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Cryptocurrency News Articles
Toncoin Fees Hit All-Time High, Network Survives Stress Test During Hamster Kombat Airdrop
Sep 28, 2024 at 12:06 am
The Hamster Kombat airdrop set a record of activity on Toncoin. The fees during the event reached an all-time high, though the network did not stall
The Hamster Kombat airdrop sparked record activity on the Toncoin network, pushing fees to an all-time high. However, unlike the previous airdrop, the network remained stable.
According to Token Terminal data, the Toncoin chain generated over $364K in daily fees on September 26, the day of the airdrop. In addition to Hamster Kombat, the chain was also experiencing hype around the Catizen (CATI) airdrop and the first week of the asset’s trading.
Toncoin fees are notoriously unpredictable and tend to remain low even on days of high activity. The ultimate goal is to keep fees minimal for the end user, although the distribution of the HMSTR asset and related transactions did lead to higher cumulative fees.
The airdrop also saw a record number of active daily users – 1.6M in the past 24 hours. Hamster Kombat had the most visibility, being linked to the largest Telegram group with over 60M subscribers. In the first hour after the airchain processed over 1M transactions, having warned validators to prepare for the traffic.
The peak activity may be short-lived for Toncoin. The Hamster Kombat Telegram group lost over 600K subscribers following the airdrop, likely due to disappointment over the token allocation compared to the farming tasks.
Stablecoins drive Toncoin traffic
Several top meme tokens and recent airdrops made it into the top 15 of Toncoin ‘jettons,’ but Tether (USDT) surpassed all in terms of activity. As of September 26, USDT transfers were also rising in value, nearing their one-year peak.
A total of $139.6M in USDT was transferred through Toncoin, following over a week of increasing USDT volumes.
NOT remained the second most active token, with $242K in daily volumes. Around 40% of Toncoin users hold NOT, making it the most widely distributed asset. The first-mover advantage of NOT may also hinder the popularity of newer meme tokens, especially given the tedious tasks and missions.
USDT, however, had over 272K in daily volumes. HMSTR was still far from ranking among the top Toncoin assets, despite being the most high-profile mini-app.
The Toncoin chain also derived activity from the two topmost marketplaces, Ston.fi and DeDust. Ston.fi hosted 2.5M swappers, while DeDust attracted 778K traders daily.
The two exchanges were also crucial for USDT activity on the Toncoin chain, as both marketplaces paired all assets against the stablecoin.
USDT also had the highest value locked among native Toncoin jettons, with $22M in liquidity in its decentralized pairs.
The total value locked on the Toncoin ecosystem was slowly recovering from recent lows below $400M. At press time, the Toncoin chain had over $438M in value locked, still down 50% from its all-time peak.
However, liquid staking was contributing to the value and on-chain activity. Tonstakers had 223.23M in value locked, up 24.7% in the past month.
The native asset TON had also recovered well above $5. Following the recent overall market recovery, TON was trading at $6.04 at press time.
Hamster Kombat holders rush to sell
A day after the Hamster Kombat airdrop, the token began to decline, shedding up to 30% of its value. At press time, HMSTR was trading at $0.006, down from its initial price of $0.009.
On decentralized exchanges, Hamster Kombat was the third most active pair. However, Toncoin-based DeDust favored DOGS and Notcoin (NOT), as well as Catizen. HMSTR had only 6048 market makers and less than 7K transactions for DEX trades.
In comparison, the recently launched Catizen (CATI) had 10,276 market makers and over 11K transactions to the DeDust DEX.
Most Hamster Kombat farmers received a relatively small allocation, amounting to around $30 for completing hundreds of hours of tasks. HMSTR holders were also unable to sell immediately and had to watch as their asset lost value on both DEX and centralized exchanges.
On the positive side, the Toncoin chain passed the stress test, as validators were prepared for the additional traffic. The network processed a total of 16M daily transactions on average, around 10 transactions per user.
This story was reported by Hristina Vasileva for Cryptopolitan.
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