The trio of blockchains born in the post-Terra “crypto winter” have become the fastest growing blockchains in 2024.
This year, The Open Network (TON) – a network affiliated with messaging giant Telegram, along with Aptos and Sui – a pair of blockchains based on the Move programming language built by Facebook, have grown faster than their rivals.
That’s according to Coinbase analyst David Han, who compared the trio’s boom to competitors including Solana, Ethereum and major Ethereum rollups.
In one post Evaluate crypto industry half year Han wrote that thePrice adjustment is an important step in accurately measuring Total Value Locked (TVL) on DeFi platforms, helping to isolate TVL growth arising from pure new value creation rather because it is just an increase in the price of the underlying asset.
Total Value Locked (TVL) is a metric that tracks the value of cryptocurrency deposited in the blockchain’s myriad DeFi applications.
TON was launched in December 2022, and Aptos and Sui went live in October 2022 and May 2023, respectively.
Han said Base is the only Ethereum-based rollup that outperforms aggregate TVL growth. The amount of cryptocurrency deposited into Arbitrum and Optimism, two of the “oldest” rollups, has decreased since the beginning of this year.
However, these blockchains benefited from Ethereum’s March Dencun upgrade, which made rollups much cheaper to use.
According to Han, even as the dollar value of cryptocurrency deposited in rollups reached an all-time high, total transaction fee revenue has plummeted since the upgrade was successfully rolled out.
Furthermore, according to Han, the number of rollup users “has increased a lot… due to the sharp drop in costs post-Dencun” – especially on Arbitrum.
TON growth
TON’s massive rally this year coincided with the implementation of Tether’s stablecoin USDT on the blockchain in April.
The TON blockchain has a cryptocurrency wallet integrated into Telegram, allowing users to send USDT to friends around the world directly from the app.
That is not the only incentive the TON team is offering to promote USDT adoption on the network.
Users who store USDT on their Telegram mobile wallet can earn up to 50% annual yield – much higher than the average DeFi interest rates offered by lending protocols.
Users can also profit from TON token rewards to provide liquidity on major decentralized exchanges on the blockchain. However, the network has not yet been able to attract reputable DeFi projects.
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Itadori
According to DLNews
