Top 5 TON Tokens Attract 29 Million Users: How Many of Them are Genuine?
Recently, the TON blockchain has received significant attention, particularly in terms of the user base of its top tokens. The top five tokens on the TON chain, namely TON, USDT, CATI, NOT, and DOGS, collectively have 29 million addresses.
TON holds 19.39 million addresses, USDT has 1.54 million, CATI stands at 1.09 million, NOT has 2.86 million, and DOGS boasts 5 million. In contrast to PEPE, the leading meme coin on Ethereum with 280,000 addresses, the TON ecosystem clearly exhibits a substantial number of wallets.
However, there is a caveat. It is crucial to acknowledge that some tokens like CATI, NOT, and DOGS encourage spamming and wallet farming. While these user counts may initially appear impressive, they may not accurately reflect the actual user base.
Some individuals can artificially inflate the user count by owning multiple wallets. Consequently, the massive user base of the TON network may be significantly inflated due to these farming techniques.
Nevertheless, TON and USDT remain popular and widely used tokens on the network due to genuine users. TON’s expansion should be acknowledged, but it still falls short in comparison to industry leaders like Ethereum and Solana.
The more established ecosystem of Ethereum is evident in its total value locked (TVL), which is approximately 100 times larger than that of TON. Additionally, Solana outperforms TON by a significant margin, with TVL figures approximately 10 times higher. In conclusion, while the user numbers for the top tokens on the TON blockchain may seem impressive, they do not truly represent genuine user behavior.
More objective metrics consistently position blockchain ecosystems like Ethereum and Solana as leaders, indicating that TON has a long journey ahead before it can compete on the same level.