A Review of TON’s Q2 2023 Performance
In the second quarter of 2023, the Open Network (TON) demonstrated remarkable progress and growth, solidifying its position as a leading blockchain platform.
TON experienced a substantial expansion in terms of user adoption and transaction volume. The total number of accounts soared to an impressive 2.88 million, indicating a rapidly growing user base.
Transaction activities on the network surged to an astounding 173 million, reflecting heightened user engagement and activity. In addition to the surge in user adoption, TON secured the 14th position in market capitalization among all cryptocurrencies.
Tokenomics Deflation Mechanism:
As CMC mentioned, TON implemented several strategic measures to enhance its tokenomics and stimulate demand for its native cryptocurrency, Toncoin. The introduction of a burn functionality was a significant milestone. By burning 50% of network fees, including storage and transaction fees, TON aims to reduce the circulating supply of Toncoin. This forward-thinking approach could potentially boost the token’s scarcity and value as the network’s transaction volume continues to grow. Additionally, TON introduced the innovative “Black Hole” mechanism. This mechanism ensures the destruction of Toncoin sent to it, laying the groundwork for future deflationary mechanics.
Lockup and Vesting Tools
TON has introduced lockup and vesting tools to enhance user control over their coins and provide incentives for long-term holding. The smart contract called “The Locker” enables users to securely lock up their coins for an extended period, it is possible to receive Toncoin rewards for their commitment. This versatile smart contract has diverse applications within the ecosystem.
In addition, The TON wallet now includes encrypted messaging, guaranteeing secure and reliable communication through the decentralized TON Blockchain, even in server outage scenarios.
TON DeFi Growth
TON’s DeFi segment has experienced tremendous growth, with the Total Value Locked (TVL) increasing by 2200% through the Liquidity Mining Rewards Campaign. In addition, The token bridge has facilitated over $20 million in transactions. Tonkeeper, the leading TON wallet, now offers staking and decentralized exchange features. Furthermore, the decentralized exchanges on the network, including DeDust, FLEX, and STON.fi, have made significant advancements, including introducing updates, new features, and launching tokens.
DAO & Liquidity Staking Contracts
Liquid staking offers a novel solution, enabling users to earn staking rewards while utilizing their assets in DeFi. Smart contracts for liquid staking have been developed and are currently being tested through a demo application. Once the testing phase is complete, the source code of these contracts will be published under an open-source license. The Tonstakers team plans to create a custom service based on these contracts, while Bemo has successfully launched its own liquid staking protocol in partnership with DWF Labs.
Address Reform:
Improvements have been implemented to enhance the format of TON addresses, aiming to protect inexperienced users from losing their assets due to sending funds to incorrect addresses. The changes provide a safety net for users, allowing them to recover their funds in most cases, even if they make mistakes while sending transactions. TON developers are actively engaged in public discussions regarding these address reforms.
TON NFT Development:
Playmuse marketplace allows TON NFT artists to showcase their artwork on major music platforms and earn Toncoin royalties.
Ellen Sheidlin’s new NFT project was featured on a Times Square billboard, gaining significant visibility.
Renowned American artist Sarah McDaniel launched her NFT project on TON and created a captivating mini-film to accompany it.
Finger Labs, a South Korean blockchain laboratory, joins forces with TON as part of the Favor Alliance NFT initiative, aiming to bridge NFT projects with real-world applications.
The Oveit team has ambitious plans to revolutionize ticketing by leveraging TON NFT technology.
For more info about NFT & Marketplace, check these articles.
Other Highlights:
- TON has been integrated into Trust Wallet.
- Services such as Changelly, Onramp, Mooli, CoinStats, and Chainalysis have added support for Toncoin.
- Collaboration between BIT.com and TON has started.
- The MEXC cryptocurrency exchange has waived all fees for transactions involving Toncoin.
TVM Update:
Extensive update enhances TVM with advanced cryptography and new instructions, making it highly versatile among blockchains.
Telegram Web Applications:
TON Blockchain integration with Telegram Web Apps offers exciting possibilities, including seamless Toncoin usage with other bots such as @wallet. And, Telegram Web Applications Contest is underway.
Developer Libraries:
Developers recommended using the ton.js library, Blueprint environment, and IntelliJ IDEA plugin for smart contract development on TON. Tonweb is also ideal for payment services and exchanges.
Core Updates:
The past quarter witnessed the introduction of three core updates, denoted as:
2023.04
2023.05
2023.06
These updates were primarily aimed at improving optimization, strengthening security measures, and fortifying the network against DDoS attacks.
Additionally, the FunC language received updates in the form of versions:
0.4.3
0.4.4.
During the BUIDL Vietnam 2023 event, Roman Nguyen unveiled remarkable advancements in the development of a distinctive cross-chain solution. This solution operates independently of intermediaries and private keys, ensuring comprehensive verification of data on smart contracts.
New GameFi Tools:
TON Play releases Unity SDK and payment management for games, and hosts offline game development meetups.
Community:
Community Contests: TON organized five contests with a combined prize pool exceeding $200,000, encouraging community participation and innovation.
Hack-a-TON Program: In collaboration with DWF Labs and AWS Startups, a new Hack-a-TON program was announced, offering a prize pool of 150,000 Toncoin to foster creative ideas and advancements.
Grant Approvals: Promising projects in the TON ecosystem received grant approvals, providing financial support for their development and progress.
TON Accelerator Program: The TON Accelerator Program has earmarked up to $25 million to support and nurture promising projects leveraging the TON blockchain in 2023.
