Telegram’s TON Blockchain Surpasses 1 Billion Total Transactions After DOGS Frenzy

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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September 3, 2024

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Telegram-linked blockchain The Open Network (TON) has surpassed 1 billion total transactions in the wake of a high-profile memecoin airdrop, which also caused two major network outages.

According to data from TON Scan, the network’s transaction volume has now exceeded 1.04 billion, with half of these transactions occurring in the past three months alone.

The rapid rise in the number of transactions indicates the growing engagement on the TON platform, supported by its integration with Telegram’s nearly 1 billion global users.

TON Introduces Gasless Transactions

TON’s continued growth is largely attributed to recent developments, including the introduction of the W5 smart wallet standard.

The smart wallet standard, launched in collaboration with Tonkeeper, promises to deliver gasless transactions on TON blockchain.

In July, The Open Network Foundation also partnered with 1inch and Sign to launch the Web3 startup accelerator Triangle.

Subsequently, the TON Foundation introduced a Bitcoin bridge to solidify the platform’s vision of being a “blockchain of blockchains.”

In addition, Pantera Capital’s investment in The Open Network earlier this year has further fueled TON’s growth and development.

Despite this progress, the network faced challenges when the DOGS memecoin airdrop triggered two outages between August 27 and 29.

During the period, TON processed a staggering 20 million transactions, with DOGS accounting for over 30% of the activity.

The surge led to transaction fees reaching a six-month high and likely contributed to the network’s highest recorded daily active user count, according to Ian Wittkopp, head of TON Ventures.

The surge in activity overwhelmed some validators, disrupting transaction processing and consensus.

Crypto analyst Maartun noted that during peak periods, DOGS transactions made up approximately 35% of all transactions in some blocks, with the network handling an average of 100 transactions per block within seconds.

Telegram Held $400M in Crypto by End of 2023

As reported, Telegram held $400 million in digital assets by the close of 2023, according to its financial statement for that year.

Telegram, which had around four million premium users at the end of 2023, saw this number rise to over five million by mid-2024.

While the messaging platform generated $342.5 million in revenue, it still posted an operating loss of $108 million for the year.

Notably, about 40% of this revenue came from activities related to digital assets, including an “integrated wallet” and the sale of digital collectibles.

Meanwhile, French authorities have granted Telegram CEO Pavel Durov bail under strict conditions, including a payment of 5 million euros, reporting to police twice a week, and remaining within French borders.

Paris prosecutor Laure Beccuau stated that the judge found sufficient grounds to formally investigate Durov on all charges for which he was initially detained.

These charges include suspected complicity in running an online platform that facilitates illicit transactions, distribution of child sexual abuse material, drug trafficking, fraud, failure to cooperate with authorities, money laundering, and providing cryptographic services to criminals.