According to the latest analysis by CryptoQuant, TON has emerged as one of the best performing layer 1 blockchains in 2024.
With an impressive 118% performance against Bitcoin since the beginning of the year, TON stands out in stark contrast to other popular layer 1 chains that have struggled to gain traction.
According to Information Resources, among the major blockchains, only TON and BNB significantly outperformed Bitcoin during this period. This relative strength, combined with the robust network effects provided by Telegram, positions TON as a particularly noteworthy cryptocurrency to watch during this bull market.
TON network overview
Despite a rocky start, Telegram Open Network (TON) has grown significantly over the past year, establishing itself as one of the largest projects in the crypto industry by total market capitalization.
This surge can be attributed to its vibrant and expanding ecosystem that is attracting more and more developers and users. Increased engagement and innovation within the TON blockchain has fueled the rise of the TON blockchain.
A notable project on the TON network is Notcoin (NOT). It started as a viral Telegram game aimed at introducing users to his Web3 on the blockchain. Notcoin's whitepaper is unconventional and consists of 9 pages, the first page is titled “Notcoin Whitepaper November 2023” and the remaining 8 pages are blank.
It was launched simultaneously on Binance Launchpool and OKX Jumpstart, with a total supply of 102,719,221,714 uncirculated. In a recent development, Notcoin announced that it will donate NOT 1.03 billion, equivalent to $6.8 million, to Telegram founder Pavel Durov and Telegram.
Partnership with Tether
Underpinning TON's performance are several key partnerships that The Open Network has implemented over the past few months. Recently, prominent stablecoin issuers Tether and The Open Network partnered with the Oobit mobile app to facilitate USDT to fiat transactions.
This move will allow TON users to utilize Oobit's tap-and-pay technology to pay merchants in fiat currency while consuming USDT. The app integration also simplifies trading with Tether’s USDT and Tether Gold (XAUt) on the TON network.
