Joining the Top 10 Cryptocurrencies, TON's Rise Is Rapid
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Joining the Top 10 Cryptocurrencies, TON's Rise Is Rapid
In the past two months, Telegram and the TON Foundation have successively contributed to a surge of over 300% in TON's value.
Navigating Web3 tides with focused insightsAuthor: Sherl
Today, TON surged over 25.3% in 24 hours, trading at $6.91 at the time of writing. Following this rally, TON's market capitalization has reached $23.4 billion, surpassing ADA to become the 10th largest cryptocurrency by market cap.
What’s been happening in the TON ecosystem recently? According to Token Terminal data, network activity on TON has gradually increased since February. In the past seven days alone, active addresses exceeded 800,000, reaching 827,100—an increase of 97.8% compared to the previous month. April hasn’t even reached its midpoint, yet monthly active users on TON have already surpassed 1 million, amounting to 121% of the entire user count for March.
TON network data for April, March, and February
According to Defillama data, TON’s total value locked (TVL) has surged 661% over the past two months, exceeding $144 million.
Backed by Telegram, which boasts 900 million users, the TON ecosystem has long held immense potential. Steve Yun, president of the TON Foundation, previously stated in a speech that their goal is to attract 30% of Telegram’s users to TON by 2028—projecting 500 million active users on TON by that year. However, over the past year, TON’s price had fluctuated mostly below $3.
In 2024, several developments from Telegram significantly raised crypto community expectations for TON’s growth. On February 28, Telegram announced that its upcoming advertising platform would use the TON network for transactions and withdrawals, with Telegram sharing revenue with channel owners via the TON blockchain. On March 1, Binance launched futures trading for TON.
On March 11, Telegram founder Pavel Durov, speaking publicly in an interview for the first time in five years, revealed that after introducing ads and premium subscription services two years ago, the Dubai-based messaging app had become one of the world’s most popular social media platforms, generating “hundreds of millions of dollars” in revenue. Durov added, “We hope to achieve profitability this year or next, and an IPO is coming soon.”
Fueled by these developments, TON’s price began rising from around $2 in February, posting a monthly gain of over 100%. Beyond Telegram-related catalysts, the TON Foundation has also recently introduced multiple initiatives to energize the ecosystem, further boosting TON’s price.
On April 1, the TON Foundation announced the launch of its first Public League season. This initiative aims to encourage broader participation in TON ecosystem projects, with the foundation distributing 30 million Toncoins to the community. Projects on TON will compete monthly for prize pools, while users can earn rewards by engaging with these projects.
Previously, TON ran a two-week Alliance Pilot Season, during which its TVL grew by 70% and daily active wallets surged by 370%. The official season has generated even greater momentum—TON’s price has risen over 30% since the season’s launch, meaning the current reward pool is worth more than $200 million.
At the Web3 Summit held in Hong Kong, TON further highlighted its unique advantages in "social scenarios" and showcased representative projects within its ecosystem. For example, Catizen, a Web3 pet game, attracted over 1.3 million users within two weeks of launching on TON, achieving 210,000 daily active users and surpassing 1.7 million on-chain transactions.
Beyond actively cultivating its crypto ecosystem, TON’s integration with Telegram continues to deepen. Today, TON Society and HumanCode, an AI-focused project, announced a joint $5 million incentive program leveraging palm scanning technology for digital identity verification. HumanCode’s solution allows users to verify their human identity through a simple palm scan, compatible with all smartphones. The initiative aims to provide secure digital identities for 500 million Telegram users within five years.
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