Toncoin (TON) has emerged as a robust player in the cryptocurrency market, handling over $9 billion in transactions during the second quarter, driven by a surge in new users and the integration of native Tether (USDT). The network saw heightened activity primarily due to mini-apps and popular games like Hamster Kombat. Despite an increase in transaction fees, Toncoin maintains a high daily user count nearing 500,000, comparable to leading chains such as Ethereum and Solana. The inflow of USDT has also facilitated more liquid asset swaps, enhancing its appeal. However, Toncoin continues to face challenges in decentralized finance, with less than $800 million in value locked, largely due to its reliance on native applications rather than established DeFi protocols. Overall, the rise in daily quests and game combos has significantly contributed to Toncoin’s expanding user base, particularly through the Telegram ecosystem.
How Did Toncoin (TON) Manage to Handle Over $9 Billion in Transactions in Q2?
In an ever-evolving digital currency landscape, one blockchain finds itself at the center of tremendous activity in the second quarter of the year—Toncoin (TON). The numbers bear proof to its growing influence, having handled transactions over $9 billion in value. How did this happen, and what does it signify for the future of Toncoin and its broader ecosystem?
Continuous Growth and New User Inflow
Toncoin (TON) saw a consistent rise in activities throughout Q2, fueled by the influx of new users and the incorporation of native Tether (USDT). The surge in activities isn’t happenstance but rather the result of deliberate strategies and innovations.
Factors Contributing to Growth:
- User Inflow: A substantial increase in new users joining the Toncoin ecosystem.
- Native USDT: The creation of close to 600 million native USDT tokens significantly impacted the transaction volume.
These factors collectively contributed to TON turning into one of the most widely used and accessible chains, riding various trends marked by high daily activity. Despite a stalled outstanding supply since June at 579 million tokens, Toncoin still maintained a notable performance.
July: A Month of High Activity
July saw a spike in activity primarily due to mini-apps like Hamster Kombat and its competitors. The rebranding to the TON blockchain opened new avenues by integrating social media channels with the capabilities to use crypto directly.
Further, the chain has been home to trading bots and pump channels for years. However, the advent of USDT and mini-apps substantially boosted its activities. Additionally, Toncoin facilitates its meme tokens and a continuous stream of token generation.
Key Points:
- Mini-apps like Hamster Kombat drew significant user engagement.
- Integration with social media channels facilitated direct crypto usage.
- A consistent flow of meme tokens and other native assets persisted.
Toncoin and USDT Integration
With the introduction of native USDT, the Toncoin ecosystem became more accessible and liquid. Major platforms like Binance have now listed native USDT, providing users with efficient means for liquid swaps. In turn, this has fostered an environment in which advertisements within the Telegram ecosystem thrive, channeling more revenue and attracting new users and mini-app developers.
Fee Increase but Decentralized Finance Lags
The heightened usage of Toncoin has also translated to increased network fees. Over the past two weeks, fees surged by 50%, moving from approximately 100,000 daily to around 150,000 daily.
Statistics:
| Parameter | Value |
|---|---|
| Daily Users | ~500,000 |
| Monthly Users | 3.8 million |
| Fee Increase | 50% (from 100K to 150K daily) |
However, Toncoin lags in terms of decentralized finance (DeFi), holding less than $800 million in value locked. The chain does not currently host versions of well-known DeFi platforms like Uniswap or Aave, which predominantly operate on single-chain applications, despite the compatibility with the Ethereum Virtual Machine (EVM).
Top Decentralized Exchanges:
- DeDust:
- Daily volumes: ~$16 million
- Total Value: Nearly $400 million
- Growth since June: 400%
DeDust stands out as the largest decentralized exchange on the Toncoin network, benefiting from high-profile meme tokens and enhanced liquidity, making it a crucial component of the ecosystem.
Boost from Daily Earnings Quests
Complementing its diverse offerings, the Toncoin ecosystem has capitalized on a new trend—daily quests and game combos. These incentives have played a significant role in driving user growth, attracting both new and seasoned crypto enthusiasts.
- User Engagement: Daily quests and token-based rewards draw active participation.
- Significant Assets:
- TON achieved a weekly peak of $7.54.
- Notcoin (NOT) saw a remarkable hourly surge of almost 10%.
Many new users gravitated towards popular assets like Notcoin, Hamster Kombat, TapSwap, and Yescoin, each offering specific daily tasks, contributing to a spike in on-chain activities and growing Telegram’s user base.
Telegram’s Crypto Channels on the Rise
Telegram, the instant messaging service, has seen its crypto-related channels rocket to prominence, largely due to Toncoin-based games and activities. Notably, tap-to-earn games have become highly popular, birthing a synergy between social media and cryptocurrency incentives.
- Top Channels: Crypto channels, especially those connected to Toncoin, dominate Telegram’s user base.
- Diverse Engagements: Users are a mix of traditional crypto devotees and newcomers drawn into the ecosystem via tap-to-earn games.
Despite some of these games and tokens operating on alternative networks like Base due to lower friction and fees, the overwhelming majority are firmly based in the Toncoin ecosystem.
Conclusion
Toncoin (TON), through deliberate strategies and innovations, has transformed into a highly active blockchain, handling transactions worth more than $9 billion in Q2. The integration of native USDT, along with the rise of mini-apps and game-based user engagement strategies, has considerably boosted the network’s activities. While the blockchain has seen increased fees and user engagement, it continues to lag in DeFi compared to other major networks. Nonetheless, the continuous evolution and adaptability of Toncoin present a lot of potentials and merit close attention for future developments.