- The Toncoin (TON) developers recently conducted a public testing of the blockchain speed and concluded that the chain is capable of clocking as high as 104,715 transactions per second (TPS), thus outpacing Ethereum and Solana.
- Amid positive developments in the Toncoin ecosystem in the recent past, the TON price has gained about 42 percent YTD to trade around $2.14 on Wednesday with an average daily traded volume of approximately $75 million.
The Open Network (TON) Foundation reported on Tuesday that the Toncoin (TON) network has made history as the fastest blockchain and also bypassed leading centralized payment networks like PayPal, Visa, and Mastercard.
According to the announcement, the TON blockchain scaled to a speed of over 101K transactions per second (TPS), hence outshining traditional payment services like Mastercard, Visa, and PayPal. The TON blockchain intends to help its millions of users seamlessly transfer funds around the world securely and at scale, in a bid to ensure its future growth prospects.
“TON’s new world record is not just a benchmark or a PR stunt; it’s a statement highlighting the possibilities of TON Blockchain Technology. By setting the stage for the world’s first blockchain-powered SuperApp, TON isn’t just breaking records but also exploring the horizons for new use cases and Web3 adoption,” the company noted.
The TON blockchain has been developed to focus on the growing ecosystem in a highly decentralized and scalable manner. As a result, the TON blockchain is fast closing the gap for web3 developers to build super applications that handle complex smart contracts used in their daily lives.
Market Implications and Bigger Picture for the TON Blockchain
Following the announcement, the Toncoin’s daily traded volume spiked over 50 percent to about $75 million on Wednesday, thus signaling an imminent bullish breakout in the coming months.
Moreover, the weekly Relative Strength Index (RSI) has shown a bullish divergence with a possible head and shoulder (H&S) pattern formation. From a technical standpoint, The Open Network will begin experiencing FOMO traders after the bulls convert the resistance zone around $2.69 into a support level.
According to the YouTube streamed public blockchain testing, the TON blockchain can now compete with top-rated blockchains like Solana (SOL) and Ethereum (ETH). Moreover, the high throughput will enable DeFi developers to build applications that handle extremely high on-chain activities like gamifi among others in the near future.
Having facilitated over 42.8 million transactions in about 18 minutes at a rate of more than 101k per second, the TON blockchain developers were convinced that the future of Telegram and Toncoin is extremely bright amid the mainstream adoption of digital assets.
“Achieving this record wasn’t an accident. TON’s architecture has been designed to enable unlimited scalability, with the core feature being horizontal sharding. This allows the TON Blockchain to ‘partition’ into smaller workchains and shardchains, so each node only needs to store and validate a subset of the network data instead of storing and verifying the entire blockchain,” the company added.
