TON exchange activity skyrockets

The Open Network (TON) has captured the attention of the cryptocurrency world following a notable increase in activity on its decentralized exchanges (DEX).

This boom, driven by the increasing adoption of the platform, has increased the number of transactionsalthough the price of its cryptocurrency, toncoin (TON), has remained relatively stable.

A analysis A graph shared by on-chain data provider CryptoQuant, made by Joao Wedson, revealed that platforms such as STON.Fi, DeDust and Megaton Finance have seen a sharp increase in unique addresses since April, as can be seen in the following graph.

This behavior indicates that More and more users are using these DEX for their TON transactions.

STON.Fi leads the market, capturing 90% of all trades, while DeDust has lost relevance and Megaton Finance continues to struggle to gain traction.

Despite this growth, Toncoin price has remained between $4 and $8 in the last 6 months, without exceeding its historical maximum reached in June 2024, as seen in the following graph of TradingView.

Wedson noted that “many traders were late to speculate, while early adopters were already positioned.”

STON.Fi’s success is largely due to its strong community support, which has allowed it to establish itself as the most competitive DEX on the network. In terms of value locked (TVL), STON.Fi peaked in July with $373 million in Junealthough that figure has now dropped to $190 million, according to DeFiLlama data.

TON demonstrates high processing capacity

By market analyst Shiven Moodley focuses on various aspects of the TON network, highlighting its scalability, growth, and relationship between market capitalization and circulating supply.

Moodley believes that The TON network has demonstrated high processing capacityallowing it to handle high transaction volumes and scale effectively.

He also notes that the disparity between market capitalization and circulating supply may suggest that A portion of the toncoin is locked or held for the long termwhich affects liquidity.

In this regard, he argues that there appears to be a general correlation between market capitalization and circulating supply as seen in the following graph.

According to the analyst, this indicates that “a large part of the circulating supply contributes to the market valuation.”

In addition, attributed much of TON’s success to its integration with Telegramwhich has 900 million users.

Games boost TON network

The network hosts more than 500 applications, including some that have been key to its growth, such as the popular games Notcoin and Hamster Kombat, which have attracted millions of people.

In the case of Notcoin, a social game that falls into the category of “clicker“, displays a gold coin on the screen, and tapping it earns NOT units. Each player has a limited amount of energy that depletes and then slowly recharges over time.

Last JuneAs reported by CriptoNoticias, the game reported that it had reached 40 million users in total..

Hamster Kombat follows a similar modality to Notcoin. Through its X account, It was reported that more than 300 million people have joined the game since March 26, 2024.

One of the factors that could increase activity on the network is the airdrop of the Hamster Kombat (HMSTR) token, for which 131 million users qualifiedwhich will take place on September 26.

Both NOT and HMSTR They are supported by major exchanges of cryptocurrencies in the world, such as Binance, Bybit and OKX, for both spot and offline trading. farming and launchpools.

The TON network has memecoins

In addition, TON has seen the rise of “memecoins” such as DOGS, a cryptocurrency inspired by a drawing by Telegram CEO Pavel Durov.

The DOGS Token Generation Event (TGE) involved 53 million users, of which 17 million claimed the token. airdrop of the token.

At various points, the network’s daily active users surpassed one million, recording as many as 14.4 million transactions in a single day. This phenomenon has positioned TON as a network with high potential for scalability and adoption.