This Crypto Network Breaks $9B Transaction Record: Whats Behind the Surge?

Toncoin (TON) saw significant growth in Q2, driven by a surge in new users and increased adoption of native Tether (USDT).

Transaction volumes exceeded $9 billion, supported by the creation of nearly 600 million native USDT tokens.

Despite stable USDT supply since June, July marked a period of robust activity fueled by popular mini-apps like Hamster Kombat. Toncoin also experienced a rise in transaction fees, reflecting its expanding user base approaching 500,000 daily users.

After integrating native USDT @Tether_to on TON in April, the network has now handled over $9.29B of total transfer volume and has increased by 124% month-over-month from June.

Moreover, user activity has experienced similar growth during this time, as total transactions… pic.twitter.com/43dyCmCZZV

— David Alexander II (@Mega_Fund) July 13, 2024

However, Toncoin lags in decentralized finance with less than $800 million locked, primarily due to the absence of major DeFi platforms.

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Nevertheless, its leading DEX, DeDust, has seen substantial growth, handling daily volumes of $16 million and total value nearing $400 million.

July introduced new growth drivers like daily quests and game combos, enhancing user engagement. Notcoin (NOT) and TON showed price movements, with TON reaching $7.54 weekly, aiming for higher recovery.

The influx of users from tap-to-earn games has bolstered Toncoin’s presence on Telegram, making games like Hamster Kombat among its top 10 most visited channels.

Alexander Stefanov