The Open Network (TON) could become a major competitor to Ethereum due to its impressive ecosystem and rapid user growth, according to a report from the research arm of crypto exchange Bitget.
The report highlights that TON has seen a significant surge in transaction volume over the past year, with daily transactions rising from 100,000 to 1.2 million. Its DeFi offerings have reportedly led to an 18-fold increase in its total value locked (TVL), reaching $350 million in just six months.
Adding to TON’s recent momentum, the report highlighted the launch of the Dogs (DOGS) token on the network, which set a major record in the memecoin space. Inspired by Telegram co-founder Pavel Durov’s dog sketch, the Dogs Mini App on Telegram attracted over 53 million users, with 42.2 million eligible for the token airdrop, making it the largest token generation event (TGE) in memecoin history.
TON’s technical advantages, such as its multi-chain architecture and asynchronous smart contract capabilities, have helped set it apart from other blockchain platforms. However, the report noted that several challenges still lie ahead for the network.
Despite this impressive growth, the report points out that TON’s trading volume, which climbed from $2 million to $40 million in 2024, remains modest compared to Ethereum’s well-established DeFi ecosystem.
One key issue raised was TON’s deep integration with Telegram. While this connection has been a significant driver of user growth, it may pose a regulatory risk, especially in regions where Telegram faces scrutiny. The report suggested that TON may need to distance itself from the messaging platform in a process called “de-Telegramization.”
According to Biget, TON is also expanding beyond its current regional focus and enhancing its global presence, which will be crucial as TON seeks to solidify its position in the global blockchain ecosystem.
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