Toncoin (TON) has emerged as the best-performing layer-1 token this year with a price surge of over 220%. It has outpaced other major tokens like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Cardano (ADA). While ETH, BNB, and SOL have increased by 55%, 80%, and 40% respectively, ADA has dropped by 30%.

Blockchain analyst Maartunn highlighted two main reasons for TON’s impressive performance. Firstly, the TON transfer volume has significantly increased, ranging between $5 billion and $10 billion. In comparison, Bitcoin’s daily transfer volume is around $50 billion, indicating that TON has already achieved about 10% of the volume of the largest cryptocurrency.

Other metrics also support this observation. The total value locked (TVL) in Ton’s ecosystem has risen to over $923 million, making it the 12th largest chain in the industry. Additionally, the volume of stablecoins within the ecosystem has grown to more than $450 million. These stablecoins are predominantly found in Ton’s ecosystem networks such as DeDust, STON.fi, Tonstakers, and Stakee.

TON holders have soared

The number of TON holders has increased dramatically to over 34.5 million, up from 2.9 million a year ago. This represents a 10x increase in just one year, and the trend is expected to continue in the coming months.

A potential driver for this surge in TON holders is the upcoming launch of TapSwap. TapSwap, a popular tap-to-earn platform on Telegram, has chosen Toncoin as its blockchain of choice. This launch is expected to bring over 50 million users to TON’s ecosystem.

Therefore, the Toncoin price has surged due to its expanding ecosystem and the substantial increase in the number of holders.

For more updates on cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

Post Views: 11