According to data from CoinMarketCap, the price of Toncoin (TON) has risen by more than 400% over the past 12 months.
Toncoin, the native cryptocurrency of The Open Network (TON), has become one of the fastest-growing cryptocurrencies in the past year.
Initially developed by the founders of Telegram and currently by the Toncoin Foundation, the cryptocurrency has witnessed a accelerated and wide adoption in the crypto world, which has been driven primarily by its relationship with Telegram and the arrival of digital payments and monetization to the messaging platform and by the development of mini applications and games such as Notcoin, based on the blockchain.
All this has led TON to become the eighth most valued cryptocurrency on the market, climbing over Dogecoin and Cardano in the crypto market Top 10. At the time of writing, Toncoin maintains a market cap of over $17.600 billion.
Source: CoinMarketCap
Over the past week, the price of Toncoin has corrected by nearly 6%, returning to $7,20 per unit. Still, the TON network cryptocurrency stands out in the market as the second in the Top 10 with the greatest growth in the last year, ranking after Solana, which has registered an increase of 630% in the last 12 months, according to the platform's data.
Toncoin recorded a new ATH
On June 14, the Toncoin price rose to $8,24 per unit, setting a new all-time high (ATH) for the Telegram-related cryptocurrency. One of the catalysts for this milestone has been Notcoin, a gaming app developed on the TON network under the Tap-to-Earn mechanism, which is accessible through Telegram and allows players to earn coins within the app.
The popularity of Notcoin has attracted nearly 35 million users and has reached several million dollars in total value locked (TVL) since its launch in late 2023.
On the other hand, the price of the TON network cryptocurrency has also benefited from the growing ecosystem of mini-apps and digital payments within Telegram, which has a significant user base of almost 1.000 billion people worldwide. This has been key to accelerating user adoption and interaction with the cryptocurrency and blockchain.
According to the blockchain developers, the Tonkeeper application, which is based on TON, has become the most downloaded in app stores in almost every country in the world, even more than Telegram and TikTok.
The Open Network, the fastest blockchain in the crypto market
Over the past year, the TON network has also claimed the title of the world's fastest blockchain. In November 2023, its developers conducted a live performance test in which the network demonstrated its high level of scalability, speed, and efficiency.
During the test, TON successfully processed a total of 104.715 transactions per second (TPS), becoming the fastest and most scalable blockchain in the world.
Almost half a million active users per day
Toncoin is also ranked as one of the most used cryptocurrencies and blockchains in the crypto world, even more than Ethereum, which is the leading smart contract ecosystem par excellence. According to on-chain data, the number of daily active addresses on the TON network recorded more than 440.000 on June 11, surpassing that of Ethereum.
The number of transactions processed per day by the TON network is also far above Ethereum and its leading scaling solutions, such as Base, Arbitrum, and zkSync. According to the data, TON is processing around 4,8 million transactions daily, while Ethereum handles around 1,1 million transactions per day. Arbitrum and Base, two of Ethereum’s most used L2s, are processing between 2 and 3,5 million transactions per day.
On the other hand, the blockchain has reached a TVL of over $630 million this month, which represents a growth of 3.500% in the last year, according to data consulted on the DeFi Llama platform. This TVL positions TON as the 14th most important blockchain in the DeFi ecosystem.
There is no doubt that the TON network and Toncoin have several fundamentals that support the impressive growth recorded in the last 12 months and that have made it an easy access route for millions of people interested in the world of blockchain and Web3.
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