Top 5 TON Tokens Have 29 Million Users: How Much of Those Are Fake?

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As a seasoned researcher with over two decades of experience under my belt, I must admit that the TON blockchain has piqued my interest. The sheer number of wallets associated with its top five tokens is indeed impressive, outstripping even the much-hyped PEPE on Ethereum. However, upon closer inspection, the numbers appear inflated due to farming techniques like spamming and wallet farming by individual users.

Lately, the TON blockchain has been drawing significant focus, particularly in terms of its prominent token users. In fact, a combined total of 29 million addresses are associated with the top five tokens on the TON network: TON, USDT, CATI, NOT, and DOGS.

Speaking about TON, it boasts approximately 19.39 million tokens, along with 1.54 million USDT, 1.09 million CATI, 2.86 million NOT, and 5 million DOGS. In comparison, PEPE, the leading meme coin on Ethereum with around 280,000 active wallets, has a smaller ecosystem.

Problem with user count

However, it’s important to note that certain tokens like CATI, NOT, and DOGS can actually lead to spamming and wallet farming. While their initial figures might seem attractive, they may not accurately reflect the real-world situation.

As a crypto investor, I find it fascinating to note that the TON blockchain boasts the top five tokens being TON, USDT, CATI, NOT, and DOGS. These tokens have an impressive number of addresses associated with them: 19.39 million for TON, 1.54 million for USDT, 1.09 million for CATI, 2.86 million for NOT, and a staggering 5 million for DOGS. In contrast, Ethereum’s popular memecoin PEPE only has about 280k addresses on the chain, underscoring the significant difference in adoption between these two ecosystems.— Wu Blockchain (@WuBlockchain) September 22, 2024

Fundamentally, a single person could artificially increase the number of users they appear to have by managing numerous digital wallets. Consequently, it’s possible that the TON network might seem to boast a large user population, but a substantial portion of those users may be inflated due to these farming strategies.

Despite being smaller than giants like Ethereum and Solana, TON continues to thrive due to its widespread use by actual users for valid purposes. They prefer using TON along with USDT, which remains popular and frequently utilized on the network. The network is indeed growing, but it’s crucial to keep in mind its current position compared to industry leaders.

TON has long way to go

The size and longevity of Ethereum is clearly demonstrated by its Total Value Locked (TVL), which is about 100 times greater than that of TON. Similarly, Solana’s TVL figures are approximately 10 times more than TON’s, indicating a significant lead over TON. In essence, while the statistics for the top tokens on the TON blockchain may initially appear impressive, they do not fully capture the true pattern of user engagement.

It appears that more impartial measures consistently rank blockchain systems such as Ethereum and Solana at the forefront, suggesting that The Open Network (TON) still has some distance to cover before it can truly compete on an equal footing with them.

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2024-09-22 15:55