On April 9, Toncoin (TON) overtook Cardano's ADA token in market valuation, rising to the ninth position among the largest cryptocurrencies according to CoinMarketCap. TON surpassed the $22 billion ADA market size, reaching $23 billion, amid an ongoing strong bull market.

The surge comes just a day after the creators of TON Society allocated $5 million worth of Toncoin to encourage users to use palm scanning technology to authenticate their identities. Over the next five years, the project's goal is to provide one million TON to users who participate in the identity verification program, allowing them to verify their identity on Telegram.

Significant performance

Its performance has surpassed that of ADA due to the growing interest in TON. Over the past month, the price of TON has increased by more than 134%, while the price of ADA has decreased by 14%. Looking at the overall picture, we see that the price of ADA has fallen by 1.30% since the beginning of the year, while the price of TON has increased by 182%.

Token and user incentives received $38 million, airdrops received $22 million, the League's developer ecosystem received $15 million, and liquidity pool boosts received $40 million as part of the $115 million TON community incentive program that was unveiled on March 20. The goal of the program is to improve user acceptance.

Unlike Toncoin, ADA has failed to attract investors this year due to the focus on US Bitcoin ETFs and other significant blockchain updates such as the Dencun update to Ethereum.

One potential downside is that retail investors may be wary of Toncoin due to the low distribution of its tokens. According to CoinCarp statistics, the 100 richest Toncoin holders own 93% of the total, and the top 10 holders own almost 60%.