As the next half of 2024 begins in July, Toncoin (TON) has emerged as one of the biggest performers so far since the year started. It has been able to turn the tables and now has year-to-date returns of more than 400%, according to CoinMarketCap. This is much better than the performances of Bitcoin and Ethereum, despite the hype concerning the launch of spot ETFs.
In fact, there’s been remarkable growth around TON, which could make it more prominent than Ethereum. Below, let’s discuss why Toncoin could become more popular than ETH in the crypto scene.
Incentive Programs
Toncoin is growing at an amazing pace, and one of the reasons for this is its continued commitment to providing incentives to the community. A good example was when the team announced the allocation of 30 million TON tokens, valued at $115 million then, for community rewards back in March 2024. Apparently, $22 million of the funds was for airdrops, $15 million to support the League developer ecosystem, $38 million for token mining and user incentives, and finally, $40 million for boosting liquidity pools. Subsequently, actions like this are driving demands, removing focus from previously prominent blockchains like Ethereum.
Massive TON Adoption and TVL Boom
Toncoin adoption and its TVL boom are other factors driving massive users to this protocol. So, Toncoin’s transfer volume has been moving between $5 billion and $10 billion since June. Another angle to this is that Bitcoin’s average daily transfer volume is roughly $50 billion. This means that Notcoin was able to achieve more than 10% of Bitcoin’s daily transfers in June. The number of users on the Ton network is also increasing massively. Moreover, there were over 32 million users in June, which is an incredible difference from 2.9 million a year ago.
Besides this increase in adoption, Toncoin TVL is rising. According to data from DefiLlama, Toncoin’s TVL stood at more than $700 million, which is more than a 3500% increase compared to the $19 million TVL recorded in January 2024. The stablecoin market cap on Ton gas also increased, getting to over $549.28m as of July 1st.
Notcoin’s Success and Other Airdrops Launching on TON
The success of the Notcoin airdrop was one of the major boosters for the TON network and its native token, Toncoin. Apparently, Notcoin is a play-to-earn game developed within Telegram, where users earn NOT by tapping on their screen. Notcoin was a huge success, reaching more than a $1.5 billion valuation within months of its launch.
Subsequently, other airdrops started following the Notcoin template of launching play-to-earn games on Telegram. In the month of July, many airdrops are expected to launch on TON, such as Gemz, PixelTap (PixelVerse), and Hamster Kombat. Previously, airdrops mainly concentrated within the Ethereum network. However, TON is now on the scene and taking a large chunk of the market.
Conclusion
Toncoin, throughout 2024, has emerged as one of the most prominent tokens and networks, rivaling even Ethereum. However, several things have contributed to this, such as the massive boom in adoption and total value locked (TVL). Moreover, the success of the Notcoin airdrop and the subsequent launch of several airdrops on the TON blockchain is making it more popular. Also, Toncoin developers are huge in incentive programs, releasing a massive $115 million back in March. Nevertheless, Toncoin is not yet within the same category and prominence as Ethereum, but it is on the right path.
Cover Image from Microsoft Designer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
