The Open Network (TON) blockchain, designed for scalable cross-chain interoperability, is witnessing rapid growth, as has the number of addresses. CryptoQuant, an on-chain data analytics provider, revealed details of the growth trajectory in a recent post shared on X with members of the community.
STON.Fi Drives TON’s Network Growth
CryptoQuant highlighted the significant increase in new addresses and transactions on the Decentralized Exchanges (DEX) within TON. Notably, the explosive growth in the new addresses suggests that interest in decentralized trading activities is rising. It also reflects the growing adoption of its DEX platforms.
Remarkably, the rapid growth took place with the stabilization of TON’s price in the market. However, the price has stopped climbing and settled for a sideways movement. This development suggests that many investors were late to profit from it.
Despite the current price stability, the new addresses on TON decentralized exchanges, particularly in STON.Fi, stand out. STON.Fi, one of the DEXs on TON, has gained dominance and accounts for about 90% of all transactions. This indicates that STON.Fi is the major driver of the network’s growth, with most of the trading activity and user engagement on the platform.
STON.Fi’s growth more than doubles that of DeDust, as revealed in a chart shared by CryptoQuant. The other outfit with the least activity is Megaton Finance. This spike in growth rate began around April and maintained a steady move northwards until September.
Impact of Mini Games on TON
The TON ecosystem has proven to be a formidable force in the broader crypto space.
Experts have attributed this to its close links to Telegram. The Network has allowed developers to flourish, creating mini-games on it. These games include Hamster Kombat, Rocky Rabbit, and Catizen among others.
With over 22 million users, Catizen is a leading Gaming Bot in the TON ecosystem, surpassed only by Notcoin and Hamster Kombat. The latter has particularly enjoyed success on the network, registering over 300 million users. The gaming platform plans to launch its airdrop later this week.
Market Performance and Future Outlook
Besides these games, the blockchain has gained traction, as proven by the growth trajectory of its new addresses. Recent data show that the top five tokens—USDT, TON, CATI, NOT, and DOGS—on the TON blockchain account for most of the adoption trends that drove prices high.
The growth has helped push the blockchain into the top ten list of digital assets by market capitalization. Currently, TON ranks ninth with a market cap of $14,045,892,313 and a Total Value Locked (TVL) of over $760 million.
However, as with all crypto assets, TON’s market price has fluctuated recently. Following the arrest of Telegram founder Pavel Durov in France, TON’s price plummeted to a record low. However, upon his conditional release, momentum picked up again.
As of this writing, the TON price has traded down by 3.28% to $5.53 in the past 24 hours. The trading volume has also decreased by 17.18% to $182,612,711.
Despite these figures, market experts project more growth as the different mini-games on the blockchain launch their airdrops in the coming days. Experts believe these airdrops could trigger more demand for TON, a recipe for more price rally
