TON reaches 10% of Bitcoin’s daily transfer volume

The decentralized layer 1 blockchain, The Open Network (TON), has become one of the most popular chains and is seeing a lot of activity as users flock to the ecosystem.

A CryptoQuant Quicktake from an analyst revealed that the network’s on-chain metrics are skyrocketing, with its daily transfer volume reaching 10% of Bitcoin’s figures. These parabolic metrics highlight the unwavering growth of the network.

TON reaches 10% of Bitcoin capacity

The average daily Bitcoin transfer volume is $50 billion. At the time of writing, TON’s daily transfer volumes ranged from $5 billion to $10 billion. TON’s figures indicate that the network has reached about 10% of Bitcoin’s capacity despite being a few years old.

In addition to the increase in the total value of daily transactions on the TON blockchain, the number of on-chain holders of The Open Network’s native token, Toncoin (TON), has skyrocketed. The analyst revealed that the number of TON holders has increased 10-fold from 2.9 million a year ago to 32 million at the time of writing. This increase highlights the growing popularity of TON and its base network.

Earlier this week, CryptoPotato reported that TON’s Total Locked Value (TVL) doubled in three weeks to reach an all-time high. The blockchain’s TVL reached $300 million at the end of May and then doubled, rising to $605 million on Monday. At press time, TVL had increased to $620 million. This increase in TON’s TVL since the beginning of March highlights the increased confidence of investors in the decentralized financial network.

Increased TON metrics

Chain experts have traced the increase in TON metrics to several factors, including the launch of a Toncoin-based economy on the Telegram app. Telegram recently introduced an advertising system that pays 50% of revenue generated by channels to their owners exclusively in TON, not fiat. The initiative attracted an unprecedented number of new users to the TON chain.

In addition, TON introduced The Open League program in early April, introducing a long-term incentive program for TON users, teams and merchants. Through the program, the TON Foundation will disburse 30 million TON worth approximately $188 million to community members through airdrops, missions and liquidity pools on the network’s decentralized exchanges.

In addition, the presence of decentralized exchanges such as Ston.fi and Dedust, as well as liquid stake projects including Tonstakers and Bemo, have experienced significant TVL growth in the past two weeks, contributing to the development of the TON ecosystem.

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