The Open Network Sees Record $299 Million in USDT Transfer Volume
The Open Network (TON), linked to the popular messaging platform Telegram, experienced a surge in network activity as stablecoin transfer volumes hit a record high on July 4. According to blockchain analytics firm Artemis, the TON blockchain saw over $299 million in USDT transfer volume in a single day, marking the highest figure since Tether introduced its US dollar-pegged stablecoin on the network in April.
Despite this milestone, TON’s daily transfer volume still lags behind Ethereum, which sees a daily USDT volume of $7.7 billion. Additionally, TON’s USDT transfer volume on Thursday was lower than that of Arbitrum and Solana.
The supply of USDT on the TON blockchain has grown to $560 million, contributing to the network’s total locked value of $655.26 million, up from $144.85 million on the day of Tether’s USDT launch on the TON blockchain.
The top two applications by stablecoin transfer volume on the TON blockchain in the past 24 hours are decentralized exchanges DeDust and STON.fi, followed by centralized exchanges like Binance, MEX Global, Bitfinex, Bybit, and Bitget.
The surge in stablecoin transfer volume on TON coincided with an announcement from Telegram founder Pavel Durov regarding a token generation event for Hamster Kombat, a popular click-to-play minigame on Telegram with 49.7 million subscribers. Durov highlighted the growth potential of Telegram’s mini app platform, with Hamster Kombat leading the way.
Despite a 4.2% decrease in the price of TON over the past week, the token has seen a significant 430% increase in price over the past year, trading at $7.25 according to CoinGecko.
