Toncoin, the native token of The Open Network (TON), has surged into the top 10 digital assets by market capitalization due to recent developments within the network.

TON is a layer-1 blockchain network closely associated with the popular social messaging platform Telegram.

Recent developments within TON include a partnership between TON Society, a community contributing to the TON blockchain, and AI company HumanCode to launch an identity verification system using palm scanning technology. This technology, which is privacy-centric and inclusive of all skin tones, offers incentives in the form of a million TON tokens (approximately $7 million) for users to verify their identity.

Additionally, Telegram integrated Toncoin payments for its advertising initiative, allowing users to purchase ads using Toncoin and share revenue with public channel creators. The messaging application has also shifted from Euro to the TON network for ad service payments.

As a result of these developments, TON's price has surged by over 22% in the past day and has experienced consistent gains exceeding 30% over the past week, reaching a record high of nearly $7. This surge has propelled TON's market capitalization to over $23 billion, surpassing notable blockchain networks such as Cardano, Avalanche, and Dogecoin.

This surge in value coincides with a significant increase in network activity within the TON blockchain ecosystem, with the number of active Ton blockchain wallets skyrocketing to 1.65 million in the past month and daily transactions surpassing 4 million during the last day.