Key takeaways
- TON has recorded over a billion transactions, half of which took place in the last three months.
- The DOGS memecoin airdrop significantly increased daily transactions and TON user activity.
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The Open Network (TON), the blockchain associated with Telegram, has surpassed 1 billion total transactions according to data from TON Scan. The milestone comes less than a week after the network experienced two major outages related to a memecoin airdrop.
TON’s transaction volume has now surpassed 1.02 billion, with half of those transactions occurring in the last three months alone. This rapid growth is a testament to the rapid increase in user engagement on the platform, which has benefited from its integration with Telegram’s nearly 1 billion global users.
Last month, TON Core and Tonkeeper introduced the W5 smart wallet standard, facilitating gasless transactions on the TON blockchain with USDT as the transaction fee.
In early May, Pantera Capital invested in The Open Network to bolster its potential for widespread crypto adoption through Telegram’s vast user base.
The network currently has around 280,000 daily active users and processes an average of 800,000 transactions per day. A recent report from cryptocurrency exchange Bybit suggests that TON’s integration of Telegram could allow it to replicate WeChat’s success and become a “SuperApp” with Web3 capabilities.
However, TON recently faced challenges when the DOGS memecoin airdrop caused two related network outages. Between August 27 and 29, TON processed 20 million transactions, with DOGS accounting for over 30% of the activity. This surge pushed average transaction fees to six-month highs and likely resulted in TON’s highest active user day ever, according to Ian Wittkopp, director of TON Ventures.
The intense activity overwhelmed some validators, disrupting transaction processing and consensus. Crypto analyst Maartun suggests that during peak periods, DOGS transactions accounted for around 35% of all transactions in some blocks, with the network processing an average of 100 transactions (per subsequent block) in a matter of seconds.
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