The Open Network (TON) may soon have more holders than Ethereum (ETH), according to projections.
The TON blockchain started with just 4.3 million holders at the beginning of 2024. However, it reached over 100 million holders by October 2024. TON’s deep integration with Telegram, a messaging platform with 900 million monthly users, is the key to this rapid adoption.
Telegram allows its users to interact with TON without the complexity of setting up crypto wallets, making the onboarding process easy for millions of new users.
Ethereum currently holds the lead with 137 million holders. However, TON’s holder count has been increasing by about 500,000 new users per day.
At this pace, TON could surpass Ethereum’s user base by December 2024, if the growth trend continues without interruptions.
Factors Behind TON’s Growth
TON’s success is largely due to its access through Telegram, which enables users to adopt the blockchain easily. The integration also supports a growing number of mini-games and DeFi apps. Popular games like Hamster Kombat have drawn millions of users into the ecosystem by offering crypto rewards.
In addition to gaming, TON has developed a decentralized finance (DeFi) ecosystem, with a total value locked (TVL) of over $400 million. This growth makes TON among the top 20 blockchains by DeFi metrics.
TON TVL reached over $400 million in October. Source: DefillamaWill TON Really Overtake Ethereum?
If the current growth continues, TON is likely to surpass Ethereum’s holder count by late December 2024. However, the projection is not guaranteed.
A slower adoption rate could delay the crossover point until early 2025. Ethereum’s gradual but steady growth could also impact the timing. Although Ethereum’s growth has been relatively flat in recent months, even a modest increase could influence the outcome of this race.
Challenges for TON
Despite its growth, TON faces several challenges. Rapid adoption has already led to occasional network congestion, as seen during the recent DOGS token airdrop, which caused temporary outages and increased transaction fees. Such issues could deter new users and slow the pace of adoption.
Additionally, TON must contend with competition from more established blockchains like Ethereum. While Ethereum’s growth may seem slow, it remains a dominant force in crypto, especially in smart contracts and decentralized applications.
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