The Open Network (TON) Blockchain Linked to Telegram Messenger Reaches 100M Unique Wallet Addresses

TON's surge in active users stems from its ties with Telegram. Although the social messaging platform initially created the TON blockchain

Layer-1 blockchain The Open Network (TON), which is connected to the social media platform Telegram, has just reached a new high point.

An analysis by a CryptoQuant analyst reveals that the L1 blockchain now boasts 100 million unique wallet addresses with non-zero balances. This translates to a remarkable 95% increase in active users since the beginning of the year, which saw "only" 4.3 million users.

The Driving Force Behind TON's Growth

The close relationship between TON and Telegram is credited with driving the blockchain's remarkable surge in active users. Despite Telegram's initial creation of the TON blockchain, which was known as the Telegram Open Network, plans to integrate it into the platform fell through and the blockchain project was ultimately abandoned. However, another group of developers picked up where it left off.

In September 2023, Telegram rekindled its interest in TON by introducing its crypto wallet on the L1 blockchain. As the year progressed, numerous tap-to-earn gaming initiatives surfaced on Telegram. These games enticed players to complete specific tasks in exchange for tokens that could be claimed on the TON mainnet.

Notcoin, a simple clicker game that was among the first to launch on the L1 network, quickly amassed millions of users. Other initiatives, such as Dogs and Hamster Kombat, also captured the attention of millions of people. More Telegram-based games have continued to flood the social app, bringing even more users into their ecosystems.

According to the CryptoQuant analyst, Telegram's association with TON has played a pivotal role in introducing millions of users to the cryptocurrency space.

Anticipating Price Movements

Despite TON's latest achievement, the network's native coin, Toncoin, has not performed particularly well of late. At the time of writing, the coin was trading at $5.19, indicating a slight decrease of 1.4% over the past 24 hours. Notably, this price point also marks a significant 37% drop from Toncoin's all-time high of $8.24, which was observed in June 2024.

As CryptoPotato reported last month, 80% of Toncoin holders are currently experiencing losses due to the coin's sharp decline. However, as the TON ecosystem expands and leading cryptocurrencies like Bitcoin unlock higher price points, we may once again witness an increase in the crypto asset's price.

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