By far, The Open Network (TON) is one of the fastest-growing ecosystems in the cryptocurrency and blockchain landscape at the moment. In recent times, TON has recorded numerous integrations thanks to its open-source policy and infrastructural support that aids emerging projects to grow and become a mainstay.
According to Coinmarketcap, The Open Network has a total value locked (TVL) of $265.2 million and a market capitalization of $14.11 billion. By that, TON found its way into the top ten of the most largest blockchain networks by market cap.Â
Also, TON is finding its feet in the meme coin space with a host of tokens like DOGS, TCAT, DUROV all contributing to its $605 million market cap. These figures indicate the fast-paced growth of TON and how it’s already laying claims to becoming one of the most important networks in the blockchain landscape.
This remarkable growth is further fueled by the recent advancement of Telegram-based cryptocurrency projects. Top Telegram crypto projects like DOGS and NOTCOIN despite launching recently have attracted huge investment and attention from investors.
However, the advancement of TON and its recent growth has piled pressure on the dominance of the Ethereum and Solana networks. Like TON, Ethereum and Solana are popular among developers as the preferred base network for their projects.
Furthermore, the advanced features of these networks help support project teams and developers in fast-tracking the development of their projects. In addition, Ethereum and Solana all have vast communities that help support emerging initiatives within the ecosystem.
Relying on its industry-leading features and the support of a 900 million Telegram user base, TON is on an ambitious move to challenge the agelong dominance of Ethereum and Solana.
Can TON Challenge Ethereum and Solana?
Without a doubt, TON is fast becoming a formidable network within the blockchain sector and it is on track to contest the supremacy of established networks like Ethereum and Solana. At the core of this ambitious drive is the remarkable scalability of The Open Network.
TON is designed to handle millions of transactions per second as the network employs a unique multi-layered technique known as sharding. In this system, the network is divided into smaller and manageable units with each shard operating independently.
By that, each shard can function perfectly and allow the network to scale horizontally even if there is a surge in the number of users. This system gives The Open Network an edge over Ethereum and Solana with lower throughput.
Consequently, thanks to its remarkable speed, TON comes good for high-demand solutions and initiatives compared to its counterparts. As the network permits developers to design their projects on a system that can handle voluminous transactions without compromising speed, TON is quickly becoming an attractive option for decentralized solutions and smart contracts.
Additionally, The Open Network is benefitting hugely from its Telegram roots which is one of the most popular instant messaging platforms in the world. With more than 900 million users across the globe, TON is taking advantage of the huge user base to push for adoption and community engagement.
Considering how most Telegram-based crypto projects mostly adopt TON as their base network, users of the messaging platform can easily interact with the ecosystem without needing to navigate through apps, exchanges, and wallets. In return, TON keeps receiving new waves of ecosystem participants pushing the network into the limelight more.
Parting Words
Without a doubt, the connection with Telegram has helped TON in onboarding users who might be hesitant to engage with blockchain innovations, therefore, addressing the bridge between mainstream users and the cryptocurrency market.
Similarly, by managing transaction costs and speed, TON users have an advantage over their Ethereum counterparts who mostly struggle with huge gas fees and slow transactions whenever there is a surge in network activities.
On the flip side, Solana sometimes struggles with stability issues despite having a fast completion time. Hence, TON has benefited hugely from the deficiencies of the two networks to gain more market share.
However, while having a host of upsides, it may be difficult for the TON to oust Ethereum and Solana due to their long-existing dominance and continuous effort to grow. Nevertheless, the fast-growing network can still put up a fair challenge.
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