Ethereum
Tone dethrones Ethereum in terms of active addresses
Fri June 14, 2024 ▪ 5 min read ▪ by Evans S.
Unexpected news has shaken the crypto community: Telegram’s blockchain, TON (The Open Network), has overtaken Ethereum in terms of daily active addresses. This phenomenon raises many questions and offers a fascinating insight into the forces at play in this ecosystem.
The rise to power
The rise of TON is impressive. This blockchainbacked by the popular messaging app Telegram, saw its daily active addresses surpass those of Ethereum throughout the last month.
According to a report from Delphi Digital, this growth is mainly attributed to Telegram’s massive user base, which reaches around 900 million.
The wide distribution and easy integration of Telegram users into the TON ecosystem played a crucial role in this rapid increase.
Digital Delphi describes this situation as a reversal, emphasizing that the success of TONNE could well be underestimated by some players in the cryptocurrency market.
However, the real question remains whether this meteoric growth is sustainable in the long term and whether TONNE can truly maintain its dominant position against a crypto giant like Ethereum.
Although it is tempting to directly compare TONNE In Ethereum, it is essential to note some important nuances.
For example, on June 11, the top three Ethereum Layer 2 solutions (Arbitrum, Base, and Optimism) together had a total of 1.3 million daily active addresses. These layer 2 solutions play a key role in the Ethereum ecosystem, increasing its transaction processing capacity and reducing fees, in line with the roadmap established by Ethereum co-founder Vitalik Buterin.
Factors Behind TON Growth
Several elements explain the recent increase in activity on the TONNE network. The integration of the stablecoin Tether (USDT) on TONNE certainly helped attract more users.
Furthermore, the launch of Notcoin, a “tap to win” token that allows users to earn rewards by completing various social challenges, was also a big factor. Since its introduction five months ago, Notcoin has already attracted 35 million users.
Telegram didn’t stop there. On June 6, the platform was launched Telegram stars, an in-app currency for digital purchases. This new feature has been well received by the crypto community, with rapid adoption across iOS and Android devices.
Telegram mini-apps, like Hamster fight, have also gained popularity, attracting millions of users every day. In this simulation game, players can increase their trading income by purchasing “upgrade cards” and completing quests.
Impact on the crypto ecosystem
The growth of activity on TONNE has significant repercussions on the entire crypto ecosystem. The rise of crypto-related features on Telegram, including trading bots and mini apps, has transformed the platform into a central hub for crypto enthusiasts.
For example, Hamster fight recently announced that it had become Telegram’s most popular channel in terms of users, demonstrating the far-reaching impact of these innovations. In addition, Pixelversea Web3 gaming ecosystem on Telegram, raised $5.5 million in a funding round with participation from leading investors in the crypto and Web3 gaming industries, such as Delphi Ventures, Circle of MeritAnd Capital Mechanism.
The impressive performance of TONNE against Ethereum raises intriguing questions about the future of cryptocurrencies. While TONNE continues to grow thanks to Telegram’s massive user base and constant innovations, Ethereum remains a major player with its layer 2 solutions and strong roadmap.
This situation reflects the dynamic and competitive nature of the crypto universe, where new forces are constantly emerging to challenge the established status quo. Regardless, these developments are a testament to the continued innovation and resilience of the crypto ecosystem.
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Evans S.
Fascinated by bitcoin since 2017, Evariste has never stopped researching the subject. If his first interest was in trading, he is now actively trying to understand all the advances centered on cryptocurrencies. As an editor, he aspires to continually deliver high-quality work that reflects the state of the industry as a whole.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.