TON blockchain surpasses 1 billion transactions

Vince Dioquino

Sep. 2, 2024

The Open Network has reached a major usage milestone despite recent outages caused by its memecoin airdrop.

TON blockchain surpasses 1 billion transactions

Key Takeaways

TON recorded over 1 billion transactions, half of which occurred in the last three months.
The DOGS memecoin airdrop significantly increased TON's daily transactions and user activity.

The Open Network (TON), the blockchain associated with Telegram, has surpassed 1 billion total transactions according to data from TON Scan. This milestone comes less than a week after the network experienced two major outages related to a memecoin airdrop.

TON’s transaction volume has now exceeded 1.02 billion, with half of those transactions occurring in just the last three months. This rapid growth shows the rapid increase in user engagement on the platform, which has leveraged its integration with Telegram’s nearly 1 billion global users.

Last month, TON Core and Tonkeeper introduced the W5 smart wallet standard, facilitating gasless transactions on the TON blockchain with USDT as transaction fees.

Earlier in May, Pantera Capital invested in The Open Network to boost its potential for widespread crypto adoption via Telegram’s extensive user base.

The network currently sees around 280,000 daily active users and processes an average of 800,000 transactions per day. A recent report by crypto exchange Bybit suggested TON’s Telegram integration could allow it to replicate WeChat’s success and become a “SuperApp” with Web3 capabilities.

However, TON recently faced challenges when the DOGS memecoin airdrop caused two related network outages. Between August 27-29, TON processed 20 million transactions, with DOGS accounting for over 30% of activity. This surge drove average transaction fees to six-month highs and likely resulted in TON’s highest day of active users according to Ian Wittkopp, head of TON Ventures.

The intense activity overwhelmed some validators, disrupting transaction processing and consensus. Crypto analyst Maartun suggests that during peak periods, DOGS transactions comprised around 35% of all transactions in some blocks, with the network processing an average of 100 transactions (per ensuing block) within seconds.

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