Toncoin (TON), a cryptocurrency created by popular messaging app Telegram, is having another bullish moment, with the token rising more than 10% overnight.
At the time of writing, TON is changing hands at $2.65, a level last seen in February 2022. The latest price action has also seen the asset’s market capitalization surge to over $10.5 billion and quickly move from Dogecoin to (DOGE) regained the tenth spot.
TON is a blockchain system based on the PoS model, launched by Telegram in 2018.However, as a result of the SEC’s lawsuit, allegations Initial Coin Offering Telegram’s 2018 valuation of $1.7 billion violated securities regulations, and the project was canceled.
The TON Foundation then took over the project, allowing users to make free cryptocurrency transfers to other Telegram users. The open network also provides other features such as TON Storage and TON Proxy, which act as a decentralized VPN service.
According to data from CoinGecko, TON has also risen by 24.5% this week and has risen by as much as 32% in the past 30 days.
TON price increase time
TON broke into the top 10 in September, helped by news that TON Space, a self-managed digital wallet, had launched on Telegram, allowing users to buy, sell and trade cryptocurrencies directly through the app.
Token price rises last week after TON Foundation announcement notify They conducted real-time performance tests on the TON blockchain “to achieve the highest transaction speeds of any blockchain in the world,” and claimed to bypass all layer 1 blockchains as well as centralized payment networks such as PayPal, Visa, and Mastercard.
According to the TON Foundation, The TON testnet is deployed on 256 validators and reaches a speed of 104,715 transactions per second (TPS) under heavy load.The data generated by this test has also been confirm Provided by Web3 smart contract auditing company CertiK, a security partner of the Open Network.
this audit by CertiK also shows that the TON blockchain reaches an average of 78,134 TPS.
Established cryptocurrencies such as Bitcoin and Ethereum have always faced challenges related to transaction speeds. Bitcoin’s speeds range from 5 to 7 TPS, while Ethereum performs slightly better at 15 TPS. Even Solana (SOL), generally considered one of the fastest blockchains, hit 50,000 TPS during testing, but currently averages 4,000 TPS.
The momentum was further boosted last week when the Dubai International Financial Center (DIFC) recognized TON and XRP for use in special economic zones, allowing more than 4,000 financial institutions and companies to use the two currencies. Serve.
In the latest development, Telegram founder Pavel Durov earlier this week Announce Plans to give away 10,000 paid subscriptions to random subscribers of their channel. According to Durov, he purchased a Toncoin subscription worth $200,000.
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According to decryption