- TON’s increasing value stemmed from more utility.
- Chainlink outpaced Toncoin in terms of development activity.
After its token gained 2.34% in the last 24 hours, decentralized Layer-one (L1) blockchain Toncoin [TON] overtook Chainlink [LINK] in terms of market cap.
At press time, Chainlink’s market cap was $7.87 billion, while Toncoin had a market cap of $8.08 billion, AMBCrypto’s market assessment showed.
Market cap is a function of a token value multiplied by the circulation. For TON, its price did not surpass LINK, as the latter rose by 6.09% in the last 24 hours. However, Toncoin had a superior circulating supply — this was one factor that propelled the toss.
New use cases get Toncoin more activity
AMBCrypto also found out that there were other catalysts involved in keeping Toncoin at the top. On previous occasions, we discussed how TON had become a force to reckon with in the market. But the focus, then, was mostly because of the demand for the token.
This time, the outcome of the scrutiny had more of the fundamentals than its price. At the outset, Toncoin was developed as a messaging app with links to the blockchain. But in recent times, the project has added more use cases.
Because of this, some platforms now tag Toncoin as a project under the Real-World Assets (RWAs) category. However, Toncoin may not entirely fit the description. This is because RWAs are linked to ownership of physical assets that are recorded on the blockchain.
But the existence of TON means that the project is not a fiddle fit for the tag. A look at the updated use cases of Toncoin included acting as a payment infrastructure.
Others are helping with communication around the Internet of Things (IoT), and offering the gaming sector models to build with. With respect to the utility it now offers, Toncoin’s team noted that:
“TON stands at the forefront of blockchain innovation, breaking barriers and setting new standards. Its proven capability 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 up to Chainlink in terms of development activity. At the time of writing, Chainlink’s Development Activity metric increased to 4.14. For Toncoin, it tumbled to 0.0014.
How much are 1,10,100 TONs worth today?
Development Activity is a measure of the work done in keeping a blockchain running at its best. So, the data implies that, at press time, compared to Chainlink, Toncoin’s developers may not be at the top of their game.
The metric could also be used as a bearish or bullish signal. As it stands, LINK looks more bullish than TON. But that is not to say that the latter does not have a good upward potential.