As a seasoned analyst with years of experience in the dynamic world of blockchain and cryptocurrencies, I find it intriguing to observe the ebb and flow of user activity on various networks. The recent decline in daily active users on the TON network, as reported by IntoTheBlock, is a clear indication that the market is experiencing a period of turbulence.
According to data from IntoTheBlock, there’s been a noticeable drop in the number of daily active users on the Open Network blockchain as per the on-chain records.
As per a chart posted by the on-chain metrics and analytics provider X, it appears that the number of daily active users on the TON network has significantly decreased over the past few weeks. Simultaneously, Toncoin, the native cryptocurrency of Telegram’s decentralized layer-1 blockchain, has experienced a tough time gaining traction during this period.
TON’s daily active users drops
According to DappRadar’s data, there was an increase in TON’s daily active users around early September, which coincided with a spike in activity within the cryptocurrency gaming sector.
In the case of TON, it monitored users engaged within Telegram-based distributed apps, and Catizen and Yescoin were among the key contributors to increased user participation.
Subsequently, following a peak of over 5 million active addresses on September 27, the number of daily active addresses on the TON network dropped significantly, reaching approximately 1.58 million by October 21.
During this period, a significant drop in active users, from approximately 5.16 million to the present numbers, occurred simultaneously with market instability and diminished network usage. Additionally, the number of new accounts created and accounts with no balance decreased as well. The metrics for these dropped from over 2.58 million and 346,000 to less than 650,000 and 68,000 respectively.
According to IntoTheBlock analysts, TON typically sees an increase in active users during significant events and periods of excitement. However, these numbers have significantly decreased during the general market downturn.
Telegram’s recent difficulties, encompassing Pavel Durov’s arrest and other related incidents, seem to have occurred around the same time as the market dip. Notably, significant airdrops on the TON network, such as Dogs, experienced a spike. Future events like Alchemy Pay integration could potentially boost the active user count for TON.
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2024-10-21 21:38