The Open Network (TON) blockchain has significantly decreased its daily active users. According to a Twitter/X post by IntoTheBlock, the TON network currently boasts 1.58 million active users, down from a high of over 5 million.
The same post also shared a chart tracking the number of daily active addresses on the network, punctuated by highs and lows representing bull and hype runs and market corrections. IntoTheBlock asks: what conditions can potentially trigger TON’s next run?
TON’s DAU Down, But Does It Matter?
IntoTheBlock is just one analytics firm that tracks crypto’s stats, including the daily active users count (DAU). In the fast-growing crypto industry, DAU is a critical metric that can describe the status or even the future of a crypto project. We can think of the DAU as the number of customers, so a higher DAU count means that people are using it, and there’s growth potential.
The TON network currently has 1.58 million daily active users, down from its peak of over 5 million
The chart below shows a history of sharp increases, driven by major events or hype cycles.
Given this pattern, what do you think will trigger TON’s next surge? pic.twitter.com/TURqjjtLiN
— IntoTheBlock (@intotheblock) October 21, 2024
But TON’s recent numbers aren’t promising. According to IntoTheBlock, the network’s DAU count has dropped recently. However, data from DappRadar showed increased user activity in early September, partly driven by a surge in crypto gaming interest.
It’s based on the blockchain gaming metric and covers Dapps on Telegram, such as Yescoin and Catizen. However, after hitting a high of 5 million users last September 27th, the DAU count dipped to 1.58 million as of October 27th.
Durov’s Arrest & Other Issues
Meanwhile, analysts say that the network and Toncoin’s recent market performance are tied to Telegram’s recent issues. Pavel Durov and the Telegram team are behind the development of TON and Toncoin. Some say Durov’s arrest and other network issues contributed to the dip. Meanwhile, Alchemy Pay integration and major airdrops helped increase user activity and drive price action.
Toncoin Also Sees A Sluggish Price MovementThe network woes also extend to the market price of its native coin, Toncoin. TON’s dip in user base comes at a time when its native token is also struggling to sustain its upward price momentum. As of October 22nd, Toncoin is trading between $5.20 and $5.30, struggling to revisit the $5.6 level hit last October 1st.
TON’s decline from over 5 million daily users to just 1.58 million users comes amid reduced network activity and market uncertainties. In addition to its slowing DAU count, the network reported declining new and zero-balance addresses, which now stand at less than 650,000 and 68,000, from a high of 2.58 million and 346,000, respectively.
Featured image from Mava, chart from TradingView
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