- TON chain’s latest stablecoin-related achievement highlighted the network’s expanding DeFi ecosystem.
- A look at key metrics that underscore TON’s budding ecosystem.
Toncoin [TON] has been on the crypto fast lane this year, courtesy of its support for Telegram-based projects.
As a result, demand for liquidity within the network has been quite high, as evident by stablecoin growth.
Speaking of stablecoins, TON just celebrated a major milestone. The amount of USDT circulating within the network recently crossed the $1 billion mark. The achievement underscores the network’s budding ecosystem.
The TON/USDT growth is expected to boost the network’s attractiveness in WEB3. The blockchain’s performance reflects the level of user growth that took place so far this year.
For example, new and active addresses ticked up considerably in the last two months.
New addresses and active addresses peaked at 2.24 million and 3.9 million addresses respectively on the 7th of September. This was the network’s highest recorded daily address activity.
In contrast, TON had about 8,170 new addresses and 34,340 active addresses as of the 1st of January 2024.
Source: IntoTheBlock
TON’s total addresses with balance recently peaked at $64.49 million addresses. The user growth also resulted in more transactions on the network.
TON daily transactions recently peaked at 11.27 million transactions on the 7th of September, the highest it has achieved in a single day so far.
Source: IntoTheBlock
The same goes for network fees, which demonstrated impressive gains in the last eight months. The network fees are expected to continue on an upward trajectory as its DeFi ecosystem expands further.
TON’s impressive ecosystem growth and more stablecoin accessibility puts it on track to becoming one of the top fastest growing blockchains.
Can TON leverage this growth?
TON had a bullish first half of 2024. However, it embarked on a retracement since June. The cryptocurrency has been moving in a downward channel and recently found support just below the $4.6 price level.
Its recent swing low suggests that the price may seek more upside.
Source: TradingView
Its latest rally attempt since the second week of September encountered some resistance at the $5.8 price range. This aligned perfectly with the 0.5 Fibonacci level.
Short term sell pressure may push price as low as $5.13 which has previously acted as an accumulation zone.
Read Toncoin’s [TON] Price Prediction 2024–2025
TON traded at $5.44 at the time of writing, which is roughly a 33% discount from its ATH.
The cryptocurrency could be on track to soar back to previous highs and potentially push into new historic levels if the bull market kicks in.
Powered by WPeMatico
