According to CryptoPotato, TON has been identified as one of the top-performing Layer 1 blockchains in 2024, demonstrating an impressive 118% outperformance over Bitcoin since the start of the year. This performance sets TON apart from other popular Layer 1 chains, which have struggled to gain momentum. Among major blockchains, only TON and BNB have significantly outpaced Bitcoin during this period. This relative strength, coupled with the robust network effect provided by Telegram, makes TON a cryptocurrency to watch during this bull run.
Despite a turbulent beginning, the Telegram Open Network (TON) has seen significant growth over the past year, establishing itself as one of the largest projects in the cryptocurrency industry by total market capitalization. This growth can be attributed to its vibrant and expanding ecosystem, which has attracted a growing number of developers and users. The increased engagement and innovation within the TON blockchain have fueled its rise. A notable project on the TON network is Notcoin (NOT), which started as a viral Telegram game aimed at introducing users to Web3 on the blockchain. Notcoin announced it would donate 1.03 billion NOT, equivalent to $6.8 million, to Telegram founder Pavel Durov and Telegram.
Supporting TON’s performance are several key partnerships that The Open Network has carried out in the past couple of months. More recently, prominent stablecoin issuer Tether and The Open Network teamed up with the Oobit mobile app to facilitate USDT-to-fiat transactions. This move will allow TON users to use Oobit’s Tap & Pay technology to pay merchants in fiat currency while spending USDT. The integration of the app will also simplify transactions with Tether’s USDT and Tether Gold (XAUt) on the TON network.