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TON blockchain sees explosive 3,435% growth in daily active addresses over 2024

TON blockchain sees explosive 3,435% growth in daily active addresses over 2024
© Copyright Image: CryptoSlate

The Open Network (TON) blockchain has experienced a significant surge in its on-chain metrics in 2024, with trading volume, total value locked, active users, and daily transactions all growing considerably.

According to Artemis data, the daily average trading volume on TONs decentralized exchanges (DEX) rose from a little over $2 million to $17.2 million in September representing a 760% year-to-date growth.

On-chain metrics surge

Artemis data reveals substantial growth across key metrics for the network throughout 2024. Daily active addresses on TON rose from 26,274 in January to 902,737 in September a 3,435% year-to-date growth.

Meanwhile, daily transactions saw a similarly substantial spike, growing 12x from 232,286 in January to 2,823,801 in September.

Notably, users confidence in the network has also grown this year, with the total value locked (TVL) on the network up 8x to $741.3 million as of September, from roughly $76 million at the start of the year.

Furthermore, a recent Bitget research report pointed out that the broad surge in activity impacted the networks revenue from transaction fees. Users spending with fees is approximately $75,000 daily. This contributes roughly $37,500 daily to TON blockchain validators.

On-chain gaming activity

TON has established itself as a top network for on-chain gaming. A Sept. 12 report by DappRadar revealed that TON is the sixth-largest blockchain for gaming, with 177,000 average daily unique active wallets (UAW) in August.

The report also highlighted a correlation between countries with the most Telegram users and TONs usage, with Russia accounting for a significant amount of the activity on the network thanks to its 35 million Telegram users.

Furthermore, the Commonwealth of Independent States (CIS) region as a whole shows heavy participation in TON dApps, with Belarus, Uzbekistan, Ukraine, and Kazakhstan among the top 10 countries with the most interactions with Notcoin.

South Asian countries and third-world nations like Brazil and Nigeria also show significant participation, particularly in projects offering free token rewards.

The post TON blockchain sees explosive 3,435% growth in daily active addresses over 2024 appeared first on CryptoSlate.

Read more: https://cryptoslate.com/ton-blockchain-sees-explosive-3435-growth-in-daily-active-addresses-over-2024/

Text source: CryptoSlate

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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