Highlights:
- TON surpassed 1 billion transactions, fueled by its partnership with Telegram and new technological innovations.
- The DOGS memecoin airdrop caused significant outages, stressing TON’s need for enhanced network stability.
- Investments and integrations are key to TON’s strategy to become a Web3 “SuperApp” akin to WeChat
The Open Network (TON), the blockchain network closely associated with Telegram, has achieved a significant milestone: surpassing 1 billion transactions. Data from the TON API confirmed this achievement, marking a pivotal moment for the network as it continues to expand its influence within the broader blockchain ecosystem.
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TON Blockchain Reaches 1 Billion Transactions 💎✊#TON has hit a significant milestone, surpassing 1 billion transactions on its blockchain. Incredibly, half of this volume has occurred within the last three months.https://t.co/pYkBXeA22f pic.twitter.com/vSGGvrY9wW
— TON 💎 (@ton_blockchain) September 2, 2024
TON’s Growth Fueled by Innovations and Partnerships
TON’s transaction volume now exceeds 1.02 billion. The network has played a key role in the blockchain space, with half of its transactions occurring in just the last three months, showing fast growth and rising user interest. This surge is largely attributed to TON’s strategic partnership with Telegram, the globally popular messaging app with nearly one billion users.
In recent months, TON has seen substantial growth, resulting from key developments to enhance the user experience on its platform. One significant advancement was the introduction of the W5 smart wallet standard by TON Core and Tonkeeper. This new standard allows gasless transactions on the TON blockchain, with USDT as transaction fees. This innovation has further simplified transactions on the network, contributing to its rising popularity.
Additionally, TON has attracted significant investment, notably from Pantera Capital, which invested in the network in May. This investment will leverage Telegram’s extensive user base to drive widespread crypto adoption. Currently, TON averages around 280,000 daily active users and processes approximately 800,000 daily transactions. A report by crypto exchange Bybit suggested that TON’s integration with Telegram could enable it to replicate WeChat’s success, transforming it into a “SuperApp” with Web3 capabilities.
Impact of DOGS Airdrop on TON’s Network Stability
Despite its rapid growth, TON has faced significant challenges recently, particularly related to the airdrop of the DOGS memecoin. This event caused two major network outages, highlighting the network’s limitations under heavy load.
Between August 27 and 29, the TON network processed 20 million transactions, with over 30% attributed to DOGS memecoin, causing transaction fees to spike to a six-month high, likely resulting in a peak number of active users. However, the high volume of transactions overwhelmed several validators, leading to outdated data accumulation, loss of consensus, and a temporary halt in transaction processing on the blockchain.
Crypto analyst Maartun also observed another spike in activity on August 29, when the network faced a heavy load. During this time, the network processed an average of 100 transactions per block within seconds, with DOGS transactions comprising around 35% of all transactions in some blocks.
“During this period, an average of 100 transactions were processed per block (within seconds), with DOGS transactions making up to 35% of all transactions in some blocks.” – By @JA_Maartun
Read more 👇https://t.co/BR3CMHOQP1 pic.twitter.com/omSminAOQB
— CryptoQuant.com (@cryptoquant_com) September 1, 2024
TON’s Growth and Scalability Challenges
As TON continues to grow, its recent experiences underscore the need for further development and optimization to handle increased activity. The challenges faced during the DOGS memecoin airdrop highlight the importance of scalability and resilience in blockchain networks, particularly as they gain broader adoption.
TON’s ability to quickly attract many transactions and active users is a testament to its potential. However, the network must address the technical challenges of rapid growth to ensure long-term stability and reliability.
The blockchain community is keeping a close eye on TON as it uses Telegram’s large user base and investments to grow its influence in the blockchain world.TON’s success hinges on addressing the challenges of scaling and maintaining a secure platform. Continued enhancements to its infrastructure are essential for TON to support an increasing number of users and transactions, thereby securing its position in the fast-growing digital economy.
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