The Open Network (TON), closely tied to popular messaging platform Telegram, has seen an upswing in network activity, with stablecoin transfer volumes climbing to a daily all-time high on July 4. 

On Thursday, the TON blockchain saw more than $299 million in USDT transfer volume, the highest single-day figure since Tether rolled out its US dollar-pegged stablecoin on the network in April, according to blockchain analytics firm Artemis. Despite its record level, TON’s daily transfer volume on Thursday pales in comparison to Ethereum’s daily USDT volume of $7.7 billion.

TON’s USDT transfer volume on Thursday was also still less than Arbitrum’s at $564.72 million, and Solana’s at $505.9 million.

Read More: Layer 2 Networks Are Arriving on the Telegram-Associated TON Blockchain

Transfer volume on the TON blockchain has seen consistent growth. (Artemis)
Transfer volume on the TON blockchain has seen consistent growth. (Artemis)

In the past 24 hours, the top two applications by stablecoin transfer volume on the TON blockchain are the decentralized exchanges, DeDust and Centralized exchanges such as Binance, MEX Global, Bitfinex, Bybit, and Bitget follow behind. 

The supply of USDT on TON has grown to $560 million, helping boost the network’s total locked value to $655.26 million at presstime from $144.85 million on April 19, the day of Tether’s USDT launch on the TON blockchain, data from DefiLlama shows. 

Hamster Kombat TGE

TON’s all-time high in stablecoin transfer volume occurred on the same day Telegram founder Pavel Durov said in his channel, which has almost 2.8 million subscribers, that Hamster Kombat would have a token generation event. Hamster Kombat is a click-to-play minigame on Telegram with 49.7 million subscribers, and belongs to a cohort of Telegram-based games such as Catizen and Notcoin.

“A new wave of mini apps on Telegram is coming, and Hamster Kombat is now leading the pack. Its amazing growth shows the viral potential of the Telegram mini app platform,” wrote Durov. 

The price of TON, the native cryptocurrency for the Telegram-associated blockchain network, has decreased by 4.2% in the last seven days. However, over the past year, the token’s price has risen 430% to trade at $7.25, per CoinGecko.