The TON ecosystem is arguably the biggest breakthrough of the crypto industry in 2024, becoming one of the best-known blockchains. Within the year, it has seen massive growth in several metrics, such as trading volume and the total value locked (TVL). Moreover, TON has established a formidable user base, tapping from Telegram's massive 900 million users.
Going back in time, the TON Network has faced major extinction struggles, especially with its legal troubles in 2020. After a revival in 2022, 2024 has been a fantastic year for the TON Network, reaching $773 million TVL in July. This article provides a detailed review of the TON ecosystem performance in 2024, its challenges, and the future outlook.
According to Bitget findings, TON taps Telegram's 900 million users, with a diverse user base in CIS (Commonwealth of Independent States), South Asia, Southeast Asia, Brazil, and Nigeria. Furthermore, the report highlighted increasing transactions, reaching approximately 1.2 million daily from a previous 100,000. In August, the network had 1,159 decentralized applications (dApps) and over 900,000 daily active addresses (DAA).
The DeFi development on TON has also been massive. Bitget confirmed a TVL growth from $20 million at the beginning of the year to nearly $350 million at the time of their report. DEX trading volume also increased to $40 million daily, an impressive increase from $2 million at the start of 2024. Other metrics, like transaction fee revenue, surged to $75,000 daily.
Sectors within the TON ecosystem have performed differently. Starting with DeFi, many projects represent the sub-sectors within the TON DeFi ecosystem. For instance, DeDust is the leading DEX on TON, with a TVL of $130 million. Tonstakers provides liquid staking, amassing over $170 million TVL.
Many unique features set the Open Network up for the success it has enjoyed in 2024. They range from introducing the tap-to-earn model to combining CeFi and DeFi functionalities within the ecosystem.
Despite the general success in 2024, critical challenges remain within the TON ecosystem. Bitget's latest research report aggregates different data sources to highlight the network's weaknesses, including low trading volume and weak lending demand.
Undoubtedly, the TON ecosystem holds a lot of potential and opportunities for retail investors and investment institutions. The free airdrop and tap-to-earn sectors have a high potential for TON, with notable projects already emerging.
TON emerged as one of the most popular and fastest-growing blockchains in 2024, reaching a massive TVL of over $773 million at one point. Bitget's report critiques the TON Network, providing updates on its current status, unique features, potentials, opportunities, challenges, and developmental plans.
