With STON.fi at the forefront, the DEX ecosystem of the TON network is experiencing a surge in new users and transactions.
An increase in new addresses and transactions has been observed in the decentralized exchange (DEX) ecosystem on The Open Network (TON) network.
According to recent data from CryptoQuant and Joao Wedson, Founder and CEO of Alphractal, the number of new addresses on TON DEXs like STON.fi and DeDust has increased significantly, indicating that more users are discovering and adopting the network for their trading needs.
STON.fi Leads the Charge
A DEX on the TON network called STON.fi has emerged as the dominant player, accounting for a commanding 90% of all DEX transactions. Its extensive support for trading pairs, strong security features, and intuitive UI are all responsible for its dominance.
🚀 Addresses & transactions on TON DEXs are booming!
— Joao Wedson (@joao_wedson) September 24, 2024
While the price of $TON stabilizes, new users keep growing, showing ongoing interest. @ston_fi dominates 90% of transactions, while DeDust loses ground and Megaton Finance struggles to compete
⬇️⬇️https://t.co/0yiS83vd5z pic.twitter.com/JiWBmVDVeu
Remarkably, between September 1 (148.9k) and September 23 (171.3k), addresses on STON.fi increased by 15%, demonstrating the platform’s quick user growth.
Growth Spreads Across TON DEXs
It is not just STON.fi that is growing. There is also healthy address growth occurring in other DEXs on the TON network. For example, DeDust saw a 14.9% increase in addresses during the same period, going from 149.1k on September 1 to 171.4k on September 23. Even though Megaton Finance’s growth is more moderate—growing from 5.7k to 5.8k addresses by 1.75 percent—it nevertheless illustrates the TON DEX ecosystem’s general upward trend.
When comparing the current data to that from April 9, when TON DEXs began to see steady user adoption and growth, STON.fi and DeDust saw increases in addresses of 924% and 1053%, respectively, from just 14.8k.
TON’s Steady Growth in Daily Transactions
The TON network has also experienced a remarkable surge in daily transactions, particularly within the Commonwealth of Independent States (CIS) region. Total daily transactions skyrocketed from 319.4k on Jan. 27 to 11.4 million on Sept. 11, representing an impressive growth of 3,569,092%.
Furthermore, the total value locked (TVL) within the TON network has risen to $420.2 million as of Sept. 23, up over 3,000% from $13.5 million on Jan. 1.
Telegram Fuels TON Network Growth
One of the key factors driving the growth of the TON network has been its deep integration with the popular messaging app Telegram. Leveraging Telegram’s vast user base of nearly 950 million, the TON ecosystem effectively tapped into this audience through features like an official wallet embedded within the Telegram app and support for various bots and mini apps such as Notcoin, Catizen, and Hamster Kombat.
After the arrest of Telegram CEO Pavel Durov on Aug. 24, the price of Toncoin, TON’s native cryptocurrency, dropped from $6.8 to $5.2 and reached its monthly low of $4.6 on Sept. 6. After that, the price of Toncoin recovered a bit and is currently at $5.5.
In response to Durov’s arrest, the TON Society, the network’s official community group, issued a statement on Aug. 27, calling it a “direct assault on a basic human right – the freedom of expression of everyone.”