While Bitcoin and the broader cryptocurrency market faced declines over the past three days, The Open Network’s Toncoin (TON) reached an all-time high on Saturday morning, hitting $8.25 per unit. TON has ascended into the top ten rankings with a current market valuation nearing $20 billion.
TON Defies Market Trends, Peaks at $8.25
Related: Top 6 Innovative Projects Thriving on TON Blockchain
On June 15, TON, the native token of The Open Network (TON), a proof-of-stake blockchain, reached a new peak of $8.25 per coin. This rise occurred despite the ongoing decline in BTC and the overall crypto market, which have been losing value against the U.S. dollar.
Over the past 14 days, TON has surged by 27.8%, and over the past year, the asset has skyrocketed by 485%. This rapid growth has propelled TON to become the ninth-largest cryptocurrency by market capitalization, now at $19.76 billion. Consequently, TON’s market share stands at 0.77696% of the $2.545 trillion crypto market. The Open Network has seen substantial demand driven by the popularity of several TON-based games like Tapswap, Pixelverse, and Notcoin. The native token, toncoin (formerly gram), is used for exchanges, staking, paying transaction fees, and enabling various functionalities within the TON ecosystem.
Related: TON Network TVL Surpasses $760M: What Does This Mean for TON Price?
Advanced Multi-Blockchain Architecture
TON employs a unique multi-blockchain architecture that includes a masterchain and multiple workchains. The masterchain oversees the entire network, while workchains independently handle transactions for specific purposes. This sharding mechanism theoretically allows TON to scale to millions of transactions per second.
The network utilizes a proof-of-stake consensus algorithm, where validators stake their TON coins to verify transactions and create new blocks, earning rewards in return. It also supports advanced smart contracts for building tokens, NFTs, and decentralized applications (dApps). Tonscan data indicates that 3,600,868 unique addresses hold TON, with the top ten wallets holding 61% of the supply.
Related: Success of TON Coin: Growth and Prospects
Integration with Telegram and Community Governance
TON’s success is partly attributed to its integration with the Telegram messaging app. The Open Network’s decentralized blockchain platform was initially envisioned by Telegram founders, the Durov brothers. However, due to regulatory issues with the U.S. Securities and Exchange Commission (SEC) in 2019, the project transitioned to being community-run and is now managed by the TON Foundation in a decentralized manner.
