TON Blockchain Shows Signs of Recovery in Its Stablecoin Supply Following the Arrest of Pavel Durov, CEO of Telegram
- Patricia ArquetteOriginal
- 2024-10-10 04:12:08667browse
The TON blockchain has shown signs of recovery in its stablecoin supply following the arrest of Pavel Durov, CEO of Telegram, in late August.
The TON blockchain has shown signs of recovery in its stablecoin supply following the arrest of Pavel Durov, CEO of Telegram, in late August.
After his arrest for alleged criminal activities related to the Telegram messaging application, traders panicked, and the price of Toncoin dropped by 20%, reaching $5. This incident also led to a 30% decrease in the total value locked (TVL) in the blockchain.
However, after his release, Durov stated that his arrest was a mistake and that he would take measures to protect the platform from abuse.
As the situation stabilizes, data indicates that the supply of stablecoins on the TON blockchain has begun to recover.
According to reports, the supply of USDT has increased significantly. This improvement is also reflected in the increase in trading volumes within the TON ecosystem, which surpassed 1.3 billion transactions in the first week of September, as reported by Anatoly Makasov, technical lead of the TON Foundation.
The growth in stablecoin supply can be largely attributed to the Telegram community, which boasts over 900 million users. Additionally, the rise of on-chain games like Hamster Kombat, which include free airdrops, has helped attract new users to the TON ecosystem.
Despite these positive developments, the price of Toncoin has not shown a significant recovery and has remained around $5. At the time of writing this news, the token is trading at $5.14, with a 1% drop in the last 24 hours and a 4.9% decrease in the last week, according to Coinmarketcap.
Although new features announced by Durov, such as the ability to send gifts through Telegram and the conversion of these into NFTs, may attract more users, the token’s performance still faces challenges ahead.
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