On-Chain Metrics of Toncoin ($TON) Are ‘Going Parabolic’, Says Blockchain Analytics Firm CryptoQuant

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As a seasoned crypto investor with a keen interest in decentralized technologies, I find the emergence of The Open Network (TON) as one of the most promising blockchains an intriguing development. Having closely monitored the market trends and analyzed various on-chain metrics, I am convinced that TON’s growth potential is significant.

The Open Network represents a decentralized blockchain system, originally brought into existence by Telegram Messenger. Its primary objective is to construct a swift, extensible, and intuitive blockchain infrastructure, capable of hosting an extensive array of decentralized applications (dApps) and solutions. The ultimate goal is to establish an interconnected network of decentralized systems, enabling them to communicate effortlessly, thereby amplifying the potential of blockchain technology by enhancing its efficiency and accessibility.

The Open Network’s native digital currency, Toncoin ($TON), plays a crucial role within its ecosystem. It functions as the preferred means for conducting transactions, making payments, and covering fees. Users can employ Toncoin to access services, enact smart contracts, and engage in network management. Furthermore, Toncoin rewards network contributors, such as validators, who ensure transaction processing and maintain the blockchain’s security.

The TON blockchain is engineered for impressive scalability, capable of managing millions of transactions each second. This achievement is due in large part to its innovative multi-blockchain structure. By generating multiple sub-chains, each responsible for distinct tasks, the network’s load is effectively dispersed and potential congestion is avoided. Security and decentralization are key priorities for this platform as well, empowering users to maintain custody of their valuable data and assets.

As an analyst, I would describe it this way: I believe that Toncoin and The Open Network are striving to create a dynamic environment where collaboration and innovation can flourish among developers, businesses, and users alike. By constructing a strong foundation, Toncoin aims to bridge the divide between mainstream acceptance and the decentralized realm, making blockchain technology more approachable and applicable for everyday life.

Here is the connection between Telegram, The Open Network, and Toncoin:

    Development by Telegram: The Open Network was originally developed by Telegram, with the goal of enhancing the efficiency and scalability of blockchain technology. The project aimed to integrate seamlessly with Telegram’s existing infrastructure, providing users with a robust decentralized ecosystem.Renaming and Rebranding: After facing regulatory challenges, Telegram decided to step back from the project. Consequently, the Telegram Open Network was rebranded as The Open Network, and the associated cryptocurrency, initially known as Gram, was renamed Toncoin.Current Management: The development and management of The Open Network are now handled by the TON Foundation, a community-driven organization. Despite Telegram’s withdrawal, the foundational technology and vision conceived by Telegram continue to drive the network’s evolution.Integration with Telegram: Toncoin is integrated with Telegram in various ways. For instance, users can use Toncoin for commission-free crypto transfers within the Telegram app and interact with Telegram Mini apps using the TON Wallet. This integration facilitates easy and seamless cryptocurrency transactions for Telegram users.

South Korea’s CryptoQuant firm reported today that The Open Network (TON) has become increasingly popular among blockchains, demonstrating notable growth across multiple on-chain indicators. According to CryptoQuant’s analysis, TON’s activity levels have been steadily climbing, pointing towards its expanding user base and rising adoption.

As a researcher studying the cryptocurrency market, I’ve noticed an intriguing observation from CryptoQuant regarding the growth of the TON blockchain. One indicator pointing to this expansion is the “TON Transfer Volume USD.” This metric measures the total value of transactions on the TON network, expressed in US dollars. CryptoQuant reports that this volume ranges between $5.0 billion and $10.0 billion. Compared to Bitcoin‘s average daily transaction volume of around $50.0 billion, such a figure stands out. For a blockchain that has only existed for four years, surpassing 10% of Bitcoin’s transaction volume is an impressive achievement, indicating TON’s robust transactional capacity and the increasing trust users have in it.

According to CryptoQuant, an essential metric to consider is the number of on-chain token holders of TON, also known as Holder Count. Over the last 12 months, there has been a remarkable surge in this figure, with it jumping from 2.9 million to an impressive 32 million. This substantial growth suggests that the demand for TON tokens is rapidly expanding and gaining popularity among users, as CryptoQuant points out. Such a significant increase in holders indicates a thriving and expanding user base, which contributes positively to The Open Network’s overall health and vitality.

The amount of transactions on the TON blockchain is surging, with daily transfer volumes ranging from $5.0 billion to $10.0 billion. For perspective, Bitcoin typically processes around $50.0 billion in transactions per day. This signifies that TON has already reached between 10% and 20% of Bitcoin’s transactional capacity.— CryptoQuant.com (@cryptoquant_com) June 20, 2024

As I pen this down (at 1:48 p.m. UTC on June 20), $TON is being exchanged for approximately $7.18, representing a 3.6% increase in the previous 24-hour span. This places it as the tenth most valuable cryptocurrency with an estimated market capitalization of around $17.57 billion.

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2024-06-20 17:08