TON – Results from Q1 2023

At the start of the year, TON joined Cointelegraph’s Top-30 most influential crypto industry players.

However, our ambitions go much further than this and TON continues to develop rapidly according to our roadmap.

Stability and scalability

Over the last three months, the total number of TON accounts and transactions has increased by more than 25% to 2.5 million and 124 million, respectively. 

As before, the network has accommodated this growth without a single failure. 

We are constantly working to improve TON’s stability and security: five TON configuration and core updates, as well as several audits, have been carried out to make sure everything runs smoothly. 

Recently, there was also a “x100” stress test which showed how even 12 validators could easily cope with a load 100 times greater than the current one.

It is also worth noting the creation of new self-governance services, such as ton.vote, and the recent network-wide vote on optimizing tokenomics.

Active TON DeFi development

The launch of the unlimited bridge.ton.org, which allows you to transfer tokens between the Ethereum and TON blockchains, was a hugely important event. This means that you can now easily transfer USDT, USDC, DAI stablecoins and the WBTC token.

In the future, users will be able to transfer any ERC-20 tokens.

The bridge has been verified by leading audit companies, including CertiK, Hexens, Quantstamp, and a public competition has been held to find vulnerabilities.

Thanks to this latest launch, a wide range of new stablecoins and tokens will appear on TON which users will be able to use on our decentralized exchanges (e.g., Ston.fi, Megaton Finance, and DeDust), launchpads (e.g., Tonstarter and Gagarin), and other TON services.

In terms of network fees, it is cheaper for you to transfer a token to TON and make the exchange on one of the TON exchanges than to make the same exchange on Uniswap using the Ethereum network.

In addition, we launched The Open Challenge, which is a special rewards program designed for projects that increase the TON Ecosystem TVL.

Updated documentation and tools are now available for exchanges and payment services that want to work directly with jettons in TON. Gate.io and MEXC exchanges already support TON jettons and we expect to see other exchanges and bots follow shortly.

The introduction of USDT in @wallet is another noteworthy development.

It is also important to mention that, despite there not being many tokens, TON’s DeFi sphere has been actively growing throughout Q1.

According to GenX Analytics, TON often ranks 1st in terms of TVL growth rate.

After being connected to the DefiLlama platform, TON immediately went up to 5th place in terms of daily trading volume among all non-EVM blockchains.

Decentralized exchanges and TON-based tokens were all ranked on CoinMarketCap.

TON was also listed on the Bitfinex and LBank exchanges.

Ecosystem

TON is the simplest and most convenient blockchain for mass adoption, and we are committed to advancing our work in this direction to make blockchain accessible to everyone.

In Q1, TON Connect was finalized. This new feature enables compatibility between any application or service and any TON wallet and, as a result, you can now use a TON NFT on popular social network vk.com, among other possibilities.

Many TON services received improvements and updates such as the ton.org website, the dns.ton.org domain name service, the ton.app application catalog, and a number of popular products, including; Tonkeeper, @wallet, tonscan.org, and others.

It also became possible to purchase Telegram Premium using Toncoin on the Fragment platform.

Many multi-chain products have added support for TON, such as Atomic Wallet, MathWallet, iMe Messenger, 3pxl by Blockchair, and others.

Community

TON won the “Developer Community of the Year” nomination at the AIBC Awards Eurasia 2023.

A series of Hack-a-TON x DoraHacks hackathons with a $300,000 prize fund were held around the world. 

At the TON Awards 2022, TON developer products were awarded $675,000 in prizes.

Next steps

Our efforts to build a new decentralized internet will not be slowing down any time soon. In the upcoming quarter, new sought-after services and products will be introduced to TON Ecosystem. Furthermore, with the aid of new guidelines and technologies, the existing ecosystem will operate more smoothly and efficiently than ever before.