Fun

TON flips ETH in daily active addresses, but that’s not the full picture

News Feed - 2024-06-13 12:06:51

Brayden Lindrea5 hours agoTON flips ETH in daily active addresses, but that’s not the full pictureTON has seen more daily active addresses than Ethereum in 10 of the last 11 days — however, that figure doesn’t include Ethereum layer 2s.2917 Total views19 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUpdate June 13, 08:40 am UTC: This article headline has been updated to clarify TON has recorded more active addresses 


Telegram’s “The Open Network” (TON) blockchain has recorded more daily active addresses than Ethereum nearly every day this month.


One firm suggests it could be a quiet “flippening” fueled by a massive user base. Though, one could argue the data doesn’t show the full picture either.


“TON’s quiet growth, fueled by Telegram’s 900M user base, has driven its daily active addresses above Ethereum,” Delphi Digital posted to X on June 10, calling it “The Flippening CT ignores.”


“TON is a bet on Telegram’s distribution,” Delphi Digital added, before pondering whether its promising growth can be sustained over the long term to surpass Ethereum for good.Source: Delphi Digital


Data from Artemis — which defines DAA as the number of unique wallets making a daily transaction on a blockchain — shows TON and Ethereum have fought neck and neck since May 17 when Ton first surpassed Ethereum with . TON has gained a foothold near the start of June, beating Ethereum on 10 out of 11 days so far.


TON gained a foothold since the start of the month, beating Ethereum on 10 out of 11 days in June so far, including a record 568,300 DAAs on June 3.


To put that into perspective, Ethereum hasn’t reached those heights since Sept. 13, 2023, Artemis data shows.Daily active addresses on Ethereum and TON since March 12. Source: Artemis


However, there’s a missing part of the picture. As a result of pushing Ethereum transactions to L2s, much of the the ecosystem"s user activity is on layer 2 scaling solutions — arguably making it a not-so-fair comparison.


For example, three of the top Ethereum layer 2s, Arbitrum, Base and Optimism, saw a combined 1.3 million daily active addresses on June 11 alone.


Ethereum co-founder Vitalik Buterin has supported using L2s to scale the main blockchain, which is part of the roadmap.


Related:Coinbase partners with Lightspark for Bitcoin Lightning payments


TON’s uptick in network activity may have been attributed to Telegram recently integrating the Tether (USDT) stablecoin on TON and the 35 million users that have signed up to Notcoin since it launched five months ago. Notcoin is a “tap-to-earn” token which can be earned by completing various social challenges.


Telegram also launched Telegram Stars — an in-app currency used to make digital purchases on June 6.


Telegram trading bots have also been a popular crypto use case on the messaging platform.


Magazine:Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions# Blockchain# Business# Wallet# Ethereum# Transactions# Adoption# Telegram# TON# DataAdd reaction

News Feed

Iran to Pilot ‘National Cryptocurrency,’ Considers Blockchain Tech for Stock Market
Iran to Pilot ‘National Cryptocurrency,’ Considers Blockchain Tech for Stock Market The Central Bank of Iran soon plans to launch the pilot phase of its digital currency projec
Google updates Gemini AI, apologizes for ‘woke’ inaccurate imagery
Savannah Fortis11 hours agoGoogle updates Gemini AI, apologizes for ‘woke’ inaccurate imageryGoogle updates Gemini AI amid controversy over inaccurate imagery, introducing features while addressing concerns over bias
RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India
RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India The governor of India’s central bank, the Reserve Bank of India (RBI), has reiterated h
William Suberg1 hour agoBitcoin price must take $26K, trader says after ‘textbook short squeeze’Bitcoin shorts start to suffer thanks to a $1,000 BTC price relief rally, but key resistance remains in place.1177 Total
Range-Bound Ethereum Sees Volatility – High Timeframe Levels Hold The Key
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Turner Wright12 hours agoJudges deny Sam Bankman-Fried’s appeal for early releaseThe former FTX CEO will remain in jail following three judges with the 2nd U.S. Circuit Court of Appeals calling the arguments behind a m
SEC Chair Gensler Discusses How Securities Laws Apply to Crypto Tokens — Won’t Say if Ethereum Is a Security
SEC Chair Gensler Discusses How Securities Laws Apply to Crypto Tokens — Won"t Say if Ethereum Is a Security The chairman of the U.S. Securities and Exchange Commission (SEC), Ga
Metaverse Startup Ready Player Me Raises $56 Million in Series B Led by Andreessen Horowitz
Metaverse Startup Ready Player Me Raises $56 Million in Series B Led by Andreessen Horowitz The AI-generated avatar creation cross-platform for the metaverse, Ready Player Me, has
Russian Bill to Recognize Cryptocurrencies as Property Advances in Parliament
Russian Bill to Recognize Cryptocurrencies as Property Advances in Parliament Russia’s parliament has advanced the bill that proposes to recognize cryptocu
Bank of Russia Aims for Full Launch of Digital Ruble in 2024
Bank of Russia Aims for Full Launch of Digital Ruble in 2024 The Central Bank of Russia plans to begin the comprehensive implementation of the digital ruble two years from now, acc
Ciaran Lyons6 hours agoFTX bolsters claims portal security measures following cyber breachFollowing the cyber breach of non-sensitive data, bankrupt cryptocurrency exchange FTX has reactivated account access to its custo
Republican supported by crypto Super PAC loses Arizona primary
Turner Wright4 hours agoRepublican supported by crypto Super PAC loses Arizona primaryDefend American Jobs used roughly $600,000 in a media buy for Republican Blake Masters, just one of three Arizona candidates crypto PA