TON Blockchain Dominates Layer-1 Space, Captures 50% of Transactions in September 2024

The TON blockchain has emerged as a dominant force in the Layer-1 space, accounting for 50% of all L1 transactions in September 2024. This milestone highlights the growing influence of The Open Network, driven by the success of viral projects within its ecosystem, especially in GameFi. With popular token listings and a sharp increase in total value locked (TVL), TON is actively reshaping the decentralized landscape.

TON Blockchain: A GameFi Powerhouse Leading L1 Transactions

In September 2024, the TON blockchain secured its position as a leading Layer-1 (L1) network by accounting for half of all transactions in the space. According to data from CryptoQuant, this surge in activity can be attributed to several high-profile token launches and a wave of viral gaming projects built on it, such as Hamster Kombat, Catizen, and DOGS.

These GameFi projects have taken the crypto world by storm, driving massive engagement on the TON blockchain and attracting millions of users. The platform’s unique focus on blockchain-based gaming and its integration with popular messaging app Telegram have allowed it to outperform other L1 networks in terms of transaction volume.

Crypto analyst Collin Wu notes: “The TON blockchain has found its niche in GameFi, particularly in regions where traditional financial systems are less prevalent. With innovative games like Hamster Kombat and the broad utility of Telegram, TON’s ecosystem has created a perfect storm for growth.”

Among the standout contributors to the TON blockchain’s rise are viral games such as Hamster Kombat and Catizen. These tap-to-earn games have driven significant adoption and user participation. Similarly, Hamster Kombat recorded a meteoric rise. It climbed to the third-fastest app in history to reach 150 million users shortly after launch. In late July, the game reported upwards of 300 million users, marking a remarkable record in Web3 game development since its March debut.

The success of these projects has proven instrumental in expanding the TON blockchain ecosystem, attracting new users and increasing transaction volumes. As of August 2024, the DOGS meme coin reached 17 million token claims shortly after its launch on The Open Network.

As WuliGy, a prominent GameFi commentator, mentioned in a recent podcast: “The success of these GameFi projects is what separates the TON blockchain from other networks. It’s not just about gaming; it’s about integrating real utility within the Telegram ecosystem, which keeps users engaged and drives the adoption of the network.”

Major Token Listings Propel TON Blockchain Growth

The growing list of projects and tokens within the TON blockchain ecosystem is also a major driver of its current success. Notably, the platform has seen high-profile token listings, including its native token, TONCOIN, and CATI, the token of the popular game Catizen. These listings on major exchanges such as Binance and Coinbase have amplified the network’s visibility, attracting more traders and investors.

The strong performance of these tokens on leading exchanges further solidifies the TON blockchain’s status as a powerful player in the crypto space. In particular, the adoption of CATI has been instrumental in attracting new users to the platform, further boosting the network’s transaction volume and user base.

Crypto expert Alex Pak pointed out: Token listings on exchanges like Binance and Coinbase have a profound impact on any blockchain’s success, and the TON blockchain is no exception. The visibility and liquidity these listings provide create a virtuous cycle, leading to more user engagement and ecosystem growth.

As the TON blockchain continues to dominate Layer-1 transactions, its total value locked (TVL) has also surged. According to DefiLlama, the network’s TVL jumped from $311.66 million in August to $431.98 million by the end of September, a nearly 40% increase in just one month. This growth underscores the expanding ecosystem of decentralized applications (dApps) and services that are flourishing on it.

This surge in TVL highlights the growing trust and investment within the network, further reinforcing the TON blockchain as a top-tier L1. With its integration into Telegram’s ecosystem and its rapid expansion into new markets, particularly in regions like CIS and South Asia, the future looks promising for the TON blockchain.

With its commanding lead in Layer-1 transactions, the TON blockchain is proving to be one of the most influential networks in 2024. The combination of viral GameFi projects, major token listings, and its seamless integration with Telegram has propelled it to the forefront of the crypto space. As the network continues to grow and attract more users, the TON blockchain shows no signs of slowing down.

The next phase of growth for TON will likely see further innovation within its ecosystem, particularly as new GameFi projects and decentralized applications are introduced. With its current trajectory, the TON blockchain is set to maintain its leadership in Layer-1 transactions well into the future. Get more from The Bit Gazette