The Open Network (TON) continues its impressive ascent, fueled by the growing adoption of Tether’s USDT stablecoin. According to data from CryptoQuant, USDT on TON has officially surpassed the significant milestone of $1 billion. This remarkable achievement, reached within just six months of their partnership in April, underscores the growing traction of both TON and USDT within the cryptocurrency ecosystem.
USDT Adoption Drivers On The TON Network
Tether, the issuer of the world’s leading stablecoin USDT, and TON, the platform powering a new generation of decentralized applications (dApps) on Telegram, represent a powerful duo. USDT provides a vital layer of stability within the crypto market, while TON offers users a fast, secure, and cost-effective environment for dApp development.
This synergy has demonstrably fueled growth. CryptoQuant data reveals a staggering 670% increase in USDT on TON over the past six months. Notably, this figure stood at a mere $130 million back in May, highlighting the rapid pace of adoption. The key driver behind this surge is TON’s highly competitive transaction fees.
In June 2024, the median transaction fee was a relatively high $0.061. However, by October, it had dropped significantly to a mere $0.035. This substantial reduction makes TON Network an attractive option for users and has undoubtedly played a crucial role in the network’s rapid adoption.
Furthermore, CryptoQuant analyst “burrakkesmeci” highlighted that USDT’s supply has reached a staggering $120 billion, solidifying its position as a major market force. He anticipates further expansion, projecting a potential rise to $200 billion during the next bull run. This growth will likely fuel even greater demand for the TON network, ultimately leading to a continued increase in USDT locked on the network.
Mini-Apps Powering TON’s Growth
The TON network’s success over the past year is partially attributed to the popularity of Telegram mini-apps. From Notcoin (NOT) to Catizеn (CATI) and Hamster Kombаt (HMSTR), the hype surrounding these projects drew substantial capital onto the network. While some, like Hamster Kombаt with its disappointing airdrop, may have fallen short of community expectations, others have emerged as major successes.
Also Read: Toncoin (TON) Struggles As Active Addresses Drop To 6-Month Low – Is A $10 Breakout Possible?
Despite a general perception of the T2E (Token-to-Earn) era fading away, the continued evolution of these games could solidify TON’s long-term growth prospects. Notably, Toncoin, the native token of the TON Network, emerged as a significant beneficiary of this growth, briefly entering the top 10 list of most capitalized coins earlier this year.
As of this writing, Toncoin is trading at $4.79, down slightly by 2.58% in the last 24 hours. Analysts remain cautiously optimistic, with trading volume decreasing by 7.76% to 147 million. Analyst “VipRo sеTr” recently noted a “strong support at $4.6,” potentially representing an entry point for buyers. Furthermore, he hinted at the possibility of “targeting $5.6 and $6 in the near term, with potential for $10 in the long run” should TON “break the $5.2 downtrend resistance.”
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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