Bybit, the second-largest crypto exchange in the industry by trading volume released a report highlighting The Open Network (TON) and Telegram’s projection to onboard over 500 million users to Web 3 by 2028.
TON which is a cutting-edge blockchain built by the Telegram team hopes to leverage Telegram’s massive user base of over 1 billion to draw in millions of people into the Web 3 ecosystem.
TON seeks to integrate decentralized applications into Telegram and is also massively investing in the Play to Earn crypto category as seen with the progress of projects like Hamster Kombat and Tapswap.
The Bybit report suggests that TON partnering with Telegram could replicate the achievement of WeChat’s Mini Programs in China and potentially position TON as a leading platform for Web3 growth and adoption.
Ton’s partnership with Telegram has resulted in a couple of milestones which were highlighted in the report. The report stated that TON currently has over 280,000 daily active users on TON and 800,000 daily transactions.
TON’s Winning Formula
Ton’s main strategy in Web 3 which is driving its success is the integration of Ton Space Wallets and Telegram Mini Apps that are heavy into the Play to earn crypto category.
This approach proved to be a winning formula driving the creation of over six million accounts since November 2023.
Telegram Mini apps are in the Telegram App and consist of popular Tap to-earn games like Hamster Kombat, Notcoin, and Blum with millions of global players.
These games offer crypto rewards as their main incentive thereby indirectly onboarding players to the world of cryptocurrency.
In Addition to Play to earn games, there are fast-growing DeFi Mini-Apps for trading and staking too on Telegram Apps.
The strategy of embedding Web 3 capabilities into a popular social media app is proving to be a masterstroke given its success over a short period of time and its propensity to onboard millions of new users to Web 3.
What to know
- Toncoin, the native cryptocurrency of the TON blockchain by Telegram has surged over 200% this year, making it the fifth-most valuable Layer-1 network. It currently has a market cap of $17.5 billion.
- The Telegram Open Network (TON) blockchain was first developed by the Telegram team, led by Pavel Durov, and launched in 2019.
- In May 2020, Telegram stopped working on the TON Ecosystem after the SEC prohibited them from issuing Grams to investors. In 2020, the project was transferred to independent developers from the open-source community Newton, and the community later voted to rename itself The Open Network (TON) Foundation
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