Here’s why Toncoin price is outperforming rivals

Toncoin (TON) price has emerged as the best-performing layer-1 token this year. It has soared by over 220%, outperforming other big tokens like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Cardano (ADA). The first three have jumped by 55%, 80%, 40%, respectively while ADA has slumped by 30%.

In a note, blockchain analyst maartunn explained two reasons why TON has outperformed most layer-1 tokens. First, he noted that the TON transfer volume had gone through the roof, ranging between billion and billion. 

In comparison, Bitcoin’s daily transfer volume stands at about billion. This means that TON has already achieved about 10% of the biggest cryptocurrency in the industry. 

There are other popular metrics to prove this theory. For example, the total value locked (TVL) in Ton’s ecosystem has jumped to over 3 million, making it the 12th biggest chain in the industry. 

The volume of stablecoins in the ecosystem has soared to over 0 million. Most of these stables are in Ton’s ecosystem networks like DeDust, STON.fi, Tonstakers and Stakee. 

TON holders have soared

Second, the expert noted that the number of TON holders has jumped to over 34.5 million, a figure that is higher than 2.9 million a year ago. That is a 10x increase in just one year and the trend could continue in the coming months.

A potential driver for the upcoming surge in TON holders is the upcoming launch of TapSwap. TapSwap, a popular tap-to-earn platform on Telegram, selected Toncoin as its blockchain of choice. That launch will bring over 50 million users to TON’s ecosystem.

Therefore, Toncoin price has surged because of its booming ecosystem and the fact that the number of holders has gone parabolic.