Blockchain
USDT on TON Grows to $729 Million Boosting P2P Transfers and DeFi
USDT on TON has reached a total supply of $729 million within four months following the integration announcement by the TON Foundation on April 18. This growth positions USDT on TON as the seventh largest stablecoin by market capitalization when evaluated independently. The increase in liquidity is essential for the expansion of the TON network, supporting various financial and technological applications.
USDT Supply on TON Hits $729 Million
According to CryptoQuant on-chain data analysis, the total supply of USDT on TON has surged to $729 million in the four months following its integration. This substantial increase underscores the stablecoin’s growing presence within TON blockchain.
If evaluated independently, USDT on TON would rank as the seventh largest stablecoin by market capitalization, highlighting its significant market position.
The integration by the TON Foundation has been pivotal in attracting stablecoin liquidity necessary for network expansion. Concurrently, the growing supply of USDT facilitates various financial transactions and supports the broader adoption of TON.
Enhanced P2P Transfers Facilitate Everyday Transactions
Additionally, data shows that Tether USD on The Open Network blockchain is becoming highly effective for peer-to-peer (P2P) value transfers. The median transfer amounts, ranging between $15 and $100, indicate frequent small-scale transactions typical of everyday retail activities. This pattern suggests that users are leveraging the stablecoin for routine financial interactions.
Moreover, the consistently low median transfer fee of four cents on TON blockchain ensures that these transactions remain economically viable for users. The affordability enhances its attractiveness for P2P activities, promoting its use in daily financial exchanges.
Tether USD Role in Decentralized Exchanges on TON
The decentralized finance (DeFi) ecosystem on TON blockchain is also influenced by the presence of USDT. The stablecoin is extensively utilized within decentralized exchanges (DEXs), forming a core component of the DeFi activities on the network.
In addition, platforms such as Ston.Fi, Dedust, and StormTrade are among the top entities facilitating transactions on TON.
These DEXs provide essential infrastructure for trading and liquidity provision, enabling users to engage in various DeFi operations. More so, the high usage of the stablecoin in these exchanges underscores its importance in fostering an active DeFi environment.
Growth Potential in Wallet Applications
Similarly, data on transaction counts reveals a significant user adoption from wallet applications that focus on P2P USDT transfers. Wallet services like XRocket, CryptoBot, Wallet Bot, and CWallet are leading the way in facilitating these interactions.
The prominence of these wallet applications indicates a strong user preference for Tether USD in P2P transfers, suggesting growth potential.
Most recently, Coingape reported that The Open Network launched the T-Fund, sparking renewed optimism among investors and traders despite recent challenges faced by Toncoin price. The T-Fund is designed to accelerate the growth of the ecosystem by supporting new projects and enhancing network adoption.
At press time, Toncoin price was trading at $5.82, a 3.44% increase in the last 24 hours. The trading volume also saw a 10% surge, indicating heightened market interest and activity.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Coinbase’s native layer 2 network Base has surpassed 4.2 million daily transactions, according to data from Coin98Analytics. Arbitrum came closest with 1.3 million transactions followed by Ethereum with 1.1 million transactions. The L2 network reached an all time high of 4.4 million transactions on September 9, four times ahead of Ethereum, its mainnet network.
Base’s Scalability and Developer Appeal
It’s scalability and low transaction fees are key factors driving its success in L2 networks. These features makes it an attractive option for developers, leading to a surge in consumer applications.
The platform generates additional revenue through gas fees, creating a positive loop as more users engage with Base-based apps. Base handles more transactions compared to Ethereum hence easing congestion on Ether main net. It has been under criticism for its underperformance this year with failing transactions and ETH price drop.
Rising Activity in dApps and DeFi
The surge in its transaction volume reflects the growing activity in decentralized finance and applications. Insights from Dune Analytics show that apps like Uniswap, Thirdweb, USDC, Basename, and Zora are driving the growing activity, collectively accounting for 63.7% of users on the Base network.
The increasing number of transactions on the network indirectly affects Ethereum, leading to a higher demand for blockspace and potential gas fee increases. However, Ethereum’s scalability allows it to handle surges from Base’s activity effectively.
Base’s growing transaction volume is also evident in the performance of key coins on its network. According to CoinGecko, LayerZero holds a market cap of $382.2 million, while USDC maintains a stable $35 billion market cap. Brett has also seen significant growth, with a market cap of $737.3 million, reflecting strong investor confidence in Base’s expanding ecosystem.
Future as a Leader in Layer 2 Solutions
With over 4 million daily transactions and support from Coinbase, Base continues to dominate the Layer 2 space. Its growing user base, low fees, and innovative approach position it as a key player in Ethereum scaling.
Base’s success in the DeFi and dApp sectors signals a promising future in the Layer 2 race, outpacing its competitors and driving forward the development of Ethereum’s ecosystem.
Sunil Sharma
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Matter Labs has laid off 24 employees, over 16% of its workforce, amid market changes.
