Telegram's TON Blockchain Surpasses 1 Billion Total Transactions After DOGS Popularity

Bittime – The Open Network (TON) blockchain, which is connected to Telegram, has just surpassed the 1 billion total transactions mark. 

This achievement occurred after the DOGS memecoin airdrop received great attention and caused two major network disruptions.

According to data from TON Scan, transaction volume on the TON network has now reached more than 1.04 billion, with half of these transactions occurring in just the last three months. 

This spike shows a significant increase in engagement on the TON platform, supported by its integration with nearly 1 billion Telegram users worldwide.

TON Introduces Gas-Free Transactions

TON's continued growth is largely due to recent developments, including the launch of the W5 smart wallet standard. 

This smart wallet standard, launched in collaboration with Tonkeeper, promises gas-free transactions on the TON blockchain.

In July, The Open Network Foundation also partnered with 1inch and Sign to launch a Web3 startup accelerator called Triangle. 

Additionally, the TON Foundation introduced a Bitcoin bridge to strengthen the platform's vision as the “blockchain of blockchains.”

Read Also: 7 Ways to Become a Successful Blockchain Developer, Accurate & Effective Tips!

Challenges and Success amidst the Popularity of DOGS

Despite achieving significant progress, the TON network faced challenges when the DOGS memecoin airdrop triggered two outages between August 27 and 29. 

During the period, TON processed 20 million transactions, with DOGS accounting for more than 30% of that activity. 

The spike caused transaction fees to reach their highest point in six months and likely contributed to the highest number of daily active users ever recorded on the network, according to Ian Wittkopp, head of TON Ventures.

This increase in activity burdened some validators, leading to disruptions in transaction processing and consensus. 

Crypto analyst Maartun noted that during peak periods, DOGS transactions account for around 35% of all transactions across blocks, with the network handling an average of 100 transactions per block in a matter of seconds.

Telegram and Engagement in Digital Assets

At the end of 2023, Telegram held digital assets worth $400 million, according to the company's financial report. 

Despite generating $342.5 million in revenue, Telegram still posted an operating loss of $108 million for the year. 

About 40% of that revenue comes from digital asset-related activities, including integrated wallets and sales of digital collectibles.

Meanwhile, French authorities have granted Telegram CEO Pavel Durov bail with strict conditions including payment of 5 million euros, reporting to the police twice a week, and remaining within French borders. 

This case adds to the spotlight on the development of the TON platform which continues to attract the attention of the crypto world.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.