The Toncoin network experienced a significant surge in activity throughout July, with transaction volumes surpassing $9 billion, fueled in part by the creation of nearly 600 million native USDT tokens. This surge in activity was despite a stable USDT supply since June.
One of the main drivers of this increased engagement was the popularity of mini-apps like Hamster Kombat, which has quickly become a favorite among users. This, along with other factors, has led to a steady rise in Toncoin's user base, which is now approaching 500,000 daily active users.
The growing user base has also contributed to an increase in transaction fees on the network, reflecting the heightened demand and usage of Toncoin.
Toncoin's DeFi Landscape and New Growth Drivers
While Toncoin has seen significant growth in other areas, its presence in the decentralized finance (DeFi) space remains relatively small, with less than $800 million in total value locked (TVL). This is primarily due to the absence of major DeFi platforms on the network.
However, DeDust, Toncoin's leading decentralized exchange (DEX), has shown impressive growth, handling daily volumes of $16 million and boasting a total value locked approaching $400 million.July also saw the introduction of new growth drivers for Toncoin, including daily quests and game combos, which have further enhanced user engagement and encouraged continued activity on the network.
Toncoin's Price Movements and Growing Presence on Telegram
Toncoin (TON) and Notcoin (NOT) both experienced price movements throughout July, with TON reaching a weekly high of $7.54, signaling potential for further recovery.Additionally, the influx of users from tap-to-earn games has significantly strengthened Toncoin's presence on Telegram, with games like Hamster Kombat becoming one of the top 10 most visited channels on the platform.
Overall, July marked a period of substantial growth and activity for Toncoin, driven by popular mini-apps, a growing user base, and the introduction of new features to enhance user engagement. While Toncoin's DeFi landscape remains relatively underdeveloped, its strong performance in other areas and growing presence on platforms like Telegram indicate a promising future for the network.
July 2024, Cryptoniteuae