Telegram’s TON Q2: Significant Account and Transaction Growth, Deflationary Measures, and Developments in DeFi, NFT, and Cross-Chain Solutions

In Q2 2023, The Open Network (TON) saw a 2.88 million total accounts and 173 million transactions, making it the 14th largest cryptocurrency by market capitalization. TON’s technology, ecosystem, and economy improved significantly, comparable to the previous quarter.

TON’s 2023.06 update introduces burn functionality, incinering 50% of network fees, potentially decreasing Toncoin supply. Additionally, a “Black Hole” mechanism permanently eliminates all Toncoin sent, potentially forming future deflationary measures.

In order to increase user involvement, a new smart contract called “The Locker” has been created. It enables users to lock up their Toncoin for a long time in exchange for rewards. Additionally, the network now allows users to send encrypted messages using TON wallets, guaranteeing secure communication even in the absence of conventional messaging servers.

Due to the Liquidity Mining Rewards Campaign, the network’s Total Value Locked (TVL) surged by 2200%, and more than $20 million has passed via the token bridge that was set up in the previous quarter. Staking and a decentralised cryptocurrency exchange have been added into the well-known TON wallet Tonkeeper, and other exchanges on TON have either been updated or just created.

Users now have the ease of earning staking rewards while also using their assets in DeFi thanks to the development of a liquid staking solution. The alteration of TON addresses to prevent asset loss from incorrect transactions and advancements in Non-Fungible Tokens (NFT), with well-known artists presenting their work and collecting royalties in Toncoin, are additional improvements.

TON has updated its virtual machine (TVM) and launched a new WebApp API in collaboration with Telegram. The system’s core has been optimized for optimization, security, and DDoS attack protection. Progress has been made in the development of the Rainbow cross-chain solution, which operates without intermediaries and private keys. Five TON contests have been conducted, with a prize pool over $200,000, and a large-scale Hack-a-TON program announced with a prize pool of 150,000 Toncoin. TON plans to introduce new cross-chain solutions, optimize tokenomics, stimulate growth in the DeFi segment, and conduct public stress testing of the blockchain in the next quarter.

Toncoin support has been added to a number of sites, including Changelly, Onramp, Mooli, CoinStats, and Chainalysis. Trust Wallet has integrated TON. Important partnerships have also been started with the cryptocurrency exchanges MEXC and BIT.com.