Update as of June 13, 08:40 am UTC: The latest headline revision clarifies that TON has surpassed Ethereum in terms of active addresses.
Throughout this month, the Open Network (TON) blockchain has consistently outperformed Ethereum in daily active addresses, with one company suggesting that this trend could mark a subtle “flippening” driven by a significant user base. Despite this, some argue that the data may not provide the complete picture.
Delphi Digital, in a June 10 post on X, highlighted TON’s steady growth, attributed to Telegram’s massive user base of 900 million, which has propelled its daily active addresses above Ethereum. Referred to as “The Flippening CT ignores,” Delphi Digital also noted that TON represents a bet on Telegram’s wide distribution, raising questions about its ability to sustain this growth and potentially surpass Ethereum in the long run.
Data from Artemis, defining DAA as the number of unique wallets conducting daily transactions on a blockchain, indicates that TON and Ethereum have been in close competition since May 17, when TON initially surpassed Ethereum. TON has notably surged ahead in June, outperforming Ethereum on 10 out of 11 days thus far, hitting a record 568,300 DAAs on June 3.
In comparison, Ethereum has not reached similar levels since September 13, 2023, according to Artemis data. Despite this, it’s important to note that a significant portion of Ethereum’s user activity has shifted to layer 2 scaling solutions, making direct comparisons less straightforward.
For instance, three leading Ethereum layer 2s – Arbitrum, Base, and Optimism – collectively saw 1.3 million daily active addresses on June 11 alone. Ethereum co-founder Vitalik Buterin has endorsed the use of L2s to scale the main blockchain, a key component of the project’s roadmap.
TON’s recent surge in network activity may be linked to Telegram’s integration of the Tether (USDT) stablecoin on TON, as well as the 35 million users who have joined Notcoin since its launch five months ago. Notcoin, a “tap-to-earn” token, allows users to earn rewards by completing social challenges. Additionally, Telegram introduced Telegram Stars on June 6, an in-app currency for digital purchases.
Telegram trading bots have also gained popularity as a crypto use case on the messaging platform.
TON surpasses ETH in daily active addresses offering a more comprehensive perspective