Tether (USDT) supply on the TON blockchain has crossed over $1B for the first time. In the past week, both the stablecoin supply and weekly active users reached a new peak.
The Open Network (TON), the network tied to Telegram tap games, reached a peak of 5M active weekly users. In addition to the growing activity, TON now carries more than $1B in native Tether (USDT).
The available USDT supply on Toncoin expanded above 1B tokens. | Source: Tokenterminal
The tokens available on TON are the maximum authorized supply. Based on different reports, the available tokens range between $668M and $729M. Transfer volumes for USDT range between $100M and $300M daily. Toncoin aims to become another environment for stablecoin usage, especially as a payment tool. The stablecoin expanded its presence on the TON blockchain despite concerns about illegal activities on the platform.
USDT’s supply exploded faster in September, growing in one leap from around 700M tokens to 1.03B. In the past three months alone, the supply rose from 579M tokens. In addition to the native asset, TON carries around 4M bridged USDT, which expanded much more slowly.
Since USDT launched as a native asset in April, a series of mints increased the liquidity in the TON ecosystem. The asset is used for micropayments, fees, and for decentralized trading. The issuing of new Toncoin took a long hiatus in August, around the time of the arrest of Telegram co-founder Pavel Durov. But after that, the new printing continued, supporting both user inflows and the price of Toncoin (TON).
Native USDT to boost DeFi ecosystem on Toncoin
One of the roles of USDT is to boost the TON decentralized finance ecosystem. Value locked on TON had grown close to $1B but erased some of the gains. As of September, the TVL is at $402.96M.
Most of the activity on the network depends on Ston.fi and DeDust, the two main DEX. The two DEX lock up $320M in total liquidity. Currently, the TON team has set aside 5M USDT for incentives to liquidity providers. The key pairs on the exchanges include TON and its staked forms against USDT. Part of the $5M incentive will also go toward staking TON on Tonstakers and Bemo.
After the DEX liquidity incentives, the TON Foundation may add new programs to boost other decentralized protocols. Toncoin is yet to develop its native lending, perpetual DEX and yield farming opportunities.
Toncoin has also added liquid staking as an extra step in network security. The barrier to becoming a validator is high, at 300K TON tokens. For that reason, regular users are encouraged to stake TON and contribute to validators, in exchange for up to 3.69% annualized income. In exchange for their TON, they receive stTON, a liquid staking token, which can still be used for trading.
As of September 2024, Tonstakers is the biggest LST protocol, with a 67% market share. The bigger the stake of each validator, the more rewards will be available for all participants. In total, the TON network distributes 50K new TON per day for block rewards.
TON bounces from lows under $5
After the latest addition of more USDT liquidity, Toncoin continued its recovery above $5. TON traded at $5.60, retaining its usual range. In the past month, TON struggled to regain the $6 level, but for the past 12 months, the asset has retained most of its gains.
TON open interest has slid to the $255M level, from above $280M in the past week. Long positions are still dominant, though they are also more often attacked. Long liquidations exceeded $321K on Binance, while only $169K in short positions were liquidated.
TON rallied from August 8 onward, following a long-awaited Binance listing. Since then, the exchange took over 13% of all TON activity, with a relatively limited effect on the price.
September was airdrop season for Toncoin, adding to the hype for TON. The Catizen airdrop from September 20 led to some disappointments, as the project distributed fewer tokens than expected and started selling a pass to gain the rest of the promised assets. The new CATI token crashed immediately after the start of trading, sinking to $0.85.
Cryptopolitan reporting by Hristina Vasileva
Toncoin is growing its USDT supply to more than $1B, with up to $300M in daily transfers. The Toncoin ecosystem aims to move beyond meme trading and grow DeFi apps and liquid staking protocols.
Amazon’s journey from a modest online bookstore to the world’s largest online retailer is a narrative of innovation, disruption, and relentless ambition. Today, Amazon dominates the e-commerce landscape, setting the standard for online shopping with its vast product selection, lightning-fast delivery, and customer-centric approach. This article explores the evolution of Amazon’s leadership in online shopping, examining the key strategies, innovations, and challenges that have shaped its rise to the top.
The Early Days: From Bookstore to Everything Store
Amazon was founded by Jeff Bezos in 1994 as an online bookstore, capitalizing on the internet’s potential to reach a global audience. The decision to start with books was strategic; books were easy to ship, did not require much storage space, and had a universal appeal. From the beginning, Bezos envisioned Amazon as more than just a bookstore. His long-term goal was to create the “everything store,” a one-stop-shop where customers could find and purchase anything they needed online.
The initial success of Amazon was driven by its innovative approach to e-commerce. While traditional bookstores were limited by physical space, Amazon offered an extensive catalog of books that was virtually limitless. The company’s early focus on customer satisfaction, with features like customer reviews, personalized recommendations, and a user-friendly interface, set it apart from competitors.
By 1997, Amazon had gone public, and its rapid growth continued. The company began to expand its product offerings beyond books, gradually adding categories like music, electronics, and toys. This diversification was essential to Amazon’s strategy of becoming the go-to online retailer for all consumer needs. The company’s ability to offer a wide range of products, combined with its commitment to customer service, established it as a leader in online shopping.
