TON, or The Open Network, is now one of the hottest topics in the decentralized blockchain ecosystem providing peer-to-peer transactions. It is an open-source blockchain backed by many other network contributors, including the TON Foundation. In this article, we will try to break down the success of TON, to see why it is so different from others.
Highlights:
- $TON has made its way to the top nine cryptocurrencies in terms of market cap.
- The TON ecosystem enables users to make digital transactions at their fingertips by sending cryptocurrencies in seconds via Telegram.
- The tie-up with USDT has strengthened the infrastructure of TON.
- $JETTON, $NOT, STON.fi, $DUREV, $REDO and other projects under TON create a diverse range of applications.
- The Open League helps to maintain the sustainability of TON’s development.
The Origin of TON
Telegram originally founded TON in 2018 with a native token, $GRAM. However, in 2020, the project faced a legal lawsuit from the SEC, and CEO Pavel Durov abandoned it, so the native token was never unveiled to the public. Since then, a group of enthusiast developers took over the project, and the non-profit TON Foundation is the primary supporter of these developers.
The project was rejuvenated by these developers and renamed "The Open Network" from "Telegram Open Network," with the native token known as "Toncoin." The token leverages proof of stake (PoS) for scalability and reliability on the TON network.
TON Market Cap Climbs to the Ninth
According to Coinmarketcap, $TON has made its way to the top nine cryptocurrencies in terms of market cap. The success behind this is the scalability and reliability of the TON ecosystem for non-crypto and crypto users.
TON blockchain leverages multiple shards. These shards have different purposes on the blockchain. These shards neglect and prevent the build-up in the ecosystem and foster the ongoing tasks.
Implementing sharding technology in the TON ecosystem enables it to perform faster with scalability and reliability. The TON network is theoretically capable of simultaneously processing an almost limitless number of ultra-fast transactions.
Due to this robust speed and scalability, Telegram officially supports TON as its Web3 infrastructure. Telegram has over 1.5 billion registered users, with 800 million active users reported monthly.
A Convenient Way to Transfer Cryptocurrencies
Moreover, the TON ecosystem enables users to make digital transactions at their fingertips by sending USDT in seconds via Telegram. Users can create their wallets on Telegram and receive and send USDT to anyone, breaking the barriers for millions of users on the platform. This will also boost the liquidity and activity on the platform.
In the recent WuBlockchain Podcast, Jack, the TON's marketing board, comments about the wallet on Telegram and sending any cryptocurrency to anyone. He mentioned that Telegram has a wallet application enabled for users. With this, crypto and non-crypto users can send and receive USDT, Bitcoin, Toncoin, and Notcoin anywhere worldwide via DM (direct message) which does not require any technical knowledge about cryptographic transactions. This application will make border payments secure, fast, reliable, and seamless, with fewer fees.
In October 2023, TON set the world record for the fastest blockchain in the world and achieved over 104,715 transactions per second (TPS). Now, it has set a benchmark of recording one million plus users in mid-May in a single day, which has also significantly boosted the market cap.
TON & USDT Collaboration – Another Milestone
TON and Tether (USDT) ties with each other to strengthen TON Web3 infrastructure, launching the USD pegged stablecoin that just over $100 billion market cap on The Open Network (TON). On April 19, Tether announced it would launch the gold-pegged Tether Gold (XAUT) stablecoin on TON.
This collaboration has enabled users to transfer fiat currency in USDT to anyone via Telegram and experience peer-to-peer payments with almost zero fees.
As Tether CEO Paolo Ardoino said, "The launch of USDT and XAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system."
The Telegram crypto wallet offers custodial and self-custodial management built on the TON network. This provides smooth onboarding to all Telegram users and gives them an advanced choice to fully control their keys. With TON's self-custody wallet, users don't need to remember their seed phrase; they can simply use Telegram and email as backups.
Range of Applications on TON
Other than just transactions, there are many applications within the TON network. Here are some popular examples:
1. JetTon Games ($JETTON)
JetTon is a leading gaming project on the TON platform with a native token, $JETTON. This game is integrated with the Telegram application. The game utilizes the TON blockchain, which enhances security and transparency for players with 24/7 support. They typically reply within 15 seconds.
Moreover, JetTon has over 5,000 licensed registered games for the players. The platform has several game types: slots, cards, and 3D games. There are also live dealers. It also has events with different prizes for the players.
Additionally, JETTON also plays a vital role in the ecosystem. The token holders can participate in the platform's governance and vote for any changes to the platform.
2. NotCoin ($NOT)
Notcoin is a game on the Telegram platform and utilizes the TON blockchain. The game quickly gained hype, with 35 million users. This significant number was boosted by tap-to-earn airdrop, allowing players to earn $NOT coins by simply tapping the screen. The token was listed on major exchanges like CoinEx, Binance, and more several weeks ago.
The game has harnessed Telegram's extensive user base to achieve impressive organic growth, becoming one of the fastest-growing Web3 games in history.
3. Defi STON.fi
STON.fi is a pioneer DeFi project based on the TON blockchain. It is an Automated Market Maker and Decentralized Exchange (DEX). The DeFi project leveraged TON blockchain features to boost users' liquidity and trading experience.
The main aim behind the development of STON.fi is to enhance decentralized trading without the user needing to submit any personal information. Additionally, the platform enables users to trade TRON and other cryptocurrencies seamlessly and hassle-free.
4. $DUREV
$DUREV is one of the popular meme coins on the TON blockchain. It was created for the founder and director of Telegram, Povel Durev. At the time of writing, $DUREV is trading at $0.07216 with a 5.13 million market cap.
5. $REDO – Resistance Dog
The Resistance Dog is another meme coin on the TON blockchain with the ticket $REDO. The symbolic representation of this meme coin showcases the battle against censorship and freedom through digital resistance. At the time of writing, $REDO is trading at $0.52 with a $52.9 million market cap.
The diverse range of applications can attract more users to join the TON ecosystem, further expanding its market value.
The Open League – TON
Sustainability is important to businesses like crypto, and that is where The Open League comes in. It is a community on the TON network which aims to reach 30,000,000 Toncoins among TON users, projects, and traders in three months. The community is supported by 99.5% of the TON community voters, which enables users to earn rewards through enthralling challenges and missions on the platform.
Furthermore, users can easily earn TON-backed Experience Points (XP) and collectables in The Open League. The XP is earned by completing the achievements. These Experience Points (XP) can be swapped with Toncoins, which you can withdraw from any exchange.
Earning achievements enhances your on-chain reputation, demonstrating that you are a genuine and loyal user.
Users can easily mint tokens on The Open League by inviting friends to the platform or logging in daily. Each of the projects has different exciting activities and achievements.
If you are interested in trading spots and the future of these coins, including Toncoin, Notcoin, and others, make sure to visit CoinEx.
Final Verdict
TON is climbing the ladders to enter the world's leading blockchains and cryptocurrencies. It has surpassed Dogecoin ($DOGE) and became the ninth largest cryptocurrency in terms of market cap. The platform has made the transaction seamless by collaborating with Tether USDT, allowing users to send USDT, Bitcoin, and Toncoin anywhere within seconds. It has several large projects, such as Notcoin, JetGames, and Resistance Dog.
Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.
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