Journalist
Posted:
- The increasing value of TON resulted from greater utility.
- Chainlink surpassed Toncoin in terms of development activities.
After the token gained 2.34% in the past 24 hours, the decentralized Layer-one (L1) blockchain Tonmint [TON] caught up Chain link [LINK] in terms of market capitalization.
At the time of writing, Chainlink’s market cap was $7.87 billion, while Toncoin had a market cap of $8.08 billion. research showed.
Market capitalization is a function of a token value multiplied by the circulation. For TON, the price did not surpass LINK as the latter rose 6.09% in the last 24 hours. However, Toncoin had a superior circulating supply – this was one factor in that driven the throw.
Source: Santiment
New use cases are driving Toncoin to more activity
AMBCrypto also discovered that other catalysts were involved in keeping Toncoin at the top. On previous occasions we discussed how TON is a power to take into account in the market. But the focus was mainly on the demand for the token.
This time, the outcome of the study had more fundamental characteristics than its price. In the beginning, Toncoin was developed as a messaging app with links to the blockchain. But recently the project has added more use cases.
As a result, some platforms are now tagging Toncoin as a project under the Real-World Assets (RWA) category. However, Toncoin may not quite fit the description. This is because RWAs are tied to the ownership of physical assets recorded on the blockchain.
But the existence of TON means that the project does not fit into the picture. A look at the updated Toncoin use cases include acting as a payment infrastructure.
Others help with communication around the Internet of Things (IoT) and offer models for the gaming sector to build with. Regarding the utility it provides now, Toncoin’s team noted that:
“TON is at the forefront of blockchain innovation, breaking barriers and setting new standards. The proven ability to process transactions at the speed of light paves the way for a future where blockchain technology is not just a niche interest, but a cornerstone of the global digital infrastructure.”
LINK leads here
Despite Toncoin’s integrations, it could not match Chainlink in terms of numbers development activity. At the time of writing, Chainlink’s development activity has increased to 4.14. For Toncoin it dropped to 0.0014.
How many Worth 1,10,100 TON today?
Development activity is a measure of the work done to keep a blockchain running at its best. So the data implies that, compared to Chainlink, Toncoin’s developers may not be at the top of their game at the time of writing.
Source: Santiment
The measure can also be used as a bearish or bullish signal. As it stands now, LINK looks more like it optimistic then TON. But that doesn’t mean the latter doesn’t have good upside potential.