According to CryptoQuant analyst maartunn, the number of token holders on The Open Network (TON) could overtake Ethereum by December 20.

“Currently, ETH holders number 137 million, while TON has reached 112 million. With TON gaining approximately 500,000 new users daily, it could surpass Ethereum by year-end if this trend continues,” the analyst noted.

Growth Trends and Projections

Maartunn acknowledged that TON’s growth rate might slow, potentially pushing the milestone to February 2025.

The analyst also highlighted that while ETH holder numbers are increasing, their growth rate is considerably slower, which may impact the timeline.

“The tipping point between TON and ETH holder numbers is only a matter of time,” he added.

Current Market Standing

As of now, TON ranks 11th on CoinGecko with a market capitalization of $12.7 billion, compared to Ethereum’s $315.7 billion.

Data from DeFiLlama shows that TON’s ecosystem has a total value locked (TVL) of $389 million, with popular decentralized apps (dApps) including Tonstakers, STON.fi, and DeDust.

In September, TON surpassed 1 billion transactions, signaling robust ecosystem growth.