The Open Network (TON) Blockchain Platform Surpasses 1 Billion Transactions Milestone

The Open Network (TON), a blockchain platform associated with the messenger app Telegram, has hit a milestone today by surpassing one billion transactions

Open Network (TON) Surpasses 1 Billion Transactions, Despite Obstacles

The Open Network (TON), a blockchain platform associated with the messenger app Telegram, has hit a milestone today by surpassing one billion transactions, showcasing the network’s resilience despite recent obstacles.

According to data from TON Scan, the network's transaction volume has been steadily growing. At the time of writing, the total number of transactions on TON has reached 1,038,536,342, with an average transaction rate of over 35 transactions per second (TPS).

DOGS Token Contributes to High Transaction Volume

Notably, TON boasts an average of over 800K transactions per day and approximately 280K daily active users, making it one of the most utilized networks currently. This high transaction volume can be largely attributed to DOGS, a memecoin that was launched on the TON network in July of this year.

Related: Ton Blockchain Down for Second Time in Two Days, Here’s What Caused It

Interestingly, DOGS is also the token that caused the TON blockchain to go down twice. As reported by CNA, the overwhelming demand for DOGS following its airdrop was the culprit behind two outages on the TON network.

Between August 27 and 29, the network processed over 20 million transactions, with DOGS transactions accounting for over 30% of this activity. This high volume of DOGS transactions overwhelmed the network's validators, causing some blocks to contain over 35% DOGS transactions.

During peak periods, the network was forced to process an average of 100 transactions per ensuing block in a matter of seconds to keep up with the demand for DOGS transactions.

TON Continues to Gain Traction, Despite Challenges

Despite these challenges, TON has continued to grow and innovate. A few days ago, TON Core and Tonkeeper introduced the W5 smart wallet standard, which enables gasless transactions on the blockchain by utilizing USDT for transaction fees. This development aims to enhance the user experience and reduce friction in the transaction process.

In May, Pantera Capital, one of the largest crypto-focused venture capital firms, announced a multi-million dollar investment in the TON network. The firm's decision to invest in TON was driven by their belief that the network has the potential to drive the next wave of adoption for mainstream users.

Related: Telegram CEO Charged with Complicity in Crimes as French Gov Websites Attacked

In other Telegram-related news, Pavel Durov, the founder of Telegram, was recently released after being arrested and charged with conspiracy in crime and a range of other felonies. Notably, French President Emmanuel Macron stated that it is the government's responsibility to protect freedom of expression, a statement that comes in the wake of these charges against Durov.