Toncoin has made a significant leap in the cryptocurrency market, surpassing Dogecoin to become the 8th largest cryptocurrency by market cap. With a valuation of approximately $19.5 billion, Toncoin's recent surge has captured the attention of investors and enthusiasts alike. This milestone is not just a fleeting moment; it reflects Toncoin's growing ecosystem, which now boasts a total value locked (TVL) of $600 million and integration with Telegram. As Toncoin continues to gain legitimacy and expand its use cases, it is poised to attract even more users and investors, solidifying its position in the competitive crypto landscape.

Recent Price Surge and Market Performance

Toncoin (TON) has advanced significantly in the cryptocurrency market, surpassing Dogecoin (DOGE) in terms of market cap. With a valuation around $19.5 billion, this milestone has driven TON to become the eighth biggest cryptocurrency on CoinMarketCap.

Data from CoinMarketCap

Data from CoinMarketCap shows that Toncoin’s present price is roughly $7.95, which reflects a 3.43% rise over the past 24 hours. This upward trend is not restricted to one day; TON has shown a positive pattern throughout the past week with a 4.92% climb. These achievements draw attention to Toncoin’s rising market presence and increasing investor confidence.

Regulatory Approval Boosts Legitimacy

When the Astana Financial Services Authority (AFSA) of Kazakhstan permitted Toncoin’s trading on a licensed platform, its legitimacy and acceptance shot forward, as previously reported by CNF. This regulatory nod not only improves Toncoin’s validity but also creates new trade and investment opportunities in areas where government approval is absolutely vital.

Expansion of the Toncoin Ecosystem

Also, with the total value locked (TVL) in the TON network lately approaching an amazing $600 million, the Toncoin ecosystem has been rapidly increasing. This rise in TVL points to rising user engagement and network deployment of more distributed apps (dApps). Maintaining long-term increase and drawing additional users to the platform depend on such advancements.

Telegram Integration

Strategically improving its ecosystem, Telegram has unveiled “Telegram Stars,” an in-app currency meant to simplify the purchasing of digital items via its network. Along with giving Toncoin a new use case, this integration uses Telegram’s large user base to encourage adoption of Toncoin.

Toncoin's Technological Advancements

Tokenomics and Deflation Mechanism

The TON 2023.06 update introduced the new burn functionality. It was implemented by the community and validators, who voted to burn 50% of the network fees, including storage and transaction fees. This forward-thinking solution means that, although the current burned amounts are insignificant, as the network and transaction volume grows, there could be a noticeable reduction in the circulating Toncoin supply. Decreasing the supply typically stimulates demand. It is also worth mentioning the creation of the "Black Hole" mechanism, which destroys all Toncoin sent to it. This can be utilized for new deflationary mechanics in the future.

Lockup and Vesting Tools

"The Locker," a smart contract allowing users to lock up their coins for an extended period, has been created and tested. It is possible to assign a reward in Toncoin for the locking action. This smart contract can have various applications. Additionally, a vesting wallet toolkit has been developed, which will be useful for working teams.

User Engagement and Decentralized Messaging

Decentralized Encrypted Messaging

With the new update, your TON wallet has also become an encrypted messenger. Even if the world experiences an apocalypse and regular messenger servers stop working, you will still be able to send important messages through the decentralized TON Blockchain. These messages will be guaranteed to be delivered and securely encrypted.

TON DeFi Growth

Thanks to the Liquidity Mining Rewards Campaign, the Total Value Locked (TVL) in the network has grown by 2200%, and over $20 million has passed through the token bridge launched last quarter. Undoubtedly, we will continue to stimulate the growth of the TON DeFi segment moving forward. Tonkeeper, the most popular TON wallet, has integrated staking and a decentralized cryptocurrency exchange into its interface. The decentralized exchanges on TON are also making progress – DeDust has received a significant 2.0 update, a new exchange called FLEX has been launched, and STON.fi has introduced a new Rust SDK, FunC library, and launched the STON token.

DAO & Liquidity Staking Contracts

Liquid Staking Contracts

The TON team has also introduced liquid staking contracts, which allow users to stake their Toncoin while still having the flexibility to use their staked assets in other DeFi applications. This innovation is expected to attract more users to the TON ecosystem by providing additional utility and flexibility for staked assets.

Toncoin's Record-Breaking Speed

Blockchain Speed Test

The TON team conducted public testing of the blockchain speed. The developers reported that during the 12 minutes of the experiment, about 42 million transactions were carried out, and the maximum speed was 108,409 transactions per second (TPS).

Comparison with Other Blockchains

In 11 minutes, 43,012,970 transactions were reportedly sent on the test network of 256 validators. The maximum transaction speed per second is 108,409 (TPS), which is a record among all currently existing blockchains in the world. For example, this figure for Bitcoin is 5-7 TPS, for Ethereum – 15 TPS, Solana – 65,000 TPS (the previous record holder). TON now claims to be the fastest blockchain in the world, completing 104,715 transactions per second.

Market Impact and Future Prospects

Toncoin's Market Position

At the time of writing, the Toncoin (TON) is trading near $2.18, gaining 3.14%. In September, the appearance of the TON wallet in the Telegram messenger contributed to the growth of quotes for the Toncoin cryptocurrency. It came close to the $3 mark and entered the top ten digital assets with the largest market capitalization, ahead of Solana in this indicator.

Accessibility and Adoption

All Telegram Wallet users can get access to TON Space. Telegram Wallet is a bot that allows users to buy and sell cryptocurrencies, including bitcoins. From November, all Telegram users around the world will be able to access a self-storage wallet, with the exception of the USA and a number of other countries.

Conclusion

Toncoin's recent achievements in surpassing Dogecoin and becoming the 8th largest cryptocurrency by market cap are a testament to its growing ecosystem and technological advancements. With a strong focus on user engagement, regulatory compliance, and innovative features, Toncoin is well-positioned to continue its upward trajectory in the competitive cryptocurrency market. As the ecosystem expands and more users adopt Toncoin, its future looks promising, making it a cryptocurrency to watch closely.

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