Toncoin (TON) reached a milestone after expanding to more than 100M users with non-zero balance in their wallets. Toncoin user count rallied during the past few months, driven by airdrop farming and the transfers of airdrop tokens.
Toncoin (TON) reached 100M users with non-zero balance in their addresses. After several high-profile campaigns and the growing popularity of TON, the network is gaining more ground as a hub for Web3 activity. Toncoin is also more prominent in its communication, despite this year’s arrest of Pavel Durov in France, and the surrender of some of the privacy of Telegram.
After a record year, the Toncoin Community is also preparing for its meetup in Dubai on November 1-2, with the topic of onboarding more Web3 users. Toncoin is also gaining attention from a burn event scheduled for October 9, where the Dogs community will burn $4M in DOGS and NOT tokens.
Toncoin wallets grow on token distribution
Toncoin has around 22M active wallets, and the higher number of addresses is required to host the growing number of jettons, or tokens owned. Toncoin also sees another 70,704 wallets activated daily. Jetton wallets, specifically built to hold the chain’s tokens, grew almost vertically in September, to more than 20M in total.
Besides airdrops, stablecoins are the other most important transaction type on the chain. Despite the high capacity, Toncoin also retains its low-cost transactions, though the chain still has bottlenecks when transferring tokens for mass airdrops.
The most rapid expansion followed the recent token airdrops, which required a growth in addresses due to the chain’s specific structure. Just before the most active airdrop month, on September 1, Toncoin carried around 57M addresses.
Telegram, the app that supplies Toncoin with users, retains around 800M registered users, with around 5M subscribers to Telegram Premium.
Toncoin catches up to L2 leaders, lags from Solana
After the expansion of highly active meme tokens and tap-to-earn assets, Toncoin reported 105M addresses. The chain aims to position itself as capable of high-capacity transactions, though it has not reached its full potential.
Toncoin carries around 12M monthly active users, still a fraction of Solana’s 89M daily active users. The Ton network started as a niche chain, with 1.8M active users in Q1, and grew with gradual acceptance. The network is also one of the most successful L1s to emerge this year. The chain is surpassing even leading L2 hubs like Arbitrum One, which only carried 2.9M active monthly users in September.
Some of the activity and address creation on the Ton network may be driven by bots. The high-speed nature of the network and the presence of meme tokens makes bots essential. The ability to run bots through Telegram also boosts adoption and activity.
At the same time, top channels on Telegram bring additional traffic. The Hamster Kombat notification channel has further grown its reach and has 60M subscribers.
TON retains stability even after Binance listing
One of the reasons for the popularity of Toncoin and the TON adoption was a Binance listing that led to permanently higher trading volumes. Binance-listed tokens often go though significant pumps, followed by selling. However, TON retained its relatively predictable price range between $5 and $7.
Unlike other tokens, TON did not crash after the listing, as most holders were in no rush to cash out. TON is closely held by multiple whales, all with a purpose of long-term ownership and influence over the network.
Additionally, TON is used for staking and re-staking, which has worked as a factor to lock a large part of the supply. Only around 2.5B TON are in circulation, from a total supply above 5.11B. The TON Believers Fund holds 1.3B tokens, while other lockups include validator stakes, The Elector governance contract and other apps.
Toncoin grew its value locked slightly, up to $400M. The chain has readiness to expand its stablecoin supply to $768M. The relative stability of the TON price also helps retain DeFi users and encourages liquid staking.
Source: https://www.cryptopolitan.com/toncoin-addresses-reach-100m-milestone/