TONcoin Surges in Price Outperforming Avalanche and Polygon in Vital Measure
The Toncoin price is steadily approaching its all-time high amidst significant growth in its ecosystem and rising user demand.
On Tuesday, TON surged to $8.10, coming close to its peak of $8.30. This marks an impressive 800% increase from its lowest point in 2023, propelling its valuation to nearly $20 billion.
The TON ecosystem has outpaced Avalanche in the realm of DeFi, experiencing robust expansion across various sectors. In a short span of time, it has garnered immense popularity, emerging as a key player in decentralized finance.
According to data from DeFi Llama, the ecosystem’s total value locked (TVL) has surged by 70% in the last 30 days, exceeding $1.13 billion. This growth has propelled TON to become the eighth largest blockchain, surpassing prominent platforms like Avalanche, Polygon, and Near.
Many dApps within the TON ecosystem have witnessed substantial activity recently. Notably, DeDust’s TVL has surged by nearly 300% to over $375 million, while platforms like STON.fi, Tonstakers, bemo, and Stakee have seen increases exceeding 30%.
Toncoin has also emerged as a favored token for staking, with its staking market cap climbing to $4.7 billion, ranking it as the 9th most staked token in the industry, as per data from Staking Rewards.
The surge in the Toncoin price can be attributed to the growing enthusiasm surrounding the tap-to-earn ecosystem. Notcoin, a publicly-traded tap-to-earn platform, has reached a market cap surpassing $1.4 billion. Similarly, TapSwap has attracted over 60 million users worldwide.
Hamster Kombat, a game linked to Russia, has experienced rapid growth, boasting over 200 million users and a record-breaking YouTube channel with 30 million subscribers and 500 million views within a month.
Other tap-to-earn platforms like AvaCoin, DotCoin, and YesCoin are also witnessing substantial growth due to their user-friendly interfaces and the potential for significant rewards through airdrops.
In the future, these tap-to-earn networks will conduct their airdrops on the TON Blockchain, further boosting activity within the ecosystem. However, concerns over the volume of Toncoin persist, as data indicates that its daily trading volume has remained relatively low, hovering below $800 million since June 15th. This contrasts with smaller tokens like Pepe and Dogwifhat, which see higher daily trading volumes despite having lower market capitalizations.
