New Addresses on TON Grew Over 1000% YTD to 39M, Data Shows

Data from IntoTheBlock shows explosive growth in new addresses on The Open Network (TON) since the start of 2024. The network has experienced a substantial increase in new users, with the number of addresses hitting 39.5 million on Monday.

TON started the year with just 3.6 million active addresses, but these figures have grown over 1,000% eight months into the year. The growing adoption of the network has also impacted the price, which has grown over 200% year-to-date.

Active addresses on TON topped 32 million in June, growing  8.8x from January 1. Less than two months later, the network added another 6 million users, becoming one of the fastest-growing blockchains in the crypto sector.

Explosive Growth

TON came to the limelight late last year after the messaging app Telegram endorsed the network. Earlier in the year, TON entered a strategic partnership with Telegram, allowing messaging app users to pay using Toncoin.

This partnership has driven the adoption of TON and seen it move into the top ten cryptocurrencies by market cap. TON’s low transaction fees and super-fast blockchain have led to many projects building on the network. Projects like Notcoin, Hamster Kombat, and Tapswap announced they would launch on TON.

Due to increased network usage, Tether partnered with TON to issue USDT on the blockchain. In less than two weeks, USDT minted on TON reached $100 million. Binance also integrated USDT on TON, allowing users to send and receive the stablecoin directly from the blockchain.

TVL on the Rise

Data from DefiLlama shows that TON’s total value locked (TVL) rebounded after a sharp fall in early August. TVL on TON reached a new high of $776 million in July but dropped sharply to $484 million on August 5.

However, the amount staked on TON has rebounded to $620 million at press time. TON ranks 13th in the TVL global ranking and is behind Bitcoin, which has $632 million in TVL.

Despite these impressive achievements, only 25% of Toncoin holders are in profit. About 55% of accounts holding the asset are at a loss, and 20% are at breakeven. Toncoin reached an all-time high of $8.24 on July 15.