The TON ecosystem is arguably the most important breakthrough of the crypto trade in 2024, changing into one of many best-known blockchains. Within the past 12 months, there has been a huge development in several metrics, comparable to buying and selling quantity and the whole worth locked (TVL). Furthermore, TON has established a formidable consumer base, tapping from Telegram’s huge 900 million customers.
Going again in time, the TON Community has confronted main extinction struggles, particularly with its authorised troubles in 2020. After a revival in 2022, 2024 has been an incredible 12 months for the TON Community, reaching $773 million TVL in July. This text offers an in-depth evaluation of the TON ecosystem efficiency in 2024, and its challenges.
Bitget’s Assessment of TON’s Efficiency
In line with Bitget’s findings, TON faucets Telegram’s 900 million customers, with a various consumer base in CIS (Commonwealth of Unbiased States), South Asia, Southeast Asia, Brazil, and Nigeria. Moreover, the report highlighted rising transactions, reaching roughly 1.2 million every day from an earlier 100,000. In August, the community had 1,159 decentralized functions (dApps) and over 900,000 every day lively addresses (DAA).
CIS international locations, together with Russia, Belarus, Uzbekistan, and Kazakhstan, comprised 66% of Notcoin’s site visitors. The remaining international locations that were adopted have been Indonesia, Vietnam, China, and India. Within the case of Hamster, Russia, India, and Nigeria have been the highest three international locations.
Coverage initiatives just like the Open League trial run, progressive operational method, and collaboration with trade veterans contribute to TON improvement. Within the technological side, multi-chain structure, asynchronous good contracts, and TON Proxy What Has Set TON Aside From Different Networks?
Many distinctive options set the Open Community up for the success it has loved in 2024. They vary from introducing the tap-to-earn mannequin to combining CeFi and DeFi functionalities inside the ecosystem.
TON Community’s Faucet-To-Earn Mannequin
The faucet-to-earn mannequin inside the TON ecosystem boosted its reputation, with initiatives like Notcoin pioneering this mannequin. By clicking on their cellular gadget display screen, customers have been eligible to earn NOT tokens. This mannequin seems to be a wonderful onboarding technique for newbies inside the crypto trade, as they solely have to faucet their screens to earn rewards. Different initiatives, comparable to Hamster, have additionally adopted this mannequin.
Viral Mass Airdrops
Viral mass airdrops have changed into a pattern inside the TON Community, the place where customers can earn huge rewards by taking part through Telegram. There’s no barrier, as customers principally need to open the airdrop bots and take part in duties like becoming a member of channels and teams to earn factors. This has been fairly efficient in onboarding Web2 customers into Web3.
Accessibility of Native Crypto Pockets
The partnership with Telegram to create a local crypto wallet inside the platform has been a hit. Certainly, integrating local crypto pockets on Telegram aids Web2 customers coming into Web3. They’ll simply ship crypto to their contacts, making it resemble some conventional fee techniques.
Apart from Telegram, the TON Basis has additionally collaborated in quite a few instances to enhance funds on their networks. They partnered with Tether and Oobit community again in Could 2024 to develop a crypto payment answer.
Viral Mini-Gaming Tasks
Apart from the tap-to-earn mannequin, mini-gaming initiatives inside the TON ecosystem on Telegram have closely contributed to its current success in 2024. The pet-raising mini-app Catizen stands out in this class, the place where customers earn rewards for caring for digital pets. The Catizen’s success led to the introduction of different mini-apps like Gatto.
CeDeFi Tasks Tapping Into Telegram Person Base
With over 900 million customers, CeDeFi initiatives can purchase extra clients by tapping into this consumer base. A wonderful case examined is Blum, a CeDeFi mission that mixes CeFi and DeFi trade functionalities. Their proposed companies will present a seamless onboarding course of and a safe crypto platform with an intuitive consumer interface.
The recognition of activity distribution platforms on Telegram, like PEPE Miner Bot, can also be among the many distinctive options contributing to the expansion of the TON Community.
Analyzing the Weaknesses – Challenges TON Community Faces
Regardless of the overall success in 2024, vital challenges stay inside the TON ecosystem. Bitget’s newest TON analysis report aggregates completely different information sources to focus on the community’s weaknesses.
In line with information from DefiLlama on 1st October 2024, TON had solely 35 protocols listed on the community. Different networks like Sui, Base, Arbitrum, Optimism, and Avalanche have extra. This means how weak the DeFi sector inside the TON Community is, taking a nasty place as one of many blockchains with the fewest DeFi initiatives.
Low Buying and Selling Quantity
Bitget highlighted the low buying and selling quantity inside the TON ecosystem in their report. When making their report, Bitget famous that the main DEXs on TON, comparable to DeDust and STON.fi, had their buying and selling quantity hovering around $15 million inside a 24-hour timeframe.
Compared, decentralized exchanges like Raydium and Uniswap have persistently recorded buying and selling volumes above $1 billion. One other essential spotlight from the report is the dominance of the TON/USDT buying and selling pair. Merchants majorly abandon different buying and selling pairs, as TON/USDT makes up 70% of buying and selling volumes.
Weak Lending Demand on TON
At the time of the Bidget report, the EVAA Protocol emerged as the biggest lending protocol on TON. Nonetheless, it has a low TVL of less than $33 million, which is poor in comparison with many different lending protocols. Though lending companies are missing on TON, the blockchain isn’t low on stablecoins, because it was the ninth-largest blockchain by USDT issuance. Bitget reported that the TON Basis is making efforts to make sure they deal with these shortcomings. Launching its personal Layer 2 community primarily based on Polygon know-how is likely one of the TON Community’s first steps to handle this. This layer 2 will likely be named the TON Applications Chain (TAC), aiding extra improvement on TON.
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