TON Network Decentralized Exchanges Boom: Addresses and Transactions Grow
Date: 2024-09-24 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Recent research shows that the TON platform’s decentralized exchange (DEX) ecosystem, especially projects like STON.fi and DeDust, has seen a significant increase in the number of new addresses. This indicates that more and more traders are discovering the network’s trading capabilities.
DEX Leaders
DEX STON.fi is the leader, covering about 90% of all transactions on the platform. The success of this exchange is due to its simple interface, high level of security, and the variety of available trading pairs. From September 1 to September 23, the number of addresses on STON.fi increased by 15%, increasing from 148.9 thousand to 171.3 thousand. This highlights the rapid growth of the platform’s user base.
Expansion on other DEXs
However, growth is not limited to STON.fi. Other DEXs in the TON network are also showing positive dynamics. For example, DeDust increased the number of addresses by 14.9% in the specified period, reaching 171.4 thousand as of September 23. Although the growth of Megaton Finance is more modest (1.75% from 5.7 thousand to 5.8 thousand addresses), it still reflects the overall positive trend in the TON ecosystem.
Comparing the data from April 9, when TON DEXs began to show stable growth and user adoption, we can see that STON.fi and DeDust increased the number of addresses by 924% and 1053%, respectively, starting from 14.8 thousand addresses.
Steady growth in transactions in the TON network
The TON network has also seen a significant increase in daily transactions, especially in the CIS countries. The total number of daily transactions increased from 319.4 thousand on January 27 to 11.4 million on September 11, representing a whopping 3,569,092% growth.
In addition, the total value of assets locked (TVL) in the TON network as of September 23 was $420.2 million, more than 3,000 times higher than the $13.5 million on January 1.
Telegram as the engine of TON growth
One of the main factors driving the growth of the TON network is its deep integration with the popular messenger Telegram. Leveraging Telegram’s massive user base of nearly 950 million, the TON ecosystem makes heavy use of features such as an official in-app wallet and support for various bots and mini-apps such as Notcoin, Catizen, and Hamster Kombat.
However, following the arrest of Telegram CEO Pavel Durov on August 24, the price of Toncoin, TON’s native cryptocurrency, fell from $6.8 to $5.2, and hit a monthly low of $4.6 on September 6. Since then, Toncoin has recovered slightly and is currently trading at $5.5.
In response to Durov’s arrest, the official TON community group released a statement on August 27, calling the case “a direct attack on a fundamental human right — freedom of expression.”
