Millionaire transactions dominate the TON network

The Open Network (TON) is a cryptocurrency network specialized in smart contracts. It has grown greatly within the ecosystem of the messaging application, Telegram.

According to recent data, the majority of transactions currently being carried out on this network are for amounts exceeding one million dollars. Market analyst, Joao Wedson, shows that this implies a growing interest from large investors and greater activity on the network among these participants.

This increase in million-dollar transactions can be seen in the following graph in the yellow indicators.

This has transformed TON into a “robust network with high value transfer capacity and a gradual increase in the participation of large investors,” says Wedson.

Total transactions on the network has gone from 4.5 million to 6 million daily during the current month, which represents an increase of 33%. This can be seen in the graph below:

The increase may be related to the addition of the tether (USDT) stablecoin to the TON network. By early May, more than $100 million worth of USDT had been issued on TON. The TON development team highlighted that the launch of Tether was the fastest growing in said network.

Additionally, TON launched an incentive program for depositing USDT. In the first phase, Users could earn up to 50% annual performance (APY) storing USDT, getting TON as a reward.

Currently, this yield percentage is 25% until June 12. To participate in the program you can deposit up to 3,000 USDT.

TON, The Open Network’s cryptocurrency, rises in price

This has also contributed to the increase in the price of the network’s native currency, Toncoin (TON). In the last month, its price went from $5.5 to $6.46, as reflected in the following graph provided by TradingView.

In this way, Toncoin It is located in ninth place of the assets with the highest market capitalization, with this being 22,000 million dollars.passing over Cardano (ADA) and Shiba Inu (SHIB), according to data from CoinMarketCap.

Another aspect that reveals the strength that the TON network has gained is shown in the total value locked (TVL) of the network. On May 1 it was $162 million and is currently $321 million, which represents an increase of 97%, according to DeFiLlama.

This is a clear sign that the network is gaining popularity and attracting new users.

TON games become popular

The TON network is characterized by its ability to execute smart contracts and is powered by the Proof-of-Stake (PoS) consensus algorithm. In her hundreds of applications, wallets, DeFi protocols and video games are hosted.

An example is NOT, the governance currency of Notcoin, a game in the “clicker” category that is hosted on said network. The game, which is accessed through the Telegram application, allows you to earn NOT units, as reported by CriptoNoticias.

Since May 16, those rewards began to be converted into the NOT token, which It has support from several exchanges such as Binance, Bitfinex and Bybit.

The creators of the game also launched the “earning missions” feature. This allows users to earn passive NOT rewards by completing missions such as following the game on social network X or joining their group on Discord.

This has led to the game gaining more than 30 million users (which is a figure higher than the population of some countries, including Venezuela)