In 2024, The Open Network (TON) emerged as one of the most dynamic blockchain ecosystems, achieving exponential growth in both user and economic activity. Partnerships with crypto companies and deployment of several technological advancements further solidified TON’ position as the leading Layer 1 (L1) blockchain. Explore key TON's statistics in our dedicated dashboard on Dune Analytics, and learn the short summary of achievements from this article.
Total Value Locked (TVL) 800% Growth
TON’s Total Value Locked (TVL) reached an all-time high of approximately $740 million in July 2024, an 8x increase from roughly $76 million at the start of the year. At present, the TVL stands at around $248 million, representing an impressive 18-fold increase since January.
3380% More Daily Active Addresses
The explosive growth of mini-apps such as Catizen AI, Notcoin, Hamster Kombat, and DOGS has significantly boosted user engagement and transaction volumes. Daily active addresses on TON surged from slightly over 26,000 in January 2024 to more than 880,000 in December 2024, reflecting a staggering 3,380% year-to-date growth. Daily transactions also experienced a substantial rise, increasing from around 443,000 in January 2024 to 4,325,000 in December 2024.
Decentralised Finance (DeFi): 10x More Trading Activity
The DeFi sector within TON has been steadily expanding, led by protocols such as STON.fi and DeDust.io. Emerging platforms like ton.fun have further contributed to user growth and trading volumes, particularly within the memecoin market. Notably, the daily average trading volume on TON’s decentralised exchanges increased from just over $2 million to $21.4 million by the end of December 2024.
Stablecoin Integration: Approaching the $1.5 Billion Cap
The introduction of native USDT on TON in May 2024 has been pivotal, with the supply exceeding 1.43 billion over seven months.
This integration has significantly enhanced transaction volumes and user adoption, with USDT accounting for over 25% of decentralised exchange volumes.
Web3 Gaming Activity
TON has emerged as a leading network for on-chain gaming. In August 2024, it ranked as the sixth-largest blockchain for gaming, with an average of 177,000 daily unique active wallets, as reported by DappRadar. Games such as Hamster Kombat and Catizen have played a crucial role in this growth, attracting millions of users and introducing them to the TON ecosystem.
Partnerships and Ecosystem
TON has partnered with many major crypto companies throughout 2024, including Bitget and Google Cloud. DWF Labs is also the TON's ongoing partner. As Alessia Baumgartner, our Business Partner of Ecosystems, reported during the TON Gateway conference, we have been a major contributor to the ecosystem, supporting various Web3 projects, sponsoring hackathons and trading on DEXs and acting as the leading crypto liquidity provider. For detailed highlights from TON Gateway, read the recap by DWF Ventures.
Technological Advancements
TON has introduced several technological upgrades to enhance its ecosystem in 2024.
In particular, developers introduced gasless transactions, which allows users to make transactions without holding the native coin, Toncoin, by enabling the use of alternative tokens like USDT and Notcoin to cover gas fees.
TON has also expanded in the space of blockchain interoperability with the launch of TON Teleport BTC, a decentralised bridge that brings Bitcoin into the TON ecosystem. By transforming BTC into tgBTC, a 1:1 pegged synthetic token, users can leverage BTC liquidity in DeFi activities such as yield farming, lending, and staking.
Overall
With exponential increase in user engagement, on-chain activity, and DeFi usage, TON has managed to position itself as a leading L1 blockchain, setting the stage for continued expansion and innovation in the years to come. Although facing challenges, this uniquely designed protocol can become a potent alternative to top blockchain platforms like Ethereum and Solana.
If you are building on TON, don’t hesitate to reach out to DWF Ventures for collaboration opportunities.
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