In a recent post on X, renowned crypto analyst Alex Wacy outlined his perspectives on the current state of the crypto market and his top pick for an “under-the-radar” altcoin following the recent price surge of Ethereum. Despite its position as the 9th largest cryptocurrency by market capitalization, Wacy remains bullish on the potential of Toncoin (TON), a third-generation blockchain.

“Altseason is coming while Ethereum shines. Now is the time to pick your biggest bets with high conviction. L1s are about to boom, and here is my under-radar pick!” Wacy declared. He emphasized the significance of Layer 1 (L1) and Layer 2 (L2) blockchains as foundational elements for mass crypto adoption, due to their role in supporting various projects and infrastructure. “Watching various projects, one realizes that L1 is the most clear and simple thesis for retail,” he added.

TON, originally developed by the Telegram team and later transitioned to an independent developer community, is recognized for its high performance and scalability. One of its standout features is its deep integration with the Telegram messaging app, which boasts over 900 million monthly active users. This integration is seen as a crucial lever for widespread crypto adoption.

In terms of recent achievements, the TON ecosystem has shown remarkable growth. The blockchain’s Total Value Locked (TVL) has increased fifteenfold in the last three months, and the price of TON has tripled. This surge is accompanied by a flurry of positive developments and new listings.

One notable project within the TON ecosystem is Notcoin (NOT), a Web3 gaming project that has quickly gained traction. Since its launch earlier this year, Notcoin has attracted a vast user base, reaching 35 million players who engage with the game to mine tokens.

These tokens were recently converted into NOT coins and listed on exchanges. “On May 16, the day of the listing, approximately 13 million unique Notcoin users received NOT, making it the largest meme token by number of holders,” Wacy highlighted. Remarkably, NOT is outpacing all other memecoins like DOGE (4.8 million holders), SHIB (1.4 million holders), BONK (720,000 holders) and PEPE (220,000 holders).

Further bolstering TON’s appeal, the blockchain recently introduced the native support of USDT (Tether), providing an accessible platform for Telegram’s massive user base to engage in peer-to-peer payments. This development aligns with TON’s strategy to facilitate seamless integration of Web3 services into everyday activities.

Wacy also shed light on the Open League, a long-term incentive program designed to foster competition and collaboration among TON projects. The program, now in its third season, distributes millions of Toncoin to participants, boosting ecosystem engagement.

In addition, the STON.fi decentralized exchange (DEX) on TON has emerged as a leader in terms of ease of use and integration. Its USDT/TON pool recently surpassed $100 million in TVL, only four weeks after the launch of USDT on the network. “The TON/USDt pool is currently boosted with 105% APY, attracting significant investments,” Wacy noted, mentioning a recent funding round led by CoinFund among other investors.

As the TON ecosystem continues to expand and evolve, it is clear that its combination of technological innovation, strategic partnerships, and community engagement positions it as a formidable player in the blockchain space. Alex Wacy’s endorsement underscores the potential for TON to lead the market on the back of an altcoin season sparked by the recent rise of Ethereum.

At press time, TON traded at $6.33.

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Filed under: Bitcoin - @ May 28, 2024 7:25 am