By crypto.news | Created at 2024-10-21 18:39:28 | Updated at 2024-10-21 23:24:50
4 hours ago
The Open Network blockchain has recorded a significant decline in daily active users, according to on-chain data from IntoTheBlock.
According to a chart shared on X by the on-chain metrics and analytics provider, the TON network has seen its daily active users drop sharply in recent weeks. Meanwhile, Toncoin, the native token of the Telegram-supported decentralized layer-1 blockchain, has struggled for upward momentum during this period.
TON’s daily active users drops
A report DappRadar showed that TON’s active daily users surged in early September as the crypto gaming space saw a rise in activity.
For TON, the blockchain gaming metric tracked users across Telegram-based decentralized applications, with Catizen and Yescoin among those driving user growth.
However, after exceeding 5 million on Sept. 27, the daily active address count on the TON network fell sharply to just 1.58 million as of Oct. 21.
This major decline, from a peak of 5.16 million active users to current levels, coincided with market turbulence and reduced network activity. New addresses and zero-balance addresses also declined, with metrics falling from 2.58 million and 346,000 to under 650,000 and 68,000, respectively.
IntoTheBlock analysts noted that TON has a history of active user spikes during major events and hype cycles. Active user counts have notably dropped amid a broader market slowdown.
Telegram’s recent troubles, including the impact of founder Pavel Durov’s arrest and other developments look to have coincided with the dip. Major airdrops on the TON network, including Dogs, saw a surge. Network events such the Alchemy Pay integration may yet see the active user count on TON rise.
