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.

READ MORE:

Dogecoin on the Brink of a Major Price Surge – What to Expect

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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.