The Open Network (TON) blockchain has witnessed remarkable growth in its on-chain metrics throughout 2024, showcasing significant increases in trading volume, total value locked, active users, and daily transactions.
Surge in On-Chain Metrics
According to data from Artemis, the daily average trading volume on TON’s decentralized exchanges (DEX) skyrocketed from just over $2 million to $17.2 million in September. This amounts to an impressive 760% growth year-to-date.
Key Performance Indicators
- Daily Active Addresses: Increased from 26,274 in January to 902,737 in September, marking a staggering growth of 3,435%.
- Daily Transactions: Jumped 12-fold from 232,286 in January to 2,823,801 as of September.
- Total Value Locked (TVL): Rose 8 times, reaching $741.3 million in September, up from approximately $76 million at the start of the year.
Additionally, a recent research report by Bitget highlighted that the surge in network activity has positively impacted revenue from transaction fees. Users are spending around $75,000 daily, which translates to roughly $37,500 in daily contributions to TON blockchain validators.
On-Chain Gaming Dominance
TON has emerged as a leading network for on-chain gaming. A report by DappRadar on September 12 reveals that TON ranks as the sixth-largest blockchain for gaming, boasting an average of 177,000 unique active wallets (UAW) in August.
Geographical Insights
The report also indicates a strong link between the number of Telegram users in various countries and TON’s network activity. Notably, Russia stands out as a key player, contributing significantly to the network’s engagement due to its 35 million Telegram users.
Regional Participation
- The Commonwealth of Independent States (CIS) region shows robust participation in TON decentralized applications (dApps), with Belarus, Uzbekistan, Ukraine, and Kazakhstan ranking among the top countries for interactions.
- Countries in South Asia and emerging markets such as Brazil and Nigeria also exhibit substantial activity, especially in initiatives providing free token rewards.
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