TON blockchain halts as ordinals-inspired protocols pick pace

The Open Network (TON) blockchain faced significant challenges in transaction processing as a new protocol, inspired by Bitcoin Ordinals, led to a surge in activity. Issues began on Tuesday, and by Thursday afternoon, over 2.5 million transactions were pending, causing the blockchain's speed to plummet to less than 1 transaction per second.

Timeline of Toncoin

In a strategic move to foster blockchain innovation, KuCoin Ventures, the investment arm of the Seychelles-registered cryptocurrency exchange KuCoin, has announced a significant grant to The Open Network (TON) Foundation. The initial $20,000 grant marks the beginning of a partnership aimed at propelling the TON ecosystem to new heights.

KuCoin Ventures, the investment wing of the Seychelles-registered KuCoin crypto exchange, has announced a strategic partnership with The Open Network (TON) Foundation. The alliance, inaugurated with a $20,000 grant, signifies a major commitment to fostering the growth of the TON ecosystem.

Web3 firm Animoca Brands has become the largest validator on The Open Network (TON) blockchain. This move strengthens the TON Foundation's bid to bring more game players onto Web3 via Telegram.

The Open Network (TON) has partnered with Future3 to launch the TON Bootcamp, a 15-team program designed to promote mini-app development within the TON ecosystem in Telegram. The program will run for five months, and applicants have until December 18th to enter the competition for a chance to be among the final 15 selected for the program.

In the last 24 hours, TON has registered an impressive 8.7% gain, reaching a trading price of $2.63 at the time of this report. The asset's market capitalization has now exceeded the $9 billion mark, representing an 11-month high.

Within 11 minutes, the test network with 256 validators handled a staggering 43,012,970 transactions. This makes TON the world's fastest blockchain, surpassing others significantly.

The Open Network (TON), Telegram's innovative blockchain brainchild, celebrates a significant milestone. Announced on October 4th, MEXC Ventures, the investment branch of the cryptocurrency exchange MEXC, has poured an eight-figure sum into the project.

Toncoin moved closer to the $2.00 level on Wednesday, as markets reacted to the protocol's partnership with Telegram. The agreement will see the token made available to over 800 million Telegram Wallet users. Stellar, on the other hand, was significantly lower, falling by nearly 8% today.

Telegram Messenger has unveiled a self-custodial crypto wallet for its more than 800 million active users worldwide. This move comes almost three years after the popular messaging platform initially revealed its plans to delve into the Web3 space.

Toncoin was a big mover on Thursday, as the token rose by nearly 4%, closing in on the $1.90 level in the process. The rally came despite crypto price consolidation, with the global market cap largely unchanged as of writing. Stellar also surged, remaining near a recent two-week high.