The popularity of the TON blockchain (The Open Network) is growing. This can be explained in principle by the low transaction fees on this network. In this regard, another interesting fact is that the average transaction amount that users are making on TON does not exceed 100 dollars, which would reveal the increase in daily operations.
Linked to what was mentioned in the previous paragraph, the company Tether, issuer of the stablecoin USDT, released data that demonstrates the explosive growth that USDT has had in TON. This is due to the fact that The authorized issuance of USDT on Ton exceeded $1 billion. In addition, the company, reported that the current circulation of its stablecoin on this chain is $720 million.
Incorporate more higher volume of USDT, the stablecoins with the highest market capitalization, implies the existence of greater liquidity in the Ton ecosystem. In this way, the network could expand the possibilities of financial development.
Additionally, this event could continue to drive TON adoption, as, USDT injection favors fast and stable transactions within its networkIn turn, the availability of this stablecoin improves the usability of this network for exchanges, payments and its ecosystem of decentralized applications (dApps).
Additionally, a report from the CryptoQuant analysis platform, highlighted the increase in the adoption of TON by users who focus on operations peer-to-peer (P2P) and with an average transaction size of around $15 to $100.
This could be an indication that the activity of this blockchain is growing in line with the increase in small and retail transactions on the aforementioned stablecoin. Another point that attracts more users to this network is its low transaction fee costs, which are currently at $0.4.
In addition, CryptoQuant observed that USDT usage is primarily distributed across decentralized finance (DEX) platforms Ston.Fi, Dedust, and StormTrade, exchanges Bybit, OKX cryptocurrency exchange and services wallets such as XRocket, CryptoBot, Wallet Bot and CWallet.
Activity grows on-chain in Ton
In addition to the increase in the issuance of USDT allowed on the TON network, data could be seen on-chain positives that describe the growing adoption of this blockchain.
First of all, The number of daily active addresses has remained at an all-time high (ATH) for several days nowwith a figure of around 1.1 million accounts. This figure can be seen in the following image taken from the Artemis site.
Also highlights The number of daily transactions, which, like the previous figure, remains at its highest historical point.
Since mid-August 2024, this statistic has shown a steady rise until today. According to Artemis, in its latest record on September 9, 2024, daily transactions in TON exceeded the figure of 20 million on that day.
As CriptoNoticias reported, TON’s increase was boosted by its new memecoin Launched in August 2024, DOGS. This token managed to attract 17 million users in two weeks and currently has 4.5 million holders.
All of the above makes USDT an important player within the infrastructure of the network that just five months ago integrated Tether’s stablecoin.