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The Open Community, related to messaging big Telegram, noticed $299 million in USDT switch quantity, the best single-day determine since Tether rolled out its US dollar-pegged stablecoin on the community in April, in keeping with blockchain analytics agency Artemis.
The availability of USDT on the TON blockchain has grown to over $560 million, pushing the community’s whole worth locked (TVL) to $655.26 million, up from $144.85 on April 19, the day of Tether’s USDT launch on the TON blockchain.
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Posted July 5, 2024 at 2:12 pm EST.
The Open Network (TON), carefully tied to well-liked messaging platform Telegram, has seen an upswing in community exercise, with stablecoin switch volumes climbing to a each day all-time excessive on July 4.
On Thursday, the TON blockchain noticed greater than $299 million in USDT switch quantity, the best single-day determine since Tether rolled out its US dollar-pegged stablecoin on the community in April, in keeping with blockchain analytics agency Artemis. Regardless of its file degree, TON’s each day switch quantity on Thursday pales compared to Ethereum’s each day USDT quantity of $7.7 billion.
TON’s USDT switch quantity on Thursday was additionally nonetheless lower than Arbitrum’s at $564.72 million, and Solana’s at $505.9 million.
Learn Extra: Layer 2 Networks Are Arriving on the Telegram-Associated TON Blockchain
Previously 24 hours, the highest two functions by stablecoin switch quantity on the TON blockchain are the decentralized exchanges, DeDust and STON.fi. Centralized exchanges equivalent to Binance, MEX World, Bitfinex, Bybit, and Bitget observe behind.
The availability of USDT on TON has grown to $560 million, serving to enhance the community’s whole locked worth to $655.26 million at presstime from $144.85 million on April 19, the day of Tether’s USDT launch on the TON blockchain, knowledge from DefiLlama exhibits.
Hamster Kombat TGE
TON’s all-time excessive in stablecoin switch quantity occurred on the identical day Telegram founder Pavel Durov said in his channel, which has nearly 2.8 million subscribers, that Hamster Kombat would have a token technology occasion. Hamster Kombat is a click-to-play minigame on Telegram with 49.7 million subscribers, and belongs to a cohort of Telegram-based video games equivalent to Catizen and Notcoin.
“A brand new wave of mini apps on Telegram is coming, and Hamster Kombat is now main the pack. Its superb development exhibits the viral potential of the Telegram mini app platform,” wrote Durov.
The value of TON, the native cryptocurrency for the Telegram-associated blockchain community, has decreased by 4.2% within the final seven days. Nonetheless, over the previous 12 months, the token’s value has risen 430% to commerce at $7.25, per CoinGecko.
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