Tons of active users flip ETH every day, but that’s not the whole picture.
Telegram's “Open Network” (TON) blockchain recorded more daily active addresses than Ethereum almost every day this month.
One company suggests it could be a quiet “revolution” fueled by a large user base. Although one can argue that the data does not show the whole picture.
“Ton's quiet growth, fueled by Telegram's 900M user base, has pushed its daily active addresses above Ethereum,” Delphi Digital posted on X on June 10, “The Flippening CT Ignores.”
Delphi Digital is betting on Telegram distribution.
Data from Artemis — which DAA defines as the number of unique wallets that make daily transactions on the blockchain — shows Ton and Ethereum have been fighting neck and neck since May 17, with Ton first outpacing Ethereum. Ton found its footing in early June, beating Ethereum in 10 out of 11 days.
Ton has gained a foothold since the beginning of the month, beating Ethereum on 10 of the 11 days in June, including 568,300 DAAs recorded on June 3.
To put that in perspective, Ethereum hasn't hit those highs since September 13, 2023, according to Artemis data.
However, part of the picture is missing. Due to Ethereum's push of transactions to L2, most of the ecosystem's user activity is on Layer 2 display solutions – arguably making it an unfair comparison.
For example, the top three Ethereum Layer 2s, Arbitrum, Base and Optimism, saw 1.3 million daily active addresses on June 11 alone.
Ethereum founder Vitalik Buterin advocated using L2s to scale the main blockchain as part of the roadmap.
Related: Coinbase Partners with Lightspark for Bitcoin Lightning Payments.
The increase in TON network activity can be attributed to Telegram's recent integration of Tether (USDT) stablecoin into TON and the 35 million users who have signed up to NotCoin since NotCoin launched five months ago. NotCoin is a “hit-earn” token that can be earned by completing various social challenges.
Telegram on June 6 launched Telegram Stars, an in-app currency used to make digital purchases.
Telegram trading bots have also been a popular crypto use case on the messaging platform.
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