The blockchain landscape witnessed a seismic shift in 2024 as the TON (The Open Network) blockchain surged in popularity, largely thanks to a series of Telegram-related projects built atop its infrastructure. Data from CryptoQuant revealed that TON accounted for a staggering 50% of Layer-1 (L1) transaction volumes in September, surpassing competitors like Ethereum and Solana. This remarkable growth is credited to the viral success of several tap-to-earn games and meme coins that have taken the ecosystem by storm.
Viral Games And Meme Coins Fuel TON’s Rise
Among the key drivers of TON’s ecosystem boom are viral Web3 games like Hamster Kombat and Catizen, along with meme coins such as DOGS and Watbird. These projects have not only brought millions of users to the blockchain but have also sparked a surge in transaction volumes, positioning TON as the leader in L1 performance.
In particular, the DOGS meme coin has been a massive success within the TON ecosystem. Shortly after its launch, the token saw 17 million claims, showcasing its viral appeal. The coin’s utility within Telegram further bolstered engagement, leading to a staggering 28 million monthly active users (MAUs) by August. With over 5 million unique wallets holding the token, DOGS has solidified its place as one of the most widely held meme coins in the market.
Similarly, Hamster Kombat has played a pivotal role in TON’s rise, becoming the third-fastest app in history to reach 150 million users. By late July, the game had amassed over 300 million users, cementing its place as a major player in Web3 gaming since its debut in March. These achievements reflect TON’s growing dominance in GameFi, where unpredictable rewards and engaging gameplay have lured in millions of participants.
The Rise of Catizen and Major Exchange Listings
Another standout project, Catizen, has also contributed to TON’s meteoric rise. The game’s soaring popularity caught the attention of major cryptocurrency exchanges, leading Binance and Coinbase to list its native token, CATI. This adoption by leading platforms has not only driven token demand but has also solidified Catizen’s place in the ever-expanding TON ecosystem.
These individual successes, combined with the collaborative synergy between projects like Hamster Kombat, DOGS, and Catizen, have enabled the TON blockchain to dominate Layer-1 transaction volumes. In a recent podcast, crypto experts Collin Wu and WuliGy highlighted TON’s leadership in GameFi, comparing it to other blockchain projects and underscoring its strength in attracting user engagement through innovative rewards.
Total Value Locked (TVL) Soars by 40% in September
The rise of these viral projects has also had a significant impact on TON’s decentralized finance (DeFi) metrics. Data from DefiLlama shows that TON’s total value locked (TVL) jumped nearly 40% in September, increasing from $311.66 million on August 27 to $431.98 million by the end of the month. This spike in TVL is a testament to the blockchain’s growing appeal, particularly within the gaming and DeFi sectors.
Also Read: Toncoin Faces 24% Price Drop Despite 74% Surge In Active Users And Record $349K In Daily Fees
As TON continues to lead the charge in Layer-1 transaction volumes, its future looks brighter than ever. With viral games, meme coins, and major exchange listings driving user adoption, the TON ecosystem is poised to grow even further. The blockchain’s focus on gaming and its strong ties to the Telegram platform set it apart from its competitors, making it one to watch in the rapidly evolving world of Web3.
In summary, TON’s rapid ascent in 2024 highlights the power of community-driven projects and viral appeal in the blockchain space. As it continues to innovate, TON is not just a contender but a leader in the next wave of blockchain adoption.
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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