TON Blockchain’s Stablecoin Transfer Volume Reaches Record $299 Million on US Independence Day

According to blockchain analytics firm Artemis, the open network, which is affiliated with messaging giant Telegram, saw $299 million in USDT transfers, the highest daily amount since Tether rolled out its U.S. dollar-pegged stablecoin to the network in April.

The supply of USDT on the TON blockchain has increased to more than $560 million, and the network’s total locked value (TVL) has increased to $655.26 million from $144.85 million on April 19, the day Tether’s USDT on the TON blockchain was launched.

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Posted on July 5, 2024 at 2:12pm EST.

The open network (TON), which is closely tied to the popular messaging platform Telegram, has seen increased network activity, with stablecoin transfer volumes hitting an all-time high in a single day on July 4.

On Thursday, the TON blockchain saw more than $299 million in USDT transfers, the highest daily amount since Tether rolled out its U.S. dollar-pegged stablecoin on the network in April, according to the blockchain analytics firm. ArtemisDespite the record levels, TON’s daily transfer volume on Thursday pales in comparison to Ethereum’s daily USDT trading volume of $7.7 billion.

TON’s USDT transfer volume on Thursday also lagged Arbitrum’s $564.72 million and Solana’s $505.9 million.

Read more: Layer 2 network arrives on Telegram-affiliated TON blockchain

The volume of transactions on the TON blockchain is steadily increasing. (Artemis)The volume of transactions on the TON blockchain is steadily increasing. (Artemis)
The volume of transactions on the TON blockchain is steadily increasing. (Artemis)

In the past 24 hours, the top two applications by stablecoin transfer volume on the TON blockchain are decentralized exchanges DeDust and STON.fi, followed by centralized exchanges such as Binance, MEX Global, Bitfinex, Bybit, and Bitget.

According to data from DefiLlama, the supply of USDT on TON has increased to $560 million, pushing the network’s total locked value to $655.26 million at press time, up from $144.85 million on April 19, the day Tether’s USDT on the TON blockchain launched.

Hamster Combat TGE

The record high for TON stablecoin transfers was recorded by Telegram founder Pavel Durov. Said His channel, which has around 2.8 million subscribers, teased a token generation event for Hamster Combat, a click-to-play mini-game on Telegram with 49.7 million subscribers, joining other Telegram-based games like Catizen and Notcoin.

“A new wave of mini-apps is coming to Telegram, and Hamster Combat is currently leading the way. Its phenomenal growth demonstrates the viral potential of Telegram’s mini-app platform,” Durov wrote.

The price of TON, the native cryptocurrency of the Telegram-related blockchain network, has fallen 4.2% over the past seven days, but the token’s price has risen 430% over the past year to trade at $7.25, according to CoinGecko.

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