The Open Network (TON) blockchain has reached a major milestone: 1 billion transactions. More than half of them were made by users in just the last three months.
According to data Tonscanthe number of transactions in the TON network exceeded 1.04 billion.
What makes TON so popular
At the time of writing, the number of transactions per second (TPS) on the network is 114.06.
The Open Network is growing in popularity thanks to integration with Telegram, new features, and investments from major market players.
Last month, TON Core and Tonkeeper introduced a new W5 wallet standard. As part of the update, the developers implemented “gas-free” payments in the Tether (USDT) stablecoin. The upgrade contributed to an increase in transfers in the Open Network blockchain.
TON metrics. Source: Tonscan
In addition, the growth in the number of transactions is due to the popularity of the Telegram messenger. The boom in clicker games has led to a significant jump in the total value locked (TVL) of TON, which has increased by thousands of percent since the beginning of the year.
Venture giant Pantera Capital also invested in The Open Network this spring. Last week, it became known that the company had invested at least $100 million in the project.
TON’s Challenges
However, TON’s success has not been without its problems. The network has recently encountered problems – the launch of the DOGS memcoin has led to two failures in the blockchain.
From August 27 to 29, The Open Network processed 20 million transactions. More than 30% of these were DOGS transactions. The activity sent transaction fees to a six-month high.
Amid the disruptions and the arrest of Telegram CEO Pavel Durov, TON’s TVL has dropped to $350 million. Before the latest events, the figure was over $600 million, according to DefiLlama.
TON’s native coin, Toncoin, also suffered. According to CoinGeckoat the time of writing, the asset is trading at $5.19. Over the past two weeks, the cryptocurrency rate has fallen by more than 24%.
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Source: Cryptocurrency
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