Telegram’s “The Open Network” (TON) blockchain has consistently surpassed Ethereum in daily active addresses throughout this month, marking a potential quiet “flippening” driven by its substantial user base. However, while this data suggests significant growth, it may not provide the complete picture.
Delphi Digital pointed out on June 10 that TON’s steady expansion, supported by Telegram’s massive 900 million user base, has propelled its daily active addresses above Ethereum’s. This phenomenon, labeled as “The Flippening CT ignores,” underscores TON’s reliance on Telegram’s distribution network.
The question remains whether TON’s promising trajectory can be sustained in the long term to permanently surpass Ethereum’s position.
According to data from Artemis, which defines Daily Active Addresses (DAA) as the count of unique wallets conducting a daily transaction on a blockchain, TON and Ethereum have been closely competing since May 17th. TON initially surpassed Ethereum’s DAA count and has maintained a lead since the beginning of June, outperforming Ethereum on 10 out of 11 days thus far.
TON has solidified its position since the beginning of the month, surpassing Ethereum on 10 out of 11 days in June, achieving a record 568,300 Daily Active Addresses (DAAs) on June 3. In comparison, Ethereum hasn’t reached such levels since September 13, 2023, according to Artemis data.
However, there’s a crucial aspect missing from this comparison. Much of Ethereum’s user activity has shifted to layer 2 scaling solutions, making it a less straightforward comparison.
For instance, three prominent Ethereum layer 2 solutions – Arbitrum, Base, and Optimism – collectively witnessed a staggering 1.3 million daily active addresses on June 11 alone.
Ethereum co-founder Vitalik Buterin has advocated for the utilization of layer 2 solutions to scale the main blockchain, which aligns with the project’s roadmap.
In related news, Coinbase has partnered with Lightspark for Bitcoin Lightning payments.
TON’s surge in network activity could be attributed to Telegram’s recent integration of the Tether (USDT) stablecoin on TON and the 35 million users who have joined Notcoin since its launch five months ago. Notcoin operates on a “tap-to-earn” model, allowing users to earn tokens by completing various social challenges.
Furthermore, Telegram introduced Telegram Stars on June 6, an in-app currency facilitating digital purchases.
Additionally, Telegram trading bots have emerged as a popular cryptocurrency use case within the messaging platform.