Despite a decline in Bitcoin and the broader cryptocurrency market over the past three days, The Open Network’s Toncoin (TON) achieved a record high, reaching $8.25 per unit on Saturday morning. This surge has propelled TON into the top ten cryptocurrencies, with a current market valuation approaching $20 billion.
TON Defies Market Trends, Peaks at $8.25
On June 15, Toncoin (TON), the native token of The Open Network (TON) blockchain, reached an unprecedented peak of $8.25 per coin. This rise occurred in stark contrast to the broader crypto market, which has been experiencing significant value loss against the U.S. dollar.
Over the past two weeks, TON has seen a remarkable increase of 27.8%, and over the past year, its value has soared by 485%. This significant growth has made TON the ninth-largest cryptocurrency by market capitalization, now standing at $19.76 billion. Consequently, TON’s market share represents 0.77696% of the total $2.545 trillion crypto market. The Open Network has experienced substantial demand, partly driven by the popularity of several TON-based games, including Tapswap, Pixelverse, and Notcoin. Toncoin, formerly known as gram, is used for exchanges, staking, transaction fees, and various functionalities within the TON ecosystem.
Advanced Multi-Blockchain Architecture
TON’s unique multi-blockchain architecture features a masterchain and multiple workchains. The masterchain oversees the entire network, while workchains handle transactions independently for specific purposes. This sharding mechanism theoretically enables TON to scale to millions of transactions per second.
The network utilizes a proof-of-stake consensus algorithm, where validators stake TON coins to verify transactions and create new blocks, earning rewards in return. It also supports advanced smart contracts for building tokens, NFTs, and decentralized applications (dApps). Data from Tonscan reveals that 3,600,868 unique addresses hold TON, with the top ten wallets holding 61% of the supply.
Integration with Telegram and Community Governance
TON’s success is partly attributed to its integration with the Telegram messaging app. Initially envisioned by Telegram founders, the Durov brothers, The Open Network’s decentralized blockchain platform faced regulatory issues with the U.S. Securities and Exchange Commission (SEC) in 2019. As a result, the project transitioned to being community-run and is now managed in a decentralized manner by the TON Foundation.