Despite recent network hurdles, The TON (Telegram Open Network) blockchain has picked up its pace once again witnessing a significant surge in on-chain activity, triggering a rapid growth in the ecosystem. With the introduction of new projects on the platform, the network has experienced a substantial uptick in users’ engagement and transactions.
On-Chain Metrics On TON Blockchain Skyrockets
Marketing strategist and investor, Xeusthegreat shared the positive development on X, sparkling optimism within the community. The surge in on-chain activities indicates a rising interest in the blockchain due to its resiliency and low-cost ecosystem, solidifying its competitive stance in the Decentralized Finance (DeFi) sector.
TON blockchain activity has managed to rise in spite of network disruptions and the arrest of Telegram’s founder Pavel Durov. According to the strategist, the network’s DEX Total Value Locked (TVL) and weekly active users have recently increased remarkably by over 71% and 56%. Additionally, data from Tonstat revealed that the number of active wallets rose by nearly 400% between August and September 16.
Xeus, after further investigation in order to address speculations that the substantial growth might be triggered by bots, discovered that the number of daily activated wallets on the blockchain has been rising consistently, reaching 1 million or more each day. In addition, the number of on-chain activated wallets has now topped 19 million, while the monthly active wallets metrics have surpassed 9 million, marking its highest level since inception.
Despite this growth, Xeus believes that not even half of the network’s potential has been achieved so far considering the large user base of Telegram exceeding 900 million users. Although Telegram has given TON a strong foundation for development, the blockchain has also progressed beyond dependence on the platform.
With the network seeing a wave of new innovative projects, the strategist claims that its DeFi ecosystem is about to transition to full development mode, highlighting its impending connection with Polkadot through a new JAMTON parachain.Since Polkadot currently has more than 48 parachains and intends to add another 100 and eventually 1,000, Xeus believes that this noteworthy connection could have a huge impact on the blockchain’s future.
Strong Resilience And Low-Cost Ecosystem
Furthermore, Xeus highlighted that during the arrest of Telegram CEO, Pavel Durov, the network’s TVL witnessed a sharp decline. Regardless of the incident, though, the number of TON locked-in platforms for liquid staking has only gone up, reaching over 57 million. Meanwhile, its TVL has begun to rise quickly once again, surpassing $400 million.
Xeus also mentioned that the blockchain’s Transaction Per Second (TPS) has reached a new peak, with over 100,000 TPS. According to Xeus, this milestone could catalyze developers’ motivation to create and launch projects on the network.
The rise in transactions might be attributed to its low transaction cost, which remains one of the cheapest in the industry. It is expected to drop even lower with the integration of USDT and the introduction of gasless W5 wallets.
Featured image from LinkedIn, chart from Tradingview.com
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