- June 14, 2024
- Posted by: [email protected]
- Category:
Telegram’s “The Open Network” (TON) blockchain has consistently outperformed Ethereum in terms of daily active addresses throughout this month. Delphi Digital, a prominent analytics firm, recently highlighted TON’s impressive growth in a post on X, attributing this achievement to Telegram’s massive user base of 900 million. They referred to this as “The Flippening CT ignores,” emphasizing that TON’s success is heavily reliant on Telegram’s extensive distribution network. However, Delphi Digital also raised questions about whether this growth can be sustained long-term to permanently surpass Ethereum.
Data from Artemis, which defines daily active addresses (DAA) as the number of unique wallets engaging in transactions on a blockchain each day, shows that TON and Ethereum have been closely competing since May 17. TON gained an edge at the beginning of June, surpassing Ethereum on 10 out of the 11 days so far. On June 3, TON set a record with 568,300 DAAs, a level Ethereum hasn’t reached since September 13, 2023. Despite these impressive figures, it’s important to consider the broader context. Ethereum has been actively pushing transactions to layer 2 scaling solutions, which have attracted significant user activity. This makes it somewhat unfair to compare the two directly. For instance, on June 11 alone, three of Ethereum’s top layer 2 solutions—Arbitrum, Base, and Optimism—boasted a combined 1.3 million daily active addresses. Ethereum co-founder Vitalik Buterin has been a proponent of using layer 2 solutions to scale the main blockchain as part of Ethereum’s roadmap.
TON’s recent surge in network activity could be attributed to several factors, including the integration of Tether (USDT) stablecoin on TON and the 35 million users who have joined Notcoin since its launch five months ago. Notcoin is a “tap-to-earn” token that users can earn by completing various social challenges. Additionally, Telegram introduced Telegram Stars, an in-app currency for digital purchases, on June 6. This feature allows users to make in-app purchases and is compatible with both iOS and Android devices.
Telegram’s messaging platform has also become a popular hub for crypto enthusiasts, with trading bots gaining significant traction among users. Last week, Telegram launched a new digital payment feature called “Telegram Stars,” allowing users to make in-app purchases. This move coincides with a surge in Telegram’s mini apps, which attract millions of users daily. One such app, Hamster Kombat, has recently gained millions of subscribers and became the No. 1 channel on Telegram in terms of users.
Moreover, Pixelverse, a Web3 Telegram-based gaming ecosystem, raised $5.5 million in a recent capital raise. The funding round saw participation from top investors in the crypto and Web3 gaming spaces, including Delphi Ventures, Merit Circle, and Mechanism Capital. Pixelverse’s success illustrates the growing interest and investment in Web3 and blockchain-based gaming ecosystems, which are becoming increasingly popular among users and investors alike.
While TON’s rise in daily active addresses marks a significant milestone, the broader landscape of blockchain technology continues to evolve rapidly. The competition between TON and Ethereum highlights the dynamic nature of the industry, where innovations and strategic moves can shift market leadership. As Telegram continues to expand its blockchain capabilities and integrate more features, it will be crucial to watch how these developments impact its standing in comparison to established giants like Ethereum.