- The company is shifting focus from general-purpose scaling to niche applications.
- Despite layoffs, Matter Labs continues hiring for critical engineering and business roles.
Matter Labs, the company behind the Ethereum scaling network ZKsync, has announced the layoff of over 16% of its workforce, affecting 24 employees.
The announcement, made on September 3, 2024, by Matter Labs’ co-founder and CEO Alex Gluchowski, marks a significant shift for the company as it navigates the increasingly competitive landscape of Ethereum layer-2 scaling solutions.
Matter Labs restructuring amid market challenges
The layoffs come as Matter Labs re-evaluates its strategy in the face of changing market conditions and evolving business needs. It follows a large organizational planning exercise that revealed a mismatch between the company’s current talent and the needs of its future strategy.
According to Gluchowski, the decision to downsize was “the hardest change” he’s had to implement in the company’s six-year history.
In the layoff announcement, Gluchowski explained that the affected employees were notified of their termination and emphasized that the decision was not performance-related. He highlighted the necessity of aligning the company’s resources with its new strategic goals.
Despite the layoffs, Matter Labs is currently hiring for key roles in engineering, business development, and operations, underscoring its ongoing commitment to innovation and growth despite the reduction in staff.
Shifting focus from general-purpose to niche solutions
The layoffs are part of a broader strategic pivot for Matter Labs.
In June 2024, the company introduced the Elastic Chain, a new solution aimed at enhancing interoperability for the growing number of teams building custom chains on ZKsync. This launch has prompted Matter Labs to reconsider its positioning in the highly competitive Ethereum layer-2 ecosystem, which includes other major players like Coinbase’s Base, Polygon, Arbitrum, and Optimism.
Gluchowski indicated that Matter Labs might be moving away from its initial focus as a general-purpose Ethereum scaler. Instead, the company is exploring more niche and case-specific applications of its technology, a move designed to better meet the needs of its users and stay competitive in the crowded market.
As Matter Labs adjusts its course, the company’s commitment to innovation remains strong. The layoffs, while difficult, are a step towards aligning its workforce and resources with its evolving strategy in the Ethereum scaling space.
- Sony launches Soneium blockchain to drive mainstream web3 adoption.
- Soneium focuses on scalability, built on Optimism’s Superchain.
- Soneium rollout will be in a three-phase plan: onboarding developers, integrating Sony products, and expanding to enterprises.
Sony has officially entered the blockchain arena with the launch of its own network, Soneium, developed in collaboration with Singapore-based Startale Labs.
The initiative, unveiled on August 23, marks a significant step in Sony’s strategy to push web3 technology into the mainstream.
Introducing #Soneium by #Sony Block Solutions Labs building a public Ethereum layer 2 next-generation blockchain ecosystem designed to invoke emotion and empower creativity.
Soneium aims to connect Web3 with everyday internet services, making blockchain technology more… pic.twitter.com/I7zAIbB5Td
— Soneium 💿 (@soneium) August 23, 2024
The Soneium blockchain
Soneium is designed as a public Ethereum layer-2 network, built on Optimism’s Superchain. It aims to overcome some of the most pressing challenges hindering blockchain adoption, such as scalability and efficiency.
The infrastructure for Soneium has been supported by industry leaders, including Circle, Chainlink, Alchemy, Astar Network, and The Graph.
The blockchain will initially target web3 developers and enthusiasts. According to Sota Watanabe, CEO of Startale Labs, the first year will focus on onboarding these core users. In the subsequent year, Sony plans to integrate a range of its own products, such as Sony Music, Sony Pictures, and Sony Bank, into the platform.
By the third year, the company aims to open up Soneium to other enterprises and decentralized applications (dApps), creating a diverse ecosystem that encourages broader adoption.
Soneium testnet
In conjunction with the Soneium blockchain launch, Sony has rolled out a Soneium testnet in partnership with Astar Network. This testnet will provide developers with a fully-featured framework and built-in tools, allowing them to experiment and build applications ahead of the public release.
Astar’s zero-knowledge Ethereum virtual machine (zkEVM) will also be integrated with Soneium, enhancing its capabilities with features like liquidity provision and support for both fungible and non-fungible tokens (NFTs).
Sony wants to achieve internet-level scalability
Sony’s foray into blockchain is not without precedent. The company had previously acquired the Whalefin crypto exchange, which has since been rebranded as S.BLOX.
In 2018, Sony embarked on building a blockchain-enabled rights management system for digital content. In 2023, Sony Network Communications, a business division of The Sony Group, announced a strategic partnership with Astar Network to set up a web3 incubation program.
Sony’s ambitious plans for Soneium reflect its belief in blockchain as a transformative technology capable of decentralizing the internet and empowering users.
With a goal of achieving “internet-level scalability,” Sony is positioning Soneium as a key player in the future of web3.
This move by Sony underscores the growing momentum in the blockchain space, as major corporations increasingly explore and invest in decentralized technologies.
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