Telegram-linked blockchain The Open Network (TON) has surpassed a total of 1 billion transactions in the wake of a high-profile meme-coin airdrop, which caused some major network outages.
The network’s transaction volume has now exceeded 1.04 billion according to data, with half of these transactions occurring in the past three months alone. The rapid rise in the number of transactions indicates the growing engagement on the TON platform, supported by its integration with Telegram’s nearly 1 billion global users.
TON Introduces Gasless Transactions
TON’s continued growth is largely attributed to some recent developments, like the introduction of the W5 smart wallet standard. This standard, launched in collaboration with Tonkeeper, promises to deliver gasless transactions on the TON blockchain.
In July 2024 The Open Network Foundation also partnered with 1inch and Sign to launch the Web3 startup accelerator Triangle. Subsequently, the TON Foundation introduced a Bitcoin bridge to solidify the platform’s vision of being a “blockchain of blockchains.”
Despite this progress, the network faced challenges when the DOGS memecoin airdrop triggered two outages between August 27 and 29. During the period, TON processed a staggering 20 million transactions, with DOGS accounting for over 30% of the activity.
The surge led to transaction fees reaching a six-month high and likely contributed to the network’s highest recorded daily active user count, according to Ian Wittkopp, head of TON Ventures. The surge in activity overwhelmed some validators, disrupting transaction processing and consensus.
Crypto analyst Maartun noted that during peak periods, DOGS transactions made up approximately 35% of all transactions in some blocks, with the network handling an average of 100 transactions per block within seconds.
Telegram Held $400M in Crypto by End of 2023
According to a report, Telegram held $400 million in digital assets by the end of 2023, according to its financial statement for that year. Telegram, with about four million premium users at the end of 2023, rose to over five million by mid-2024.
While the App generated $342.5 million in revenue, it still posted an operating loss of $108 million for the year. Notably, about 40% of this revenue came from activities related to digital assets, including an “integrated wallet” and the sale of digital collectables.
At the moment, French authorities have granted Telegram CEO Pavel Durov bail under very strict conditions, including payment of 5 million euros, reporting to police twice a week, and remaining within French borders.
Paris prosecutor Laure Beccuau stated that the judge found sufficient grounds to formally investigate Durov on all charges for which he was initially detained.
These charges include suspected complicity in running an online platform that facilitates illicit transactions, distribution of child sexual abuse material, drug trafficking, fraud, failure to cooperate with authorities, money laundering, and providing cryptographic services to criminals.
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