TON, the native token of The Open Network (TON), a proof-of-stake blockchain, defied the recent crypto market slump by hitting a new peak of $8.25 per coin on Saturday morning. This achievement comes amidst a downward trend in BTC and the broader cryptocurrency market against the U.S. dollar.
In the last two weeks alone, TON has seen a remarkable 27.8% increase, with a staggering 485% surge over the past year. This impressive growth has propelled TON into the top ten cryptocurrency rankings, boasting a market capitalization of nearly $20 billion. As a result, TON now holds a 0.77696% share of the overall $2.545 trillion crypto market.
The rising popularity of TON-based games like Tapswap, Pixelverse, and Notcoin has contributed to the increased demand for the toncoin (formerly known as gram). This native token is utilized for trading, staking, covering transaction fees, and enabling various functions within the TON ecosystem.
TON stands out for its unique multi-blockchain structure, comprising a masterchain and multiple workchains. The masterchain oversees the entire network, while workchains independently manage transactions for specific purposes. This sharding mechanism allows TON to potentially scale to millions of transactions per second.
Operating on a proof-of-stake consensus algorithm, TON validators stake their coins to validate transactions and create new blocks, earning rewards in the process. The platform also supports advanced smart contracts for developing tokens, NFTs, and decentralized applications (dapps). Tonscan data reveals that there are 3,600,868 unique addresses holding TON, with the top ten wallets controlling 61% of the total supply.
While the future of TON's position in the top ten remains uncertain, many attribute its success to its integration with the Telegram messaging app. Originally envisioned by the Durov brothers, the founders of Telegram, The Open Network's decentralized blockchain project faced regulatory challenges with the SEC in 2019. As a result, the project shifted to a community-run model managed by the TON Foundation in a decentralized manner.
What are your thoughts on TON achieving an all-time high on June 15? Feel free to share your opinions and insights on this milestone in the comments below.