Another day at the HODL FM, where our daily crypto report lights up your screen, just like the moon lights up the night.

Here is what we have for you today: 

  • TON  beat Ethereum with the highest number of daily active addresses
  • TON’s massive growth is thanks to Telegram’s users, new P2E games, and so much more.
  • The blockchain recorded 568.3K DAA on June 3.

Telegram’s blockchain, The Open Network (TON), has had the highest number of daily active addresses (DAAs) compared to Ethereum for almost the whole of this month. This growth in active users is probably influenced by Telegram’s massive user base, given that the social media platform is the 8th most used platform, with approximately 100 M active users per month. 

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Source: Tenor

Delphi Digital, a crypto research firm, described the phenomenon happening on TON as a quiet flippening that can be sustained over the long term and compete against Ethereum. In a June 10 post on X, the research firm highlighted the promising nature of Telegram and Ton’s rapid growth despite the latter being in its early stages.

DAUs is a metric that defines the number of unique wallets transacting on the blockchain. Judging from the numbers, both TON and Ethereum have been competing neck to neck since May 17, the day that Ton surpassed Ethereum’s daily active users for the first time. Fast-forward to this month and TON has beaten Ethereum 10 out of June’s 11 days, including a record 568.3k daily active addresses on June 3. As for Ethereum, the last time it recorded such a significant number of daily active users was on September 13, 2023. 

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Source: Tenor

Ethereum’s Layer 2 Scaling Solutions Bolster Network Activity

Nonetheless, it is not a fair comparison for Ethereum, given that one piece is missing from the bigger picture. The number of daily active users on Ton vs. Ethereum does not represent activity on Layer 2 scaling solutions. Take, for instance, the combined daily active addresses on Ethereum’s top three scaling solutions, Optimism, Base, and Arbitrum, which was 1.3 million on June 11. This also indicates Ethereum’s team is achieving some of the milestones on its roadmap, including supporting Layer 2 protocols to scale the main network.

Meanwhile, some of the key drivers of TON’s increasing network activity can be attributed to Telegram’s large users, the recent integration of Tether (USDT) stablecoin on The Open Network, and an influx of crypto gaming fanatics, such as the 35 million players who signed up on Notcoin, a play-to-earn game that launched a few months ago.

Besides, Telegram has a ton of Web3 integrations, from in-app currencies like the Telegram Stars to popular crypto trading bots like Solana’s Bonkbot. All of these factors are contributing to the success of the social media messaging platform and its blockchain network, TON. 

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Source: CoinMarketCap

More Info:

Moreover, the $TON cryptocurrency, which powers utility on the Open Network, is trading around a new all-time high during press time at $7.66. As shown in the chart above, the cryptocurrency might be on its way to setting another new all-time high in the next 24 hours.

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