TL;DR
- The TON blockchain has seen a 20% increase in its stablecoin supply since the arrest of Pavel Durov, surpassing $700 million.
- Pavel Durov, after being arrested for alleged criminal activities, stated that he would take measures to protect Telegram, despite a 20% drop in the price of Toncoin.
- Despite the growth in stablecoin supply and the increase in trading volumes, the price of Toncoin remains close to $5, with a 1% drop in the last 24 hours.
The TON blockchain has shown signs of recovery in its stablecoin supply following the arrest of Pavel Durov, CEO of Telegram, in late August.
Since his arrest, the amount of stablecoins on the network has increased by more than 20%, surpassing $700 million. This growth is particularly relevant, considering that the total supply has grown 13 times since April when USDT was integrated into the platform.
Following the turbulence surrounding Pavel, @ton_blockchain is showing signs of life.
Stablecoin supply is up 25% since the arrest, bringing the total increase to 13X since April.
If you squint, the situation has parallels to FTX. pic.twitter.com/NCtS0zqCgY
— Nick Garcia (@NickDGarcia) October 8, 2024
Pavel Durov Will Take Measures to Protect Telegram
Pavel Durov was arrested in France for alleged criminal activities related to the Telegram messaging application. This incident initially caused panic among traders and led to a 20% drop in the price of Toncoin, which reached $5. A 30% decrease in total value locked (TVL) in the blockchain was also reported. However, after his release, Durov described his arrest as a mistake and assured that he would take steps 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. Reports indicate that USDT supply has increased significantly. The improvement has also reflected in the increase in trading volumes within the TON ecosystem, which surpassed 1.3 billion transactions in the first week of September, according to Anatoly Makasov, the technical lead of the TON Foundation.
Toncoin (TON) Fails to Recover
The growth in stablecoin supply is largely attributed to the Telegram community, which has 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.
However, the price of Toncoin has not achieved 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 the 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
