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Toncoin (TON) continuously grew its activities in all of Q2, on a mix of new users and an inflow of native Tether (USDT).
Toncoin (TON) turned into one of the most widely used and accessible chains, carrying several trends with high daily activity. In the past quarter, Toncoin carried more than $9B in volumes, based on the creation of close to 600M native USDT.
The USDT outstanding supply remained flat since June, at 579M tokens.
July turned into a highly active month for Toncoin, based on mini-apps and especially Hamster Kombat and its competitors. Toncoin, the rebranded TON blockchain, is tapping a new mix of social media channels with the possibility to directly use crypto.
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The chain has carried trading bots and pump channels for years, but it was the generation of USDT and the mini-apps that increased its activity. Additionally, Toncoin carries its own selection of meme tokens and hosts token generation almost constantly.
The Toncoin-based USDT is becoming more widely accepted, as even Binance started to carry the asset. The native USDT allows Toncoin users to access more liquid swaps. Toncoin now carries both JUSDT, which is a bridged asset, as well as the native USDT, with the potential to swap between them.
The presence of USDT helps the Telegram ecosystem of advertisements, which boost channel revenues and bring in new users and mini app creators.
After integrating native USDT @Tether_to on TON in April, the network has now handled over $9.29B of total transfer volume and has increased by 124% month-over-month from June.
Moreover, user activity has experienced similar growth during this time, as total transactions… pic.twitter.com/43dyCmCZZV
— David Alexander II (@Mega_Fund) July 13, 2024
Toncoin increases fees, but lags in decentralized finance
The usage of Toncoin also translated into increased fees. Over the past two weeks, Toncoin fees rose by 50%, from about 100K daily to 150K daily. Active daily users on Toncoin are still close to 500K per day, close to the results for Ethereum and Solana. Toncoin topped 3.8M users on a monthly basis, mostly due to decentralized trading.
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In the past few months, Toncoin relied mostly on native projects and tokens. The transfers from Ethereum slowed down, due to the creation of native USDT. Toncoin is connected to 10 additional chains via Orbit Bridge, with more than $32M locked in the contract.
At the same time, Toncoin still lags in terms of decentralized finance, with under $800M in value locked. One of the reasons for the lag is that Toncoin relies on native apps, and does not host versions of Uniswap or Aave. Most Toncoin apps are single-chain, despite the compatibility with the Ethereum Virtual Machine.
DeDust remains the biggest DEX on Toncoin, carrying around $16M in daily volumes, but also having the capacity to list all new tokens. DeDust saw explosive growth since June, growing its total value by 400% to nearly $400M. The inflow of high-profile meme tokens and higher liquidity boosted the importance of DeDust for the Toncoin ecosystem.
Toncoin gets boost from daily earnings quests
One of the new trends in July that is adding to the growth of the Toncoin user base are daily quests and game combos. Social media channels and chats offer combinations of points, as well as token-based rewards.
The inflow of users brought TON, the native asset of Toncoin, to a weekly peak of $7.54. TON is yet to recover its one-month peak above $8. Notcoin (NOT), one of the earlier assets on Toncoin, rallied harder, gaining nearly 10% in an hour. NOT went vertical, trading at $0.016, down from lows of $0.014. More optimistic predictions see TON going as high as $10, despite the lack of listings on the most prominent centralized exchanges.
Most new users are directed toward Notcoin, Hamster Kombat, TapSwap and Yescoin, with various daily tasks. Only a part of overall activities end up with on-chain transactions, but they are growing Telegram’s user base.
As a result, the Telegram app now has crypto channels as its top 10 most visited, spearheaded by Hamster Kombat. All Toncoin and Telegram tap-to-earn games have risen close to the top channels.
Not all tap-to-earn games are based on the Toncoin blockchain. Some tokens or earnings coming in from Base, due to its minimal friction and fees. Toncoin users are a mix of older crypto enthusiasts, with an added group of new arrivals from tap-to-earn games.
Cryptopolitan reporting by Hristina Vasileva