period.
Bitget’s Bullish Predictions for TON
Bitget, a cryptocurrency exchange and a significant investor in the Open Network Foundation, provided an optimistic outlook for TON in its September report. One of the key forecasts is the “de-Telegramization” of the TON ecosystem, suggesting that TON may need to distance itself from Telegram to avoid regulatory risks. Telegram has been facing increasing scrutiny, which has already impacted the TON ecosystem.
For instance, following the arrest of Pavel Durov, CEO of Telegram, on August 25, the price of Toncoin, TON’s native cryptocurrency, dropped by 17.6%. The total value locked (TVL) on the TON blockchain also saw a sharp decline, with a single-day drop exceeding 60%. As of September 30, TON’s TVL stands at approximately $427 million, a 45% drop from its peak of $776 million in July 2024.
Toncoin’s Strong Performance Despite Setbacks
Despite the setbacks caused by Durov’s arrest, Toncoin has managed to deliver strong performance in 2024. Since the start of the year, Toncoin has gained an impressive 149%, with its price rising from $2.27 on January 1 to $5.82 at the time of writing. In comparison, Bitcoin (BTC) saw a more modest 51% increase, rising from $43,835 to $64,029 over the same period.
According to Bitget’s report, Toncoin is expected to outperform Bitcoin in a bullish market, and institutional interest in TON is projected to grow, particularly through over-the-counter (OTC) purchases.
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