TON outperforms Bitcoin by 118% in 2024, differentiating itself from other layers 1

According to CryptoQuant’s latest analysis, TON has become one of the top performing Layer 1 blockchains in 2024.

Demonstrating a remarkable 118% outperformance against Bitcoin since the beginning of the year, TON has stood out in stark contrast to other popular Layer 1 chains, which have struggled to gain momentum.

Among the major blockchains, only TON and BNB have significantly outperformed Bitcoin in this period, according to the intelligence resource. This relative strength, combined with the robust network effect provided by Telegram, positions TON as a particularly noteworthy cryptocurrency to monitor during this bull run.

Overview of the TON network

Despite a turbulent start, Telegram Open Network (TON) has seen significant growth over the past year, establishing itself as one of the largest projects in the cryptocurrency industry by total market capitalization.

This increase can be attributed to its vibrant and expanding ecosystem, which has attracted a growing number of developers and users. Increased engagement and innovation within the TON blockchain has fueled its rise.

A notable project on the TON network is Notcoin (NOT), which began as a viral Telegram game aimed at introducing Web3 users to the blockchain. Notcoin’s white paper is unconventional, consisting of nine pages, with the first page titled “Notcoin White Paper November 2023” and the remaining eight pages being blank.

It launched simultaneously on Binance Launchpool and OKX Jumpstart, with a total supply of 102,719,221,714 NOs in circulation. In a recent development, Notcoin announced that it would donate 1.03 billion NO, equivalent to $6.8 million, to Telegram founder Pavel Durov and Telegram.

Teaming up with Tether

Supporting TON’s performance are several key partnerships The Open Network has undertaken over the past two months. Most recently, prominent stablecoin issuer Tether and The Open Network teamed up with the Oobit mobile app to facilitate USDT to fiat transactions.

The move will allow TON users to use Oobit’s Tap & Pay technology to pay fiat merchants while spending USDT. The app integration will also simplify transactions with Tether’s USDT and Tether Gold (XAUt) on the TON network.

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