Developments in the blockchain industry are making waves as the Telegram-supported The Open Network (TON) network has been registering more daily active addresses than Ethereum almost daily throughout the current month. A firm speculates that this could signal a significant shift catalyzed by the network's substantial user base. Nonetheless, it is arguable that the data might not provide a comprehensive view of the situation.
TON Network Progress
Delphi Digital recently unveiled, on June 10, that TON's gradual expansion, fueled by Telegram's massive 900 million user count, has outstripped Ethereum in terms of daily active addresses. Delphi Digital hinted that while there is potential for TON's promising growth to outpace Ethereum in the long run, TON is still a trial run for Telegram.
Data sourced from Artemis, where Daily Active Addresses (DAA) are defined as the count of unique wallets engaging in daily transactions on a blockchain, indicates that TON and Ethereum have been in close competition since May 17, with TON surpassing Ethereum for the first time. TON established a strong position at the start of June and has been surpassing Ethereum on 10 out of 11 days so far. According to Artemis data, Ethereum has not reached these levels since September 13, 2023.
Telegram's Role in the Blockchain Landscape
A vast portion of Ethereum's transactions has transitioned to Layer-2 networks, leading to a significant share of user activity occurring on Layer-2 scaling solutions. This shift may introduce some bias into the comparison. Notably, three prominent Layer-2 networks of Ethereum, namely Arbitrum, Base, and Optimism, recorded a collective 1.3 million daily active addresses on June 11.
Vitalik Buterin, one of Ethereum's co-founders, has endorsed the utilization of Layer-2 networks to enhance scalability on the primary blockchain network as part of Ethereum's roadmap. The surge in activity on the TON network may be attributed to Telegram's recent integration of the Tether (USDT) stablecoin into TON and the 35 million users who have engaged with Notcoin within the platform since its launch five months ago.
Telegram also introduced Telegram Stars, an in-app currency for acquiring crypto assets, on June 6. The utilization of Telegram trade bots remains a popular practice for cryptocurrency exchanges on the messaging platform.
