The Open Network (TON) has experienced a significant surge, with its price increasing by over 25.3% in 24 hours, reaching $6.91 at the time of writing. This rally has propelled TON's market capitalization to $23.4 billion, allowing it to surpass Cardano (ADA) and secure the position of the 10th largest cryptocurrency by market cap.
What Is Driving TON's Growth?
Recent data from Token Terminal indicates a notable rise in network activity on TON since February. Over the past seven days, the number of active addresses on the network exceeded 800,000, reaching 827,100—a 97.8% increase compared to the previous month. Although April is only halfway through, the monthly active user count on TON has already surpassed one million, which is 121% of the entire count for March.
According to DefiLlama, the Total Value Locked (TVL) on the TON network has increased by 661% over the last two months, now exceeding $144 million.
The Telegram Connection and Future Vision
TON is intrinsically linked to Telegram, a messaging platform with over 900 million users. This relationship provides TON with substantial growth potential. Steve Yun, President of the TON Foundation, has stated that their goal is to attract 30% of Telegram's user base to TON by 2028, which would translate to approximately 500 million active users on the network. However, throughout much of the past year, the price of TON remained below $3, with only moderate fluctuations.
The situation changed in 2024 when several announcements from Telegram significantly boosted market expectations for TON's growth.
Key Developments in 2024
On February 28, Telegram announced that its soon-to-be-launched advertising platform would utilize the TON network for transactions and withdrawals. Telegram official channels will share revenue with channel owners based on TON transactions.
On March 1, Binance listed TON for futures trading, increasing its accessibility and liquidity.
March 11 marked a significant milestone when Pavel Durov, Telegram's founder, gave his first public interview in five years. He revealed that since introducing ads and premium subscription services two years prior, the Dubai-based social media app had become one of the world's most popular platforms, generating revenue in the "hundreds of millions of dollars." Durov also mentioned, "We hope to become profitable this year or next. An IPO is inevitable."
These developments contributed to TON's price rising from around $2 in February, resulting in a monthly increase of over 100%.
TON Foundation's Initiatives
Beyond Telegram's announcements, the TON Foundation has been actively implementing measures to stimulate ecosystem growth, further driving TON's value upward.
On April 1, the TON Foundation announced the launch of its first Open League season. This initiative is designed to encourage user participation in TON ecosystem projects by distributing 30 million Toncoin to the community. Projects within the TON network compete monthly to earn prizes, while users can earn rewards by engaging with these projects.
A previous two-week pilot league season resulted in a 70% increase in TVL and a 370% rise in daily active wallets. The official season has generated even greater excitement, with TON's price increasing by over 30% since the league's launch. The reward pool is now valued at more than $200 million.
TON's Unique Position in Web3
During the Web3 Festival in Hong Kong, TON emphasized its unique advantages in "social scenarios" and showcased several representative projects within its ecosystem. One notable example is Catizen, a Web3 pet game that attracted over 1.3 million users within two weeks of launching on TON. The game achieved 210,000 daily active users and recorded more than 1.7 million on-chain transactions.
Innovations in Digital Identity
TON is also pioneering advancements in digital identity verification. TON Society has partnered with HumanCode, an AI project, to launch a $5 million incentive program that uses palm scanning for identity verification. HumanCode's technology allows users to verify their human identity through a simple palm scan, compatible with all smartphones. The program aims to provide secure digital identities to 500 million Telegram users over the next five years.
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Frequently Asked Questions
What is TON cryptocurrency?
TON is the native cryptocurrency of The Open Network, a blockchain platform closely associated with Telegram. It is used for transactions, network governance, and incentivizing participation within the ecosystem.
Why did TON's price increase recently?
TON's price surge can be attributed to increased network activity, strategic announcements from Telegram, new exchange listings, and ecosystem incentives programs launched by the TON Foundation.
How does TON benefit from its connection to Telegram?
Telegram's vast user base provides TON with a ready-made audience for adoption. Integration features, such as using TON for ad revenue sharing and digital identity, create real-world utility and demand for the cryptocurrency.
What is the TON Open League?
The Open League is a rewards-based competition organized by the TON Foundation. It encourages user engagement with TON-based projects by distributing Toncoin to participants, thereby boosting network activity and value.
Is TON a good investment?
Like all cryptocurrencies, TON carries investment risks. Its potential is tied to ecosystem growth, adoption rates, and broader market conditions. Prospective investors should conduct thorough research and consider their risk tolerance.
What is the long-term vision for TON?
The long-term goal is to onboard a significant portion of Telegram's user base into the TON ecosystem, creating a seamless integration between social messaging and blockchain-based services, including finance, gaming, and digital identity.