Update as of June 13, 08:40 am UTC: The headline of this article has been modified to clarify that TON has recorded a greater number of active addresses.
The TON blockchain has seen a surge in daily active addresses, surpassing Ethereum on most days this month. This trend has been attributed to its strong user base, suggesting a potential shift in dominance between the two platforms. However, some argue that the data may not present the full story.
Delphi Digital highlighted TON’s steady growth, driven by Telegram’s massive 900 million user base, as a key factor in its increasing daily active addresses. This has led to comparisons with Ethereum, with Delphi Digital describing it as “The Flippening CT ignores.” The firm also raised questions about whether TON’s growth momentum can be sustained in the long run to overtake Ethereum permanently.
Data from Artemis, which measures daily active addresses as the number of unique wallets conducting transactions on a blockchain, shows that TON and Ethereum have been in close competition since May 17. TON has maintained an edge since the beginning of June, outpacing Ethereum on 10 out of 11 days so far. On June 3, TON set a new record with 568,300 daily active addresses, a milestone Ethereum has not reached since September 13, 2023.
Despite TON’s recent success, it is important to consider the impact of Ethereum’s layer 2 scaling solutions on its daily active addresses. As more user activity is shifted to these solutions, the comparison between the two platforms may not be entirely fair. For instance, top Ethereum layer 2s like Arbitrum, Base, and Optimism collectively saw 1.3 million daily active addresses on June 11 alone.
The integration of the Tether stablecoin on TON and the growing user base of Notcoin, with 35 million users joining in the past five months, could have contributed to the increase in network activity. Notcoin, a “tap-to-earn” token, offers rewards for completing social challenges. Additionally, Telegram introduced Telegram Stars, an in-app currency for digital purchases, on June 6. The platform’s trading bots have also gained popularity among crypto enthusiasts.
In conclusion, while TON’s rise in daily active addresses reflects its growing popularity, the broader context of Ethereum’s scaling solutions and ecosystem activity should be considered for a comprehensive analysis of the blockchain landscape.