Key Points
- The Open Network (TON) has surpassed 1 billion transactions, with half of this volume occurring in the last three months, showcasing rapid growth despite recent network outages.
- TON’s success is largely attributed to the DOGS memecoin, which has driven significant network activity and caused two major outages due to overwhelming demand.
TON Achieves Significant Milestone
The Open Network (TON), a blockchain platform tied to the Telegram messenger app, has reached a remarkable milestone by surpassing one billion transactions. This achievement is a testament to the network’s resilience and growing popularity, even in the face of recent challenges.
According to data from TON Scan, the total number of transactions on the network has exceeded 1 billion, with an impressive rate of over 59 transactions per second (TPS). What’s particularly noteworthy is that approximately half of this transaction volume has occurred within just the last three months, indicating a rapid acceleration in network usage.
DOGS Token: Driving Force and Challenge
A significant contributor to TON’s success has been the DOGS token, a memecoin launched on the network in July 2024. The popularity of DOGS has helped propel TON to become one of the most actively used blockchain networks, with an average of over 800,000 daily transactions and approximately 280,000 daily active users.
However, the intense demand for DOGS has also presented challenges for the network. Between August 27 and 29, TON experienced two major outages directly related to the overwhelming activity surrounding the DOGS token. During this period, the network processed over 20 million transactions, with DOGS-related activities accounting for more than 30% of all transactions. At peak times, DOGS transactions comprised over 35% of the activity in some blocks, pushing the network to process an average of 100 transactions per block within seconds.
Network Resilience and Future Outlook
Despite the recent outages, TON’s ability to bounce back and achieve the 1 billion transaction milestone demonstrates the network’s strength and adaptability. The rapid growth in transaction volume, particularly in recent months, suggests a bright future for TON as it continues to attract users and developers.
As the network moves forward, TON’s development team will likely focus on balancing the excitement around popular tokens like DOGS with the need for stable and efficient operations. The achievement of this significant milestone, coupled with the lessons learned from recent challenges, positions TON as a blockchain to watch in the evolving cryptocurrency landscape.
