As a researcher, I find the recent surge in activity on The Open Network (TON) intriguing, especially given the volatile state of the global crypto market and the cautious investor behavior we’ve seen. Telegram’s vast user base of 900 million seems to have given TON a significant edge over Ethereum in terms of daily active users.
As a market analyst, I’ve observed a tumultuous week in the global cryptocurrency landscape, marked by volatile prices and hesitant investor sentiment. Amidst this turmoil, The Open Network (TON), supported by Telegram, has shown remarkable resilience and experienced substantial growth in daily user activity. In fact, it has surpassed Ethereum‘s current user base.
As a researcher studying the cryptocurrency market over the past few weeks, I’ve noticed a significant competition between TON and Ethereum in terms of user activity. Surprisingly, TON has managed to gain an edge due to Telegram’s massive user base of 900 million. For the last ten consecutive days since mid-June, TON has surpassed Ethereum in user activity.
On June 3rd, there were 568,300 daily active addresses (DAAs) on the blockchain as per Artemis’ data, marking a significant achievement for the network. In comparison, Ethereum last recorded such high activity back on September 13, 2023.
A Deeper Look
The disparity in performance between Ethereum and TON may be explained by several factors, one of which is that a large portion of user activity on Ethereum has shifted to layer 2 scaling solutions, which were not taken into account when comparing the two networks.
As a crypto investor, I’ve observed that Ethereum’s network can get quite congested, leading to high transaction fees. To address this issue, scaling solutions have been developed with the aim of improving the network’s capacity and processing power. Instead of relying solely on the main Ethereum blockchain, these solutions enable transactions to be handled off-chain, thereby reducing network congestion and fees for users like myself.
As a result, most of the activities on the chain have shifted to the L2s.
As an analyst, I’ve observed that on June 11th, a total of 1.3 million daily active addresses were recorded across the top three Ethereum layer 2 networks: Arbitrum, Base, and Optimism. This observation suggests that while Ethereum’s main network might appear less bustling, there is indeed significant activity taking place on these secondary layers.
New Milestone and Market Performance
As a crypto investor, I’ve observed an impressive surge in TON‘s growth, despite some unfavorable comparisons to other projects. Even amidst the recent global market downturn, TON’s native token, Toncoin (TON), hit a significant milestone, reaching a peak price of $7.76 earlier this month – its highest value since its launch.
As an industry analyst, I’ve observed a 12% decrease in the token’s value since then. Nevertheless, my outlook for its future remains positive.
As a pseudonymous analyst, I’ve made the forecast that TON may hit the $10 mark within the upcoming weeks. The reason behind this prediction is rooted in three key factors:
One expert, Alex Clay, shares the same perspective, pointing out that TON retains a bullish formation notwithstanding the current market downturn. According to him, this cryptocurrency may potentially hit $10.5 and $11.6 within the near future.
Based on the latest figures from Token Terminal, I’ve observed that although TON‘s price has taken a hit recently, underlying metrics indicate a promising outlook for the long term. Furthermore, an in-depth analysis of the network’s performance during the previous month has yielded valuable insights.
Over the past thirty days, the fully diluted market capitalization of TON grew by a noteworthy 3.6%, while the community expanded significantly with a 76.3% increase in token holders. Moreover, both revenue and fees experienced substantial growth, totaling approximately 26.0%.
As a crypto investor, I’ve observed that the trading volume for TON has decreased by 11.6%. However, I believe this decrease doesn’t accurately reflect the strong underlying growth trend of this cryptocurrency. The other metrics, such as user activity and network expansion, suggest a healthy and thriving ecosystem for TON. Therefore, while the trading volume may be down, I remain optimistic about TON’s future prospects.
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2024-06-13 11:46