Telegram’s “The Open Network” (TON) blockchain has been consistently outperforming Ethereum in terms of daily active addresses throughout this month, analysts say.
Telegram, a popular messaging app, created by Russian emigrant Pavel Durov, is not only competing against WhatsApp and Signal, it's also making waves in crypto world. TON blockchain is now emerging as a serious competitor to Vitalik Buterin's Ethereum, a current king of blockchain solutions.
According to a recent post on X from Delphi Digital, a prominent firm, TON’s daily active addresses have surpassed Ethereum.
Analysts think this success can be attributed to Telegram’s colossal user base of 900 million. TON’s popularity relies on Telegram’s wide distribution, Delphi Digital concludes.
Another analyst company, Artemis, has published their report, showing that TON and Ethereum have been closely competing in a number of daily transactions since May 17. That figure shows how many unique wallets were active on a given day.
In June, TON was surpassing Ethereum on 10 out of the 11 days so far.
There even was a day when TON reached a peak usage level, which Ethereum wasn't able to grasp since September 2023. That happened on June 3, when TON had a little over 568,000 transactions.
Despite these impressive figures analysts say there is a need to consider the broader context. Direct comparison of TON and Ethereum might be unfair because of all the recent technological advances the latter has reached. Ethereum has many layer 2 solutions up and running now. A significant number of transactions have migrated there. And they can't be measured using traditional metrics mentioned above.
Even without beating Ethereum, TON can celebrate a significant surge in popularity. Several factors to blame here. Integration of Tether (USDT) on TON is the most prominent of them. As well as raising user base of Notcoin, a "tap-to-earn" token.