TON is slowly capturing the Layer 1 market share with a notable performance so far.
TON has emerged as one of the top-performing Layer 1 blockchains in 2024, according to the latest analysis by CryptoQuant.
Demonstrating a remarkable 118% outperformance over Bitcoin since the beginning of the year, TON has stood out in stark contrast to other popular Layer 1 chains, which have struggled to gain momentum.
Among major blockchains, only TON and BNB have significantly outpaced Bitcoin in this period, as per the intelligence resource. This relative strength, combined with the robust network effect provided by Telegram, positions TON as a particularly noteworthy cryptocurrency to monitor during this bull run.
TON Network Overview
Despite a turbulent start, the Telegram Open Network (TON) has experienced significant growth over the past year, establishing itself as one of the largest projects in the cryptocurrency industry by total market capitalization.
This surge can be attributed to its vibrant and expanding ecosystem, which has attracted a growing number of developers and users. The increased engagement and innovation within the TON blockchain have fueled its rise.
A notable project on the TON network is Notcoin (NOT), which began as a viral Telegram game aimed at introducing users to Web3 on the blockchain. Notcoin’s whitepaper is unconventional, consisting of nine pages, with the first page titled “Notcoin Whitepaper November 2023” and the remaining eight pages being blank.
It was simultaneously launched on Binance Launchpool and OKX Jumpstart, with a total supply of 102,719,221,714 NOT in circulation. In a recent development, Notcoin announced it would donate 1.03 billion NOT, equivalent to $6.8 million, to Telegram founder Pavel Durov and Telegram.
Teaming Up With Tether
Supporting TON’s performance are several key partnerships that The Open Network has carried out in the past couple of months. More recently, prominent stablecoin issuer Tether and The Open Network teamed up with the Oobit mobile app to facilitate USDT-to-fiat transactions.
The move will enable TON users to use Oobit’s Tap & Pay technology to pay merchants in fiat currency while spending USDT. The integration of the app will also simplify transactions with Tether’s USDT and Tether Gold (XAUt) on the TON network.