Toncoin (Ton) gained 10% after the addition of the Binance Launchpool platform
TonCoin (Ton) price has made significant gains over the past 10 days, hitting a four-week high as crypto traders appraised several bright updates in the ecosystem, including a spot on the Binance Launchpool.
According to data from Cointelegraph Markets Pro and TradingView, the ton fell from $4.78 on August 5, climbing more than 51% to a high of $7.26 on August 14. It's up 10% in the last 24 hours.
Ton is now the 8th largest cryptocurrency with a capitalization of over $17.67 billion. A jump of more than 90% in 24-hour trading volume testifies to the extent of demand-side activity.
Let's take a look at some of the reasons behind TON's recent price hike.
Ton has placed a position on the Binance Launchpool platform
The upheaval in the price of Open Network Token's native token comes after Binance, the world's largest cryptocurrency exchange, announced that it will add Token to the Binance Launchpool platform.
“Binance is excited to announce the 56th project on the Binance Launchpool – Toncoin (TON) decentralized and open L1 blockchain.”
The token will be available on Launchpool starting August 15th, allowing users to earn tons of BNB and FDUSD tokens.
Toncoin's price also rose last week, jumping more than 14% in one day after the exchange listed the token for spot trading on August 8. The token was previously only available for futures trading on Binance.
The cooperation of the open network with the Pyth network supports the increase in the value of Toncoin
Ton's performance on August 14 follows news of a strategic partnership between Open Network and Pyth Network, a decentralized data oracle, to deliver high-fidelity data on Ton to developers.
The partnership will integrate PaizPut's Oracle service into Tons to provide on-demand pricing data queries on the blockchain, allowing developers to “really make their applications stand out.”
According to information shared with Cointelegraph, Michael Cahill, CEO of Douro Labs and a major contributor to Piez, explained that Price Foods is “protected by a lot of safeguards.”
“These steps are to give tons of developers and other supported ecosystems the confidence to build the best DeFi that serves millions of users.”
The partnership with Paiz adds to Ton's growing list of collaborations with other industry players, including the recent integration of Open Network into IntoTheBlock's analytics platform.
These partnerships show a growing institutional interest in Layer 1 blockchain, which can have a positive impact on its price.
RELATED: Former TON Foundation Execs Launch $40M TON Ventures Fund
Ton network development
Based on these developments, the open network is expected to experience significant user growth and adoption by 2024, driven by casual gaming on the Telegram messaging app.
According to data from Artemis, this growth can be seen in the number of unique Daily Active Addresses (DAA) and daily transactions, surpassing the Ethereum network over the past 90 days.
As the image below shows, Tone found its footing around early June, hitting Ethereum with DAAs starting June 10th and daily trading starting July 7th.
Additional data from Defillama showed that the total value locked (TVL) per ton increased significantly, rising by approximately 3,290% from $22.92 million on March 1 to $776.6 million on July 20. TVL since then to a current price of $597.95 million.
The increasing TVL indicates that more users are connecting to the network, which increases the demand for Toncoin on the blockchain.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
