Open Network (TON), the layer 1 blockchain linked to the social platform Telegram, has achieved a new milestone in its history.
According to data from CryptoQuant analysts, the L1 blockchain now has 100 million unique wallet addresses with non-zero balances. This represents a 95% increase from the start of the year, when the number of active users was “only” 4.3 million.
What’s behind TON’s growth?
TON’s surge in active users can be attributed to its partnership with Telegram. The social messaging platform initially created the TON blockchain under the name Telegram Open Network, but plans to integrate it into its ecosystem failed and they were forced to abandon the blockchain project. A new team of developers has picked up where they left off.
Telegram revived interest in TON in September 2023 and launched a cryptocurrency wallet on the L1 blockchain. Fast forward to this year, and various tap-to-earn gaming projects have started appearing on Telegram. The problem was that players would perform certain tasks to earn tokens that could be claimed via the TON mainnet.
One of the first clicker games to appear on the L1 network was Notcoin, which attracted millions of users. Other projects such as Dogs and Hamster Kombat soon appeared and captured the attention of millions of people. Telegram-based games are flooding the social app, welcoming more users to join the ecosystem.
CryptoQuant analysts highlighted that Telegram’s relationship with TON has helped bring millions of users into the cryptocurrency industry.
Will prices follow suit?
Despite TON’s latest milestone, the network’s native coin, Toncoin, hasn’t made much of an impression lately. At the time of this writing, the coin is selling for $5.19, representing a 1.4% price drop in the past 24 hours. The current price is down 37% from its all-time high of $8.24 in June 2024.
Last month, CryptoPotato reported that 80% of Toncoin holders have suffered losses due to the coin’s sharp decline. As the ecosystem grows and major cryptocurrencies like Bitcoin unlock higher prices, crypto assets are likely to rise in price again.
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