In a recent analysis by blockchain expert Joao Wedson, the TON (The Open Network) network shows impressive DEX activity. Wedson, following the development of decentralized finance closely, pointed out that the number of addresses and transactions has skyrocketed on TON’s DEX platforms. The charts and numbers are very much more precise and insightful on TON’s rising hegemony in DeFi and how its flagship STON.fi DEX has grown to be the market leader.
TON is now an essential part of the blockchain market as the popularity of decentralized finance increases. In Wedson’s breakdown, STON.fi has secured 90% of the total DEX transactions, a clear sign of its supremacy over other frameworks in the network.
Key Metrics: Record Number of Addresses and Transactions
The cumulative address on TON’s DEX platforms has surged significantly, as evidenced by data sourced by Wedson through CryptoQuant. From August 2023, the number of addresses started to increase, and by September 2024, the addresses reached more than 2.4k. This increase shows that more and more people are trading directly on TON’s network.
Such growth is directly connected to stabilizing the price of TON tokens, as demonstrated in the figure. After weeks of continual increase, the cost of TON started to stabilize, which means many traders arrived too late to speculate. At the same time, early adopters gained more opportunities.
STON.fi takes the lead, DeDust and Megaton Struggle
According to Joao Wedson, STON.fi is a leading actor in the TON DEX ecosystem. With a trading volume of 90% of all DEX transactions, STON.fi is credited for its strong community engagement and easy use. This makes STON.fi stand out from the competitors, DeDust and Megaton Finance, which seem to have struggled to gain traction.
DeDust was one of the popular platforms on the TON network, but the number of users and transactions has been slowly decreasing. Likewise, there has been a slow uptake of Megaton Finance within the ecosystem due to some difficulties. As Wedson’s charts show, STON.fi ranks higher than these competitors by a great deal in the number of transactions.
TON Price and Future Outlook
We have seen that the TON token price has recently fallen between $5 and $6. According to Wedson, the TON ecosystem is rapidly growing in terms of DEX activity. Among them is STON.fi, which takes most of the DEX transactions and has become a leader of the decentralized platform in TON. Given that decentralized finance is developing more and more every day, TON has all the necessary bases for successful development and dominance in the market in the future for both the participants of the platform and the holders of its tokens.
