TON Blockchain Surpasses Ethereum In Daily Active Users

In a potential “flipping” that may be flying under the radar, Telegram’s “The Open Network” (TON) blockchain has seen more daily active addresses than Ethereum nearly every day this month. One firm suggests this could result from Telegram’s massive 900 million user base, though others argue the data lacks full context.

“TON’s quiet growth, fueled by Telegram’s 900M user base, has driven its daily active addresses above Ethereum,” cryptocurrency research firm Delphi Digital posted on X (formerly Twitter) on June 10, dubbing it “The Flippening CT ignores.”

Source: Delphi Digital

Delphi posited that “TON is a bet on Telegram’s distribution” and questioned whether this promising growth could be sustained long enough to overtake Ethereum permanently.

TON Tops Ethereum In Daily Active Addresses

The data from blockchain analytics platform Artemis defines daily active addresses (DAA) as the number of unique wallets making a transaction daily on a blockchain. It shows TON and Ethereum battled neck-and-neck until TON first surpassed Ethereum on May 17. TON gained a stronger foothold in early June, beating Ethereum on 10 of the first 11 days, including a record 568,300 DAAs on June 3 – heights Ethereum hasn’t reached since September 13, 2023.

Source: Artemis

However, this DAA metric fails to capture the full Ethereum ecosystem activity. Ethereum has pushed transactions to layer 2 (L2) solutions built on top of the main chain to scale. As a result, much of Ethereum’s user activity occurs on these L2 networks, not the base layer.

For example, on June 11, three leading Ethereum L2s – Arbitrum, Base, and Optimism – saw 1.3 million daily active addresses combined, dwarfing TON’s numbers and arguably making unfair direct comparisons. Ethereum co-founder Vitalik Buterin has backed using L2s to scale.

Potential drivers of TON’s growth include Telegram’s integration of Tether’s USDT stablecoin, the 35 million users of the “tap-to-earn” Notcoin token launched five months ago, and Telegram’s new in-app currency Telegram Stars for digital purchases. Crypto trading bots have also gained popularity on the messaging platform.

Related Reading | Polkadot (DOT) Price Outlook: Support Insights & Future Growth Prospects

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

Comments (No)

Leave a Reply