Blockchain
TON Blockchain Stablecoin Transfer Volume Hits Record $299M on US Independence Day
According to blockchain analytics firm Artemis, Open Network, which is associated with messaging giant Telegram, has seen USDT transfer volume hit $299 million, the highest daily amount since Tether launched its U.S. dollar-pegged stablecoin on the network in April.
The USDT supply on the TON blockchain has grown to over $560 million, bringing the network’s total value locked (TVL) to $655.26 million, up from $144.85 on April 19, the day Tether’s USDT launched on the TON blockchain.
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Published on July 5, 2024 at 2:12 PM EST.
The Open Network (TON)closely tied to the popular messaging platform Telegram, has seen a surge in network activity, with stablecoin transfer volumes hitting an all-time daily high on July 4.
On Thursday, the TON blockchain recorded USDT transfer volume of over $299 million, the highest daily figure since Tether launched its U.S. dollar-pegged stablecoin on the network in April, according to blockchain analytics firm ArtemisDespite its record high, Thursday’s TON daily transfer volume pales in comparison to Ethereum’s USDT daily volume of $7.7 billion.
On Thursday, TON’s USDT transfer volume was still lower than Arbitrum’s, at $564.72 million, and Solana’s, at $505.9 million.
To know more: Layer 2 Networks Are Coming to Telegram-Associated TON Blockchain
In the last 24 hours, the top two applications by volume of stablecoin transfers on the TON blockchain are decentralized exchanges, DeDust and STON.fi. They are followed by centralized exchanges such as Binance, MEX Global, Bitfinex, Bybit and Bitget.
The supply of USDT on TON has grown to $560 million, helping to increase the network’s total value locked to $655.26 million at press time, up from $144.85 million on April 19, the day Tether’s USDT launched on the TON blockchain, data from DefiLlama shows.
Fighting with TGE hamsters
The all-time high in TON stablecoin transfer volume occurred on the same day as Telegram founder Pavel Durov She said in his channel, which has nearly 2.8 million subscribers, that Hamster Kombat would have a token generation event. Hamster Kombat is a click-to-play minigame on Telegram with 49.7 million subscribers and belongs to a cohort of Telegram-based games such as Catizen and Not money.
“A new wave of mini apps is coming to Telegram, and Hamster Kombat is now leading the pack. Its incredible growth shows the viral potential of Telegram’s mini app platform,” Durov wrote.
The price of TON, the native cryptocurrency for the blockchain network associated with Telegram, has dropped 4.2% over the past seven days. However, over the past year, the token has increased by 430%, trading at $7.25, according to CoinGecko.