- TON surpasses 1 billion transactions, largely due to the DOGS memecoin airdrop.
- The airdrop led to two network outages and record-high transaction fees.
- Telegram, linked to TON, held $400M in digital assets by the end of 2023, despite a revenue loss.
The Open Network (TON) has marked a significant achievement by surpassing 1 billion total transactions, driven by the recent DOGS memecoin airdrop.
This surge in activity, however, led to two major network outages and a notable spike in transaction fees. The high volume of transactions during this period highlights the growing engagement on the TON platform, which benefits from its integration with Telegram’s vast user base.
TON Blockchain Sees Major Surge in Transactions Due to Memecoin Airdrop
In addition to transaction growth, TON has made strides in blockchain technology with the introduction of gasless transactions through the W5 smart wallet standard. Recent partnerships and investments, including the collaboration with 1inch and Sign and the Bitcoin bridge, have further advanced TON’s capabilities. Despite these developments, the DOGS airdrop caused disruptions by overwhelming the network and leading to substantial transaction fees.
The introduction of the W5 smart wallet standard, which enables gasless transactions, represents a significant technological advancement for the TON blockchain. This development, along with strategic partnerships such as those with 1inch and Sign and the implementation of a Bitcoin bridge, positions TON as a robust and versatile platform. However, the recent DOGS airdrop has exposed vulnerabilities in the network, revealing its susceptibility to high transaction volumes and associated disruptions.
Telegram’s association with TON has also contributed to its growth, as evidenced by the platform holding $400 million in digital assets by the end of 2023. Despite generating $342.5 million in revenue, Telegram reported an operating loss of $108 million for the year, with a substantial portion of its revenue coming from digital asset-related activities. This financial snapshot underscores the dual nature of Telegram’s engagement with digital assets—both as a source of revenue and a point of financial challenge.
Moreover, Telegram CEO Pavel Durov faces legal troubles in France, including serious charges related to his platform’s activities. The ongoing investigation and the strict conditions of his bail reflect the complex legal landscape surrounding digital platforms and their operators. This situation adds another layer of complexity to Telegram’s operations and its association with the TON blockchain.
TON’s milestone of 1 billion transactions highlights its growing influence and technological advancements, though recent disruptions underscore the challenges of scaling a blockchain network.
“The surge in activity overwhelmed some validators, disrupting transaction processing and consensus.”
