Bitget, a leading cryptocurrency exchange and Web3 company, has released an in-depth report that reveals significant growth within the TON ecosystem. The report highlights key metrics, including an 1800% surge in transaction volume over the past six months. This rapid growth is fueled by an expanding user base, technological advancements, and strategic partnerships.
According to the report, TON (The Open Network) boasts 900 million active users, with the majority located in CIS countries such as Russia and Ukraine, followed by India, Brazil, and the United States. The TON network is home to over 1,159 projects, covering a broad range of services, including cross-chain bridges, decentralized finance (DeFi), launchpads, and more.
Surge in Daily Transaction Volume
The most notable finding of the Bitget report is the 12x increase in daily transaction volume, which soared from 100,000 to 1.2 million transactions in a year. The Total Value Locked (TVL) within the ecosystem currently stands at $350 million, an 18-fold increase (approximately 1800%) over six months, with decentralized exchange (DEX) trading volumes rising from $2 million to $40 million since the beginning of the year.
This growth has been accompanied by a surge in the value of the native TON token, which now averages around $5.50. The growing adoption of the ecosystem and its services is a clear indication of its expanding influence in the cryptocurrency space.
Gracy Chen, CEO of Bitget, commented on the findings, stating, “TON’s ecosystem is rapidly gaining traction, particularly among tech-savvy enthusiasts eager to explore its innovative approach to decentralized solutions. At Bitget, we’ve seen a significant influx of users participating in TON-related projects. Recent projects like DOGS have attracted significant interest, and with upcoming launches such as CATI and HMSTR, we remain dedicated to supporting these innovative initiatives,” said Gracy Chen, CEO of Bitget.
Integration with Telegram Fuels Growth
One of the driving forces behind TON’s success is its deep integration with the Telegram messaging platform. This collaboration has played a pivotal role in popularizing on-chain gaming apps and bots, leading to a surge in user adoption and trading activity. Notable partnerships within the ecosystem include collaborations with USDT, HashKey Group, Fireblocks, and DWF Labs.
TON’s appeal lies in its innovative architecture, which sets it apart from other blockchains like Ethereum. The network offers multi-chain architecture, asynchronous smart contract calls, and proxy solutions, making it a unique proposition in the blockchain industry. These features are cited in the report as critical factors in TON’s continued growth and appeal to developers and users alike.
Bitget Wallet: Bridging Web2 and Web3
Bitget’s involvement in the TON ecosystem extends to its Web3 wallet, which has become the preferred choice for 68% of Telegram game users. The wallet accounts for 17% of active addresses on the TON network, with over 12 million monthly active users,” said Alvin Kan, COO of Bitget Wallet. “Integrating with the TON and Telegram ecosystem has been a game-changer for Bitget Wallet. By tapping into Telegram’s vast user base, we’ve seamlessly bridged Web2 and Web3, offering an accessible experience for millions.”
Bitget Wallet’s growth has made it the most downloaded Web3 wallet globally for two consecutive months. This success underscores the importance of integrating Web3 solutions with familiar platforms to encourage broader user adoption.
Challenges and Future Outlook
Despite its rapid growth, the TON ecosystem faces several challenges, including low trading activity and limited lending options. The report notes that the ecosystem’s DeFi, lending, and gaming sectors must expand further to meet user demand. Moreover, to maintain momentum, TON must address its shortcomings in DeFi services, extend its reach beyond the CIS region, and navigate complex regulatory hurdles.
Looking ahead, the Bitget report projects that TON will continue to leverage Telegram’s user base but may trend towards “de-Telegramization” to mitigate potential regulatory risks. Additionally, the report suggests that the value of the TON token will rise alongside broader cryptocurrency market trends, as the ecosystem attracts more traditional users to the blockchain space.
Bitget’s research highlights the impressive growth trajectory of the TON ecosystem, driven by its innovative approach, strategic partnerships, and deep integration with Telegram. However, to fully capitalize on its potential, the ecosystem will need to address its current challenges, particularly in the DeFi space, and broaden its geographic reach. As the ecosystem evolves, TON is well-positioned to play a significant role in the future of decentralized solutions and cryptocurrency adoption.
