The TON Network Ecosystem Major Recap of the Week: 25th – 31st August 2024

The TON ecosystem has experienced massive growth in the year 2024. However, the last week of August is packed with lot of activities.

This includes the arrest and release of Pavel Durov, the launch of DOGS, and the announcements more project’s launch dates as well as news on the launch period for other projects coming in as the week comes to a close.

The Arrest of Pavel Durov

The week began with the news of Telegram founder and CEO Pavel Durov’s arrest, spreading round the crypto community, freedom of speech advocacy groups and the telegram community particularly.

Several groups have thrown their support behind the Durov who was charged with negligence in relations to his failure to comply with the authority’s request for censorship of the telegram platform. The #Free Durov was a popular social media trend.

Launch of $DOGS on Exchanges

Despite the arrest of Durov, the popular telegram meme which derived its inspiration from Durov’s Dog muscat was launched.  About 400 billion DOGS of its 550 billion DOGS were distributed to its community. It achieved more than $1 billion in trading volume in the first few hours. DOGS current market cap is about $650 million.

TON Network Downturn After DOGS Launch

The TON network experienced a massive congestion which resulted in the halting of block production. The distribution of the meme coin DOGS was attributed to have been the major cause of the congestion.

The outage lasted several hours before operations resumed normally again.

DOGS Thrive Despite TON Network Outage

DOGS showed signs of growth in spite of the challenge faced by the TON Network which experienced two major outages in 36 hours.

The first outage occurred around 11:00 pm UTC on the 27th of August. Blocks production was halted for about six hours, before being restored at about 5:30 am UTC on the 28th of August.

The TON network experienced at least 12 hours of downtime in about 36 hours.

The official TON channels had the TON community members updated on the outages which was caused by overload from DOGS token minting.

The price of DOGS token, which was launched on the TON blockchain on the 26th of August, however, grew by over 20% despite the pause on blocks production on the TON blockchain. The trading high for DOGS as of the 28th of August was $0.00164 with a capitalization of $763 million and $1.9 billion in trading volume, according to Coinmarketcap.

The TON Ecosystem

With the success of DOGS’ launch, we delve into the performance of some of the other major token within the TON ecosystem.

Toncoin

Toncoin which is the major token of the TON ecosystem had about 5% increase over the day as the news of Pavel Durov’s release on bail and court supervision filtered through. Toncoin traded at $5.6 as at 10:30pm Moscow time on the 29th of August.

Notcoin

The price of Notcoin NOT, a gaming coin that rewards users for gaming, rose by 3% as of 29th August. With a value of $0.009. Notcoin, a game also linked to telegram rewarded gamers with virtual coin for tapping on the screen.

Hamster Kombat

The Hamster team announced the official listing of the hamster token HMSTR on exchanges for the 26th of September. OKX, a centralized exchange has confirmed the listing of hamster token on the exchange on the 26th.

The Hamster team has however promised more exchanges will follow.

BLUM

The Blum platform supports the trading of cryptocurrencies. The play to earn telegram project is set to list its native token towards the ending of September or first week of November.

Promises for the Remaining Phase of 2024

With more projects announcing listings of their projects, and more such as Aqua Protocol announcing Q4 launch for its stable token AQUA USD, the TON ecosystem is expected to witness more growth as the last phase of the year kicks in.

With interface of popular crypto services of the TON ecosystem, such as the STONfi trading platform still having warnings on outages, and the corresponding growth of projects within the ecosystems in spite of the outages, there is a buzz on the potentials of the TON blockchain which is modelled on the growth of its ecosystem.