Toncoin (TON) gains 10% after Binance Launchpool platform addition
2024.08.14 19:16
Toncoin (TON) price has posted significant gains over the last 10 days, reaching its highest levels in almost four weeks as crypto traders assessed a slew of optimistic updates in its ecosystem, including landing a spot on the Binance Launchpool.
Data from Cointelegraph Markets Pro and TradingView shows that TON rose from a low of $4.78 on Aug. 5, climbing more than 51% to reach an intraday high of $7.26 on Aug. 14. At the time of publication, TON was trading at $6.98, up 10% over the last 24 hours.
TON/USD daily chart. Source: TradingView
TON is now the 8th-biggest cryptocurrency, with a market capitalization of over $17.67 billion. The more than 90% jump in the 24-hour trading volume attests to the intensity of the demand-side activity.
Let’s look at some of the factors behind TON’s latest price surge.
TON lands a spot on the Binance Launchpool platform
The ongoing uptick in the price of the Open Network’s native token, Toncoin, came after an announcement by Binance, the world’s largest cryptocurrency exchange, that it would be adding TON to the Binance Launchpool platform.
“Binance is excited to announce the 56th project on Binance Launchpool -Toncoin (TON), a decentralized and open L1 blockchain.”
Source: Binance
The token will be available on the Launchpool starting on Aug. 15, enabling users to stake BNB and FDUSD to earn TON tokens.
Toncoin price also spiked last week after the exchange listed the token for spot trading on Aug. 8, jumping over 14% in one day. The token had previously only been available for futures trading on Binance.
The Open Network’s partnership with Pyth network backs Toncoin price surge
TON’s performance on Aug. 14 also follows news of a strategic partnership between The Open Network and Pyth Network, a decentralized data oracle, to deliver high-fidelity data to builders on TON.
The partnership integrates Pyth’s pull oracle service into TON, allowing on-demand price data requests to support developers on the blockchain by making “their apps truly stand out.”
According to information shared with Cointelegraph, Michael Cahill, CEO of Douro Labs and core contributor to Pyth, explained that the price feeds are “secured by multiple layers of protection.”
“These measures are in place to give TON developers and all other supported ecosystems the confidence to build cutting-edge DeFi that will serve potentially millions of users.”
Source: The Open Network
The partnership with Pyth adds to TON’s growing list of collaborations with other industry players, including the recent integration of The Open Network into IntoTheBlock’s analytics platform.
These partnerships show growing institutional interest in the layer 1 blockchain, which could positively impact its price.
Related: Ex-TON Foundation execs launch $40M TON Ventures fund
TON’s network growth
Drawing from these developments, The Open Network has experienced significant user growth and increased adoption throughout 2024, led by casual games on the Telegram messaging app.
This growth is evident in the number of unique daily active addresses (DAA) and daily transactions, which have grown over the last 90 days, surpassing the Ethereum network, according to data from Artemis.
The figure below shows that TON has gained a foothold near the start of June, beating Ethereum since June 10 with respect to DAAs and from July 7 as far as daily transactions are concerned.
DAA and daily transactions on TON vs. Ethereum. Source: Artemis
Additional data from DefiLlama reveals that the total value locked (TVL) on TON has increased exponentially, rising by approximately 3,290% from $22.92 million on March 1 to an all-time high of $776.6 million on July 20. The TVL has since dropped to the current value of $597.95 million.
Total value locked on The Open Network. Source: DefiLlama
Increasing TVL suggests that more users are interacting with the network, driving up the demand for Toncoin on the blockchain.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
