The Commence Community (TON), closely tied to new messaging platform Telegram, has considered an upswing in network process, with stablecoin switch volumes climbing to a each day all-time high on July 4.

On Thursday, the TON blockchain observed extra than $299 million in USDT switch quantity, the absolute most realistic single-day figure since Tether rolled out its US dollar-pegged stablecoin on the network in April, in response to blockchain analytics agency Artemis. Despite its list level, TON’s each day switch quantity on Thursday pales when put next with Ethereum’s each day USDT quantity of $7.7 billion.

TON’s USDT switch quantity on Thursday became moreover collected much less than Arbitrum’s at $564.72 million, and Solana’s at $505.9 million.

Be taught More: Layer 2 Networks Are Arriving on the Telegram-Linked TON Blockchain

Transfer quantity on the TON blockchain has considered fixed exclaim. (Artemis)
Transfer quantity on the TON blockchain has considered fixed exclaim. (Artemis)

Within the previous 24 hours, the tip two applications by stablecoin switch quantity on the TON blockchain are the decentralized exchanges, DeDust and STON.fi. Centralized exchanges comparable to Binance, MEX World, Bitfinex, Bybit, and Bitget stammer on the abet of.

The provision of USDT on TON has grown to $560 million, helping enhance the network’s total locked charge to $655.26 million at presstime from $144.85 million on April 19, the day of Tether’s USDT originate on the TON blockchain, data from DefiLlama shows.

Hamster Kombat TGE

TON’s all-time high in stablecoin switch quantity came about on the same day Telegram founder Pavel Durov mentioned in his channel, which has nearly 2.8 million subscribers, that Hamster Kombat would own a token expertise match. Hamster Kombat is a click on-to-play minigame on Telegram with 49.7 million subscribers, and belongs to a cohort of Telegram-primarily based games comparable to Catizen and Notcoin.

“A new wave of mini apps on Telegram is coming, and Hamster Kombat is now main the pack. Its unbelievable exclaim shows the viral doubtless of the Telegram mini app platform,” wrote Durov.

The price of TON, the native cryptocurrency for the Telegram-associated blockchain network, has reduced by 4.2% within the closing seven days. Alternatively, all around the final yr, the token’s price has risen 430% to alternate at $7.25, per CoinGecko.