Innovation and Expansion: The Prime Revolution
One of the most significant milestones in Amazon’s evolution was the launch of Amazon Prime in 2005. For an annual fee, Prime members received free two-day shipping on eligible purchases, a proposition that was revolutionary at the time. The introduction of Prime was a game-changer, transforming customer expectations and further solidifying Amazon’s leadership in online shopping.
Prime was more than just a shipping service; it was a strategic move to create customer loyalty. The subscription model incentivized customers to make Amazon their default shopping destination, as the more they used Prime, the more value they received. Over time, Amazon expanded the benefits of Prime to include streaming video and music, exclusive deals, and other perks, making it an indispensable service for millions of customers.
The success of Prime can be measured by its membership numbers, which have grown exponentially over the years. As of 2024, Amazon Prime has over 200 million members worldwide, a testament to the value it offers. The Prime membership model has been so successful that it has influenced the broader retail industry, with many competitors launching their own subscription services in response.
The Technology Edge: Fulfillment and Logistics
Amazon’s dominance in online shopping is not just a result of its vast product selection and customer-centric approach; it is also rooted in its technological prowess. The company has invested heavily in building a state-of-the-art fulfillment and logistics network, which has been a critical factor in its ability to offer fast, reliable delivery to customers.
Amazon’s fulfillment centers, which are strategically located around the world, are marvels of automation and efficiency. These facilities use advanced robotics, artificial intelligence, and data analytics to manage inventory, process orders, and ship products with unparalleled speed. The company’s ability to deliver products quickly and accurately is a key reason why customers choose Amazon over other online retailers.
In addition to its fulfillment centers, Amazon has developed a vast logistics network that includes its own fleet of planes, trucks, and delivery vehicles. The company’s investment in logistics has allowed it to reduce its reliance on third-party carriers like UPS and FedEx, giving it greater control over the delivery process. This vertical integration has enabled Amazon to offer services like same-day and next-day delivery, further enhancing its competitive advantage.
Moreover, Amazon’s logistics innovations extend beyond its own operations. The company’s delivery service partner (DSP) program has created opportunities for small businesses to operate delivery routes for Amazon, while its crowd-sourced delivery platform, Amazon Flex, allows individuals to deliver packages using their own vehicles. These initiatives have expanded Amazon’s delivery capacity and ensured that it can meet the growing demand for fast shipping.
Expanding the Ecosystem: Marketplace and AWS
Another key component of Amazon’s success in online shopping is its ability to create a comprehensive ecosystem that extends beyond retail. The Amazon Marketplace, launched in 2000, has been instrumental in expanding the company’s product selection and driving revenue growth. The Marketplace allows third-party sellers to list their products on Amazon’s platform, giving customers access to a wider range of goods and enabling Amazon to earn a commission on each sale.
The success of the Marketplace has been staggering. Today, over half of the products sold on Amazon are from third-party sellers, many of whom are small and medium-sized businesses. The Marketplace has also been a critical factor in Amazon’s global expansion, as it allows sellers from around the world to reach customers in different markets without the need for a physical presence.
In addition to the Marketplace, Amazon Web Services (AWS) has played a crucial role in the company’s growth and profitability. Launched in 2006, AWS offers cloud computing services to businesses, allowing them to store data, run applications, and scale their operations with ease. AWS has become the backbone of the internet, powering everything from startups to large enterprises. The revenue generated by AWS has given Amazon the financial flexibility to invest heavily in its retail operations, including its logistics network, Prime, and original content for Prime Video.
Challenges and Criticisms
While Amazon’s leadership in online shopping is undeniable, it has not been without challenges and criticisms. The company’s dominance has raised concerns about its impact on competition, with critics arguing that Amazon’s scale and market power give it an unfair advantage over smaller retailers. There have also been concerns about the treatment of workers in Amazon’s fulfillment centers, with reports of grueling conditions and low wages sparking public outcry and calls for better labor practices.
Amazon has also faced scrutiny over its impact on the environment. The company’s rapid delivery services, which require a vast logistics network, contribute to carbon emissions and environmental degradation. In response, Amazon has pledged to achieve net-zero carbon emissions by 2040 and has invested in renewable energy and electric vehicles to reduce its environmental footprint.
Despite these challenges, Amazon continues to grow and innovate, constantly pushing the boundaries of what is possible in online shopping. The company’s ability to adapt to changing consumer preferences, invest in technology, and create a seamless shopping experience has ensured its position as the leader in e-commerce.
The Future of Amazon in Online Shopping
As Amazon looks to the future, it faces both opportunities and challenges. The rise of new technologies like artificial intelligence, machine learning, and automation will continue to shape the e-commerce landscape, and Amazon is well-positioned to leverage these innovations to enhance its operations and customer experience.
The company is also likely to continue expanding its ecosystem, integrating its retail operations with other services like AWS, Prime Video, and Alexa. This integration will further entrench Amazon in the daily lives of consumers, making it even more difficult for competitors to challenge its dominance.
In conclusion, Amazon’s leadership in online shopping is the result of a relentless focus on customer satisfaction, innovation, and scale. From its early days as an online bookstore to its current status as a global e-commerce giant, Amazon has consistently pushed the boundaries of what is possible in retail. As the company continues to evolve, it will undoubtedly remain a dominant force in the world of online shopping, shaping the future of commerce for years to come.
