TON Network DEXs See Explosive Growth in Addresses and Transactions

The decentralized exchange (DEX) ecosystem on The Open Network (TON) network has experienced a surge in activity, characterized by an increase in new addresses and transactions.

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

STON.fi, a DEX on the TON network, has emerged as the clear frontrunner, capturing a commanding 90% of all DEX transactions. This dominance can be attributed to its user-friendly interface, robust security measures, and a wide range of supported trading pairs.

🚀 Addresses & transactions on TON DEXs are booming!
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

— Joao Wedson (@joao_wedson) September 24, 2024

Notably, STON.fi saw a significant 15% increase in addresses between Sept. 1 (148.9k) and Sept. 23 (171.3k), showcasing the platform’s rapid user acquisition.

Growth Spreads Across TON DEXs

The growth isn’t limited to STON.fi. Other DEXs on the TON network are also experiencing healthy address growth. DeDust, for instance, saw a 14.9% increase in addresses over the same period, reaching 171.4k addresses on Sept. 23 from 149.1k on Sept. 1. While Megaton Finance’s growth is more modest (1.75% increase from 5.7k to 5.8k addresses), it still reflects the overall positive trend within the TON DEX ecosystem.

Comparing the current data with the data from April 9 – since that day TON DEXs started to experience continuous growth and user adoption – STON.fi and DeDust reached a 924% and 1053% increase in addresses, respectively, from a mere 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.”