Telegram’s Blockchain TON Surpasses Ethereum in Daily Active Addresses
Summary:
Telegram’s blockchain, "The Open Network" (TON), has been outperforming Ethereum in daily active addresses nearly every day this month. Analysts suggest this may be due to Telegram's user base of 900 million. However, this does not account for Ethereum transactions occurring on layer 2 scaling solutions. TON's recent growth could be linked to Telegram integrating the Tether stablecoin on TON, the launch of in-app currency Telegram Stars, and the popularity of Notcoin and trading bots within the platform.
The Open Network" (TON), the blockchain of the communication app Telegram, has consistently outperformed Ethereum in the number of daily active addresses during the current month. Some analysts point to a possible quiet "flippening" driven by Telegram's substantial user base. However, the data may not fully depict the situation. Operating on the strength of Telegram's 900 million users, TON's stealthy expansion has propelled its daily active addresses above Ethereum, observes Delphi Digital on social media platform X as of June 10, coining it as the overlooked "flippening". "TON is riding on Telegram's dissemination prowess," adds Delphi, speculating about its potentially steady rise to eventually outshine Ethereum for good. Data derived from Artemis -- which interprets DAA as the count of distinct wallets conducting a daily transaction on a blockchain -- illustrate TON and Ethereum's close competition since May 17, when TON first exceeded Ethereum. TON has established its dominance at the onset of June, besting Ethereum on ten of the first eleven days of the month, including a record 568,300 DAAs on June 3. For scale, the last time Ethereum reached such a peak was back on September 13, 2023, according to Artemis data. However, due to the migration of Ethereum transactions to layer 2 (L2s) solutions, a fair chunk of user activity is conducted on L2 scaling solutions, possibly making this comparison slightly inadequate. On June 11 alone, Arbitrum, Base, and Optimism, three of Ethereum's top L2s, registered a combined total of 1.3 million daily active addresses. Ethereum’s co-founder, Vitalik Buterin, has advocated the use of L2s for scaling the primary blockchain aligning with the roadmap. TON's increased network activity can be linked to Telegram's recent introduction of the Tether (USDT) stablecoin on TON and the 35 million users registered on Notcoin since its initiation five months back. Notcoin is an "engage-to-earn" token which users can obtain by participating in various social tasks. In addition, Telegram launched its in-app currency, Telegram Stars, for digital purchases on June 6, and trading bots on the messaging platform have gained popularity in the crypto community.
Published At
6/13/2024 6:33:51 AM
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