- TON’s price surged 125% over Bitcoin this year, supported by both speculative and practical project launches.
- CryptoQuant data shows TON processed 3M+ USDT transactions, indicating broad use beyond meme projects.
- Growing stablecoin and utility project activity on The Open Network suggests its appeal extends beyond gaming and meme tokens.
The Open Network (TON) has recently become one of the most popular projects in the crypto space, owing to its high price and frequent project releases. Based on the recent analysis from the platform CryptoQuant, the value of TON has grown by 125% compared to Bitcoin in just this year. New projects on TON include meme coins like DOGS and gaming projects like *Hamster Kombat*, but data shows that the network is more than just a playground for meme coins.
CryptoQuant’s analysis disproves the hypothesis that The Open Network is just a platform for memes and gaming coins. In the recent post, the platform revealed that within the last 30 days, TON’s workchain has been able to facilitate over 3 million transactions of Tether (USDT) making USDT the most traded token on the platform. This high volume of USDT transactions indicates that there is tangible usage of TON, and not limited to gaming or meme projects.
Stablecoin Transactions on TON
TON transaction data provides a better perspective on the network’s use case than the above table. Besides, USDT has a large transaction amount, and the network has registered 469,138 transactions in the Catizen project that focuses on the decentralized identity and privacy. In second place, RabBitcoin reported 345,159 transactions, which also confirms that The Open Network backs projects with practical utility besides popular tokens.
The rise in The Open Network’s activity in non-meme coin transactions is an indication of the network’s advancement into real life use. Experts believe that the increasing number of USDT transactions on the platform indicates that cryptocurrency is becoming more involved in the transfer of stablecoins, which may interest investors in useful projects.
From Meme Coins to Utility
Although meme coins and gaming tokens have been the main drivers of early adoption of TON, it seems that the network is stepping out of this niche. As the price continues to rise and the number of active projects grow, coin is emerging as a platform that provides both, appealing to the speculator and useful to the developer.
Over time, as TON’s reputation improves, observers and participants will be interested in how it will manage to maintain such dynamics, including as more complex projects and transactions are included in its record. At the moment, token demonstrates that it is not limited to the first wave of game and meme tokens that made it popular.
