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Developments in the blockchain field continue to make headlines. According to this, the Telegram-supported The Open Network (TON) network recorded more daily active addresses than Ethereum almost every day this month. A firm suggests this could be a quiet transformation driven by a massive user base. However, it can be argued that the data does not show the complete picture.
What’s Happening on the TON Front?
Delphi Digital announced on June 10 via X that TON’s quiet growth, fueled by Telegram’s 900 million user base, has surpassed Ethereum in daily active addresses. Delphi Digital added that before considering whether its promising growth could completely outpace Ethereum in the long term, TON is an experiment on Telegram’s deployment.
Data from Artemis, which defines DAA as the number of unique wallets making daily transactions on a blockchain, shows that Ton and Ethereum have been neck and neck since May 17, when Ton first surpassed Ethereum. TON gained a solid foothold towards the beginning of June and has outpaced Ethereum on 10 out of 11 days so far. According to Artemis data, Ethereum has not reached these levels since September 13, 2023.
Telegram and the Blockchain Ecosystem
Ethereum‘s transactions have largely moved to Layer-2 networks, making a significant portion of the ecosystem’s user activity occur in Layer-2 scaling solutions, which may make this comparison somewhat unfair. For example, three of Ethereum’s top Layer-2 networks, Arbitrum, Base, and Optimism, saw a total of 1.3 million daily active addresses on June 11 alone.
Ethereum co-founder Vitalik Buterin has supported the use of Layer-2 networks to scale the main blockchain network as part of its roadmap. The increase in TON’s network activity may be attributed to Telegram’s recent integration of the Tether (USDT) stablecoin into TON and the 35 million users who have signed up for Notcoin since its launch five months ago.
Telegram also launched Telegram Stars, an in-app currency used for purchasing crypto assets, on June 6. Telegram trade bots continue to be a popular use case for crypto on the messaging platform.
