The Open Network (TON) blockchain has become the next contender in Web3, having soft bumpers in its relation with Telegram. TON has a multi-layer structure, which makes it possible to avoid the problems with the scalability of older blockchains. However, because of operational challenges, it has realized this potential to the optimum. TON has revealed this update through a social media platform highlighting a unique initiative to leverage Telegram in order to bridge Web3 and consumers.
TON Blockchain Structure and Possibility to Expand
TON’s cluster architecture contains a master chain, work chains, and shard chains. The master chain possesses the global state of the network and its security, and the work chains exist to perform the purpose. These work chains contain shard chains that process transactions, allowing The Open Network (TON) to adjust to network load.
While this architecture is designed for high scalability, only one work chain, the base chain, is active. This limitation has caused network congestion during periods of high demand. Despite the system’s potential to handle over 100,000 transactions per second, stress tests revealed significant slowdowns. Full scalability will require deploying additional work chains to relieve these congestions.
Toncoin utility extends beyond staking and gas fees, finding practical applications within the Telegram ecosystem. Users can pay for Telegram Premium, buy anonymous phone numbers, and more, which bridges the gap between cryptocurrency and mainstream digital services.
Toncoin’s issuance history remains controversial. Early mining activities concentrated tokens in a few wallets, raising concerns about decentralization. Currently, a small group controls most of the supply, sparking debates about governance and control.
On-Chain Performance and Ecosystem Growth
As reported by CryptoRank, an on-chain crypto research and analytical platform, TON’s ecosystem has seen significant growth in 2024. The Total Value Locked (TVL) increased from $17 million at the beginning of the year to $400 million by October. Daily active transactions are above $4 billion, while unique wallets are over 21 million.
The blockchain’s growth is closely tied to Telegram’s user base, a key driver of mainstream adoption. Daily Active Wallets recently surpassed 1.4 million, occasionally exceeding Ethereum’s activity. With further integration into Telegram’s services, The Open Network (TON) can potentially onboard many non-crypto users into the Web3 space.
