TON Surpasses 1 Billion Transactions Amid Memecoin Airdrop
The Open Network (TON), a blockchain technology linked to Telegram, has crossed the milestone of 1 billion total transactions, particularly following a notable memecoin airdrop that took place recently. As per data retrieved from TON Scan, the network’s transaction volume has now surpassed an impressive 1.04 billion transactions, with a significant portion—about 50%—occurring just in the last three months. This surge highlights the increasing activity and engagement within the TON ecosystem, bolstered by its integration with Telegram, which boasts nearly 1 billion users globally.
Gasless Transactions and New Developments
The growth of TON can be largely attributed to strategic advancements, including the launch of the W5 smart wallet standard. This new standard, developed in collaboration with Tonkeeper, allows users to perform gasless transactions on the TON blockchain, significantly enhancing user experience. Additionally, in July, the TON Foundation joined forces with 1inch and Sign to create the Web3 startup accelerator known as Triangle, fostering innovation within the blockchain space. The introduction of a Bitcoin bridge by the TON Foundation serves to further solidify its vision of becoming a robust “blockchain of blockchains.” Furthermore, Pantera Capital’s investment earlier this year has been pivotal in propelling TON’s expansion and technological efforts.
Challenges Faced by TON During Memecoin Surge
Despite its rapid advancements, TON encountered significant challenges when the airdrop of the DOGS memecoin resulted in two disruptions between August 27 and 29. Reports indicated that the TON network experienced intense strain, processing an astonishing 20 million transactions during the peak activity, with DOGS transactions accounting for over 30% of this activity. This overwhelming surge caused transaction fees to hit a six-month high and contributed to the highest recorded daily active user count, as noted by Ian Wittkopp, head of TON Ventures.
During these peak moments, crypto analyst Maartun observed that DOGS transactions comprised about 35% of all transactions in certain blocks, with the network efficiently managing approximately 100 transactions per block within seconds. However, this intense load led to the network’s validators being overwhelmed, disrupting transaction processing and consensus mechanisms.
Financial Highlights for Telegram
Recent financial disclosures reveal that by the end of 2023, Telegram held a substantial $400 million in digital assets. As of the close of 2023, the messaging platform had around 4 million premium users, a figure that surged to over 5 million by mid-2024. Despite generating revenue of $342.5 million, Telegram recorded an operating loss of $108 million for the year. Notably, 40% of its revenue stemmed from digital asset operations, including its integrated wallet and sales of digital collectibles.
Legal Challenges Faced by Telegram CEO
In a separate development, Telegram’s CEO, Pavel Durov, has been granted bail by French authorities under strict conditions. This includes a bail payment of 5 million euros, regular reporting to police twice weekly, and a requirement to remain in France. Paris prosecutor Laure Beccuau indicated that sufficient grounds have been established for a formal investigation into Durov regarding various serious charges. These charges include allegations of complicity in facilitating illicit transactions, distributing child sexual abuse material, drug trafficking, fraud, failure to cooperate with authorities, money laundering, and offering cryptographic services to criminals.