Peter Smith
The Open Network (TON) has achieved a significant milestone that's reshaping how we view Layer-1 blockchain adoption. Despite ranking 13th in market capitalization, TON now holds the fourth position among all L1 blockchains by user count, creating an intriguing disconnect between adoption and valuation.
Record-Breaking User Growth
TON recently crossed the 140 million token holder mark, putting it in elite company alongside established networks like Ethereum, Tron, and Binance Chain. Data from Alea Research reveals that TON's growth remained relatively modest until mid-2023, when adoption took off dramatically. The network jumped from under 10 million holders in early 2023 to nearly 140 million by September 2025, representing one of the most explosive growth stories in cryptocurrency history.
How TON Stacks Up Against the Competition
The current holder rankings show Ethereum leading with 260 million token holders, followed by Tron at 228 million and BNB Chain with 170 million. TON's fourth-place position with 137 million holders is particularly noteworthy given its relatively recent emergence as a major player. However, this impressive user adoption hasn't translated into proportional market cap growth, with TON sitting at just 13th place in L1 valuations.
What's Driving TON's Success
Several key factors explain TON's rapid expansion. The network's integration with Telegram has provided unprecedented access to a massive global user base, essentially turning every Telegram user into a potential TON adopter. The growing DeFi ecosystem on TON is another major driver, with new protocols and liquidity pools constantly launching to provide real utility for users. Perhaps most importantly, TON has focused on creating user-friendly onboarding experiences that make it accessible to people who aren't traditionally crypto-savvy.
The Valuation Gap Challenge
The disconnect between TON's impressive user numbers and its market position raises interesting questions about how the market values adoption versus speculation. While strong network effects are clearly building, the real test will be whether TON can convert its large user base into sustained economic activity that justifies a higher valuation.
Peter Smith
