Despite recent network hurdles, The Blockchain TON (Telegram Open Network) has once again picked up its pace as it witnessed a significant increase in on-chain activity, triggering rapid growth in the ecosystem. With the introduction of new projects to the platform, the network has seen a substantial increase in user engagement and transactions.
On-Chain Metrics on TON Blockchain Skyrockets
Marketing Strategist and Investor, Xeusthegreat common the positive development on X, a sparkling optimism within the community. The rise of on-chain activities indicates a growing interest in blockchain due to its resilience and low-cost ecosystem, thereby strengthening its competitive position in the industry. Decentralized Finance (DeFi) sector.
Activity on the TON blockchain managed to increase despite network disruptions and the arrest of Telegram 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, Tonstat data revealed that the number of active wallets increased by almost 400% between August and September 16.
Xeus, after further investigation to address speculation that this substantial growth could be triggered by bots, found that the number of wallets activated daily on the blockchain has been growing steadily, reaching 1 million or more each day. Additionally, the number of on-chain activated wallets now exceeds 19 million, while monthly active wallet metrics exceeded 9 million, marking its highest level since its inception.
Despite this growth, Xeus estimates that even half of the network’s potential has not been tapped so far, given the large user base of Telegram exceeding 900 million users. Although Telegram has given TON a strong foundation For development, blockchain has also progressed beyond platform dependence.
As the network experiences a wave of innovative new projects, the strategist says its DeFi ecosystem is about to move into full development mode, highlighting its imminent connection with Peas via a new JAMTON parachain.Given that Polkadot currently has over 48 parachains and plans to add another 100 or even 1,000, Xeus believes that this remarkable connection could have a huge impact on the future of blockchain.
Strong resilience and low cost ecosystem
Furthermore, Xeus pointed out that during the arrest of Telegram CEO Pavel Durovthe network’s TVL saw a sharp decline. However, whatever the incident, the number of TONNE Rigs locked for liquid staking have only increased, reaching over 57 million. Meanwhile, its TVL began to rise rapidly again, surpassing $400 million.
Xeus also mentioned that the transaction per second (TPS) of the blockchain has reached a new high, with over 100,000 TPS. According to Xeus, this step could catalyze the motivation of developers to create and launch projects on the network.
The increase in transactions could be attributed to its low transaction cost, which remains one of the cheapest in the industry. It is expected to drop even further with the integration of USDT and the introduction of gasless W5 wallets.
Featured image from LinkedIn, chart from Tradingview.com
