The Open Network has hit a huge milestone by reaching 100 million holders, marking it as one of the fastest-growing blockchain networks in 2024.
This growth is largely attributed to its strong integration with Telegram and the rise of popular mini-apps like Hamster Kombat.
User needs
TON’s surge in users can be linked to its clear connection with Telegram, which allowed the project to achieve 100 million unique wallets holding a non-zero TON balance.
The integration enables users to access Web3 services directly through the Telegram app without needing to set up separate wallets, and with around 900 million active users on Telegram each month, this offers TON a vast audience for expansion.
Developers are also drawn to TON because of various monetization options for their mini-apps.
These include token issuance, in-app purchases, and advertising. For example, the popular game Catizen generated $26.4 million in revenue from in-app purchases, showcasing the financial potential for developers within the TON ecosystem.
Growth in DeFi activity
In July, TON surpassed $800 million in total value locked. This positions it among the top 20 blockchains based on the size of its DeFi ecosystem.
Originally developed by Telegram, TON was designed to integrate smoothly with the app, but after the U.S. SEC accused Telegram of conducting an unregistered securities offering in 2020, Telegram had to distance itself from TON and hand it over to independent developers.
Despite this separation, the integrations between Telegram and TON signals a strong connection between the two.
No expansion without challenges
One can speculate that while the popularity of mini-apps is driving growth for TON, it also leads to challenges such as network congestion.
For example, an airdrop related to DOGS caused temporary outages and increased transaction fees.
Next to this, since TON is associated with Telegram, it could face regulatory risks following the arrest of Telegram CEO Pavel Durov.
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