TON Blockchain Reaches 100 Million Users Amid Ecosystem Growth

The Open Network (TON), a Layer 1 blockchain linked to the Telegram social platform, has reached a new milestone in its history.

According to data from a CryptoQuant analyst, the L1 blockchain reached 100 million unique wallet addresses with non-zero balances. That’s a 95% increase in active users since the beginning of the year, which was “only” 4.3 million.

What’s behind TON’s growth?

TON’s increase in active users comes from its ties to Telegram. Although the social messaging platform initially created the TON blockchain under the name Telegram Open Network, plans to integrate it into its ecosystem fell through, forcing it to abandon the blockchain project. A new team of developers picked up where it left off.

Telegram regained its interest in TON in September 2023, launching its crypto wallet on the L1 blockchain. Fast forward to this year and several money-making gaming projects started popping up on Telegram. The problem was that players would perform specific tasks to earn claimable tokens through the TON mainnet.

One of the first clicker games to debut on the L1 network was Notcoin, which attracted millions of users. Other projects soon emerged, such as Dogs and Hamster Kombat, which captured the attention of millions. More Telegram-based games have flooded the social app, welcoming more users to join its ecosystems.

The CryptoQuant analyst noted that Telegram’s ties to TON have helped bring millions of users into the crypto industry.

Will the price follow?

Despite TON’s latest milestone, the network’s native currency, Toncoin, has not impressed recently. At the time of writing, the coin was selling for $5.19, representing a 1.4% price decrease in the last 24 hours. The current price is a 37% drop from its all-time high of $8.24, seen in June 2024.

Last month, CryptoPotato reported that 80% of Toncoin holders have losses due to the currency’s sharp fall. The cryptoasset is likely to see price increases again as its ecosystem grows and leading cryptocurrencies like Bitcoin unlock higher prices.

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