The decentralized exchange (DEX) ecosystem on The Open Network (ton) network has witnessed a significant surge in activity, marked by a notable increase in new addresses and transactions. Recent data from CryptoQuant and Joao Wedson, Founder and CEO of Alphractal, indicate a substantial rise in the number of new addresses on ton DEXs like STON.fi and DeDust, reflecting a growing adoption of the network for trading activities.
STON.fi Leads the Charge
STON.fi, a prominent DEX on the ton network, has emerged as a frontrunner in the space, capturing a dominant share of 90% of all DEX transactions. This supremacy can be attributed to its user-friendly interface, robust security protocols, and extensive range of supported trading pairs.
? Addresses & transactions on ton DEXs are booming! While the price of $ton stabilizes, new users keep growing, showing ongoing interest. @ston_fi dominates 90% of transactions, while DeDust loses ground and Megaton Finance struggles to compete ⬇️⬇️
— Joao Wedson (@joao_wedson) September 24, 2024
Noteworthy is the significant 15% increase in addresses witnessed by STON.fi between Sept. 1 (148.9k) and Sept. 23 (171.3k), underscoring the rapid acquisition of users on the platform.
ton DEXs, YTD" class="wp-image-287364" >ton-dexs">Growth Spreads Across ton DEXs
The growth is not limited to STON.fi alone. Other DEXs on the ton network are also witnessing healthy address growth. DeDust, for instance, experienced a notable 14.9% surge in addresses over the same period, reaching 171.4k addresses on Sept. 23 from 149.1k on Sept. 1. While the growth of Megaton Finance is more modest (1.75% up from 5.7k to 5.8k addresses), it still reflects a positive trend within the ton DEX ecosystem.
When comparing the current data with figures from April 9, STON.fi and DeDust have seen staggering increases in addresses – 924% and 1053%, respectively, from a base of a mere 14.8k.
ton-s-steady-growth-in-daily-transactions">ton’s Steady Growth in Daily Transactions
The ton network has witnessed a remarkable surge in daily transactions, particularly within the Commonwealth of Independent States (CIS) region. Daily transactions surged from 319.4k on Jan. 27 to 11.4 million on Sept. 11, marking an impressive growth of 3,569,092%.
Additionally, the total value locked (TVL) within the ton network has soared to $420.2 million as of Sept. 23, marking a remarkable increase of over 3,000% from $13.5 million at the beginning of the year.
telegram-fuels-ton-network-growth">telegram Fuels ton Network Growth
A key catalyst behind the growth of the ton network has been its deep integration with the popular messaging platform telegram. Leveraging telegram’s extensive user base of nearly 950 million, the ton ecosystem effectively tapped into this audience through features like an official wallet integrated within the telegram app and support for various bots and mini apps.
Following the arrest of telegram CEO Pavel Durov, the price of Toncoin, ton’s native cryptocurrency, experienced fluctuations. However, the price has since stabilized and currently stands at $5.5. In response to Durov’s arrest, the ton Society issued a statement condemning it as an attack on freedom of expression.
