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Cryptocurrency News Articles
TON Blockchain Ecosystem Report: 900 Million Active Users, $350 Million TVL, and the Potential to Disrupt Ethereum
Sep 17, 2024 at 05:04 pm
Global, 17th September 2024 – Bitget, the leading cryptocurrency exchange and Web3 company, has released an extensive report outlining the current
Cryptocurrency exchange and Web3 company Bitget has released a report on the TON ecosystem, highlighting its strengths, weaknesses, and future prospects.
The report notes that TON boasts an impressive 900 million active user base, largely concentrated in the Commonwealth of Independent States (CIS) region, particularly Russia and Ukraine. Following closely behind are users from India, Brazil, and the United States.
The network plays host to a diverse range of projects, including cross-chain bridges, decentralized finance (DeFi) protocols, launchpads, and a multitude of other services.
Over the past year, the TON ecosystem has witnessed a remarkable 12x increase in daily transaction volume, surging from 100,000 to 1.2 million transactions per day. Notably, total value locked (TVL) has also experienced an astronomical 18x (approx. 1800%) growth in less than six months.
This surge in ecosystem adoption has directly impacted the native TON token, which now trades at an average price of $5.5.
“We've observed a large number of users actively participating in TON-related projects, which is largely driven by the ecosystem's strong community engagement and seamless integration with exchanges. Recently, standout projects like DOGS have garnered immense attention, and we're excited to continue supporting and fostering the growth of these groundbreaking initiatives,” said Gracy Chen, CEO of Bitget.
The report highlights TON's deep integration with Telegram, which has facilitated the widespread popularity of various on-chain gaming applications and bots. These integrations have played a pivotal role in attracting a massive influx of users and boosting trading volumes.
Furthermore, the ecosystem has forged strategic collaborations with USDT through the TON Foundation, as well as HashKey Group, Fireblocks, DWF Labs, and several other parties.
According to the report, TON's multi-chain architecture, asynchronous smart contract calls, proxy solutions, and other unique features set it apart from Ethereum and offer vast potential for growth.
“Integrating with the TON and Telegram ecosystem has been a game changer for Bitget Wallet. We're able to tap into Telegram's vast user base and seamlessly bridge Web2 and Web3, ultimately creating a user-friendly and accessible experience for millions,” said Alvin Kan, COO at Bitget Wallet.
“This has fueled our growth to over 30 million user base with 12 million monthly active users, and makes us the No. 1 Web3 wallet by app downloads worldwide. It's clear that the future of Web3 lies in making it intuitive and integrated with platforms people are already familiar with,” he added.
Notably, Bitget Wallet is utilized by 68% of Telegram game users and contributes 17% of active addresses on the TON network for the current month.
Through its close integration with Web2 social platforms like Telegram, Bitget Wallet has emerged as the Most Downloaded Web3 wallet for two consecutive months and boasts over 12 million monthly active users.
However, the report also identifies areas where TON falls short, such as its limited trading activity and lack of robust lending options.
The report concludes that demand for DeFi, lending, gaming, and other sectors is driving the need for the ecosystem's services. To sustain growth, the TON ecosystem must address its DeFi shortcomings, expand beyond the CIS region, and navigate regulatory challenges.
The report ultimately projects that the TON blockchain will continue to leverage Telegram's user base, gradually trending towards “de-Telegramization” in the long run to mitigate regulatory risks associated with Telegram.
Otherبروابط ذات صلة
Bitget Launches Spot Trading for TON/USDT Pair with Zero Maker Fees
Breaking: Bitget Announces Integration with TON Blockchain Ecosystem
Bitget Wallet Surges Past 30 Million Users, Leads Web3 Integration with TON, Aptos
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