TON’s TVL doubled within three weeks to reach an all-time high of $605 million on Monday.
The decentralized layer-1 blockchain, The Open Network (TON), has grown into one of the most popular chains and is seeing high activity as users flock to the ecosystem.
A CryptoQuant Quicktake by an analyst revealed that the network’s on-chain metrics are skyrocketing, with its daily transfer volume reaching 10% of Bitcoin’s figures. These parabolic metrics highlight the network’s unwavering growth.
TON Reaches 10% of Bitcoin’s Capacity
The average daily transfer volume of Bitcoin is $50 billion. At the time of writing, TON’s daily transfer volumes hovered between $5 billion to $10 billion. TON’s figures indicate that the network has achieved around 10% of Bitcoin capacity despite being a few years old.
Besides the surge in the total value of transactions conducted daily on the TON blockchain, the number of on-chain holders of The Open Network’s native token, Toncoin (TON), has skyrocketed. The analyst disclosed that the number of TON holders has risen 10x from 2.9 million a year ago to 32 million at the time of writing. This surge highlights the growing popularity of TON and its base network.
Earlier this week, CryptoPotato reported that TON’s total value locked (TVL) doubled within three weeks to reach an all-time high. The blockchain’s TVL hit $300 million in late May and then doubled, surging to $605 million on Monday. At press time, the TVL had increased to $620 million. This surge in TON’s TVL since early March underscores rising investor confidence in the decentralized finance network.
TON’s Metrics Surge
On-chain experts have traced the surge in TON’s metrics to several factors, including the launch of a Toncoin-based economy on the Telegram app. Telegram recently introduced an advertising system that pays 50% of revenue generated by channels to their owners exclusively in TON, not fiat. The initiative attracted unprecedented numbers of new users to the TON chain.
In addition, TON unveiled The Open League program in early April, introducing a long-term incentive program for TON users, teams, and traders. Through the program, the TON Foundation will disburse 30 million TON worth roughly $188 million to community members through airdrops, quests, and liquidity pools on the network’s decentralized exchanges.
Also, the presence of decentralized exchanges like Ston.fi and Dedust, as well as liquid staking projects, including Tonstakers and Bemo, have experienced significant TVL growth in the past two weeks, contributing to the development of the TON ecosystem.
Source: cryptopotato.com
