In 2024, The Open Network (TON) saw the creation of 36.2 million cryptocurrency wallets—55 times the previous YOY figure. The total number of Toncoin holders surpassed 100 million, according to a report by the ecosystem’s developers.
Statistics indicate that up to 40 million user wallets and smart contracts showed monthly activity.
In June 2024, TON surpassed Base, BNB Chain, and other blockchains in the number of active addresses and nearly daily outperformed Ethereum in daily figures (averaging 1.8 million wallets).
Developers attributed the growth in the user base to three factors: the launch of USDt on TON, the expansion of the TON DeFi ecosystem, and the rising popularity of social games as a user acquisition model.
Eight months after launch, the net turnover of USDt-TON exceeded $1.2 billion, with 3.5 million wallets conducting 26 million transactions totaling $39.6 billion.
TVL increased from $13.5 million to $776 million at its peak, driven by significant inflows from other networks, the report states. Transfer volumes ranged from $5 billion to $10 billion.
The Open League’s 2024 incentive program ran eight seasons, distributing over $26 million among more than 240 projects.
Web3 games emerged as one of the most popular categories of mini-apps on Telegram. The Notcoin airdrop worth over $2.2 billion ranked among the top five largest last year.
Subsequent token distributions from DOGS, Catizen, Hamster Kombat, Major, and other projects collectively reached hundreds of millions of players, considering wallets on centralized exchanges.
More than 1.19 million users purchased in-game currency Telegram Stars worth $63 million. Over 1,700 mini-app developers and content creators withdrew $55 million through the platform.
The largest investors in the TON ecosystem in 2024 included:
- Pantera Capital — an undisclosed “record” amount and joining as a validator;
- Mirana Ventures — $8 million and a long-term partnership with TON Foundation;
- Bybit — collaboration with TON Accelerator to launch cross-chain initiatives;
- OKX Ventures — $5 million in TON Ventures;
- Bitget and Foresight Ventures — $30 million to support Telegram-based projects;
- Animoca Brands — ecosystem support, game launches.
Upcoming tasks for ecosystem developers include deep integration into Telegram via the TON Connect gateway, launching the Bitcoin bridge TON Teleport, releasing tokenized stickers and gifts, and expanding presence in the US market.
Previously, TON Core’s technical lead Anatoly Makosov discussed the network’s development features and plans for 2025 on ForkLog’s podcast “Should Have Bought.”
Earlier, on January 21, Telegram and TON Foundation announced an exclusive agreement that requires embedded Web3 applications to use only The Open Network.