TON has had more daily active addresses than Ethereum for 10 of the last 11 days, but this doesn’t include Ethereum’s layer 2 solutions. Telegram’s “The Open Network” (TON) blockchain has outpaced Ethereum in daily active addresses almost every day this month.
Some suggest this might be a quiet “flippening” driven by TON’s large user base, though the data might not tell the whole story.
TON’s Daily Active Addresses Surpass Ethereum’s
“TON’s quiet growth, fueled by Telegram’s 900 million user base, has driven its daily active addresses above Ethereum,” Delphi Digital posted on X on June 10, calling it “The Flippening CT ignores.”
Source: Delphi Digital
“TON is a bet on Telegram’s distribution,” Delphi Digital added, before pondering whether its promising growth can be sustained over the long term to surpass Ethereum for good.
Data from Artemis, which defines DAA as the number of unique wallets making a daily transaction on a blockchain, shows that TON and Ethereum have been neck and neck since May 17, when TON first surpassed Ethereum. TON gained a foothold at the start of June, beating Ethereum on 10 out of 11 days so far.
TON achieved a record 568,300 DAAs on June 3. To put that into perspective, Ethereum hasn’t reached those heights since September 13, 2023, according to Artemis data.
Daily active addresses on Ethereum and TON since March 12. Source: Artemis
TON’s Rise in Daily Active Addresses: The Full Picture
However, there’s a missing part of the picture. Much of Ethereum’s user activity is now on layer 2 (L2) scaling solutions, making direct comparisons to TON potentially misleading. As Ethereum transactions are increasingly pushed to L2s, these scaling solutions host a significant portion of the ecosystem’s user activity.
For example, three of the top Ethereum layer 2s—Arbitrum, Base, and Optimism—saw a combined 1.3 million daily active addresses on June 11 alone. Ethereum co-founder Vitalik Buterin has supported using L2s to scale the main blockchain, which is a key part of Ethereum’s roadmap.
TON’s uptick in network activity may also be attributed to recent developments. Telegram integrated the Tether (USDT) stablecoin on TON and launched Notcoin, a “tap-to-earn” token with 35 million users signed up since its launch five months ago. Notcoin allows users to earn tokens by completing various social challenges.
Additionally, Telegram introduced Telegram Stars, an in-app currency for digital purchases, on June 6. The popularity of Telegram trading bots has further driven crypto use on the messaging platform.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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