Bybit has released its inaugural report on The Open Network (TON) ecosystem. This report provides an update on TON’s efforts to integrate nearly one billion Telegram users into Web3.
The report outlines TON’s approach to ecosystem development, which includes a collaboration with Telegram. This partnership aims to boost adoption through a range of casual games offering crypto-based rewards.
Telegram Integration Fuels Growth
TON distinguishes itself with its connection to Telegram, a messaging app with nearly one billion global users. The integration of TON-based decentralized applications within Telegram has been successful, but there is potential for further growth.
TON aims to onboard 30% of Telegram’s user base by 2028. If Telegram's monthly active users reach 1.5 billion by then, this goal would translate to approximately 500 million users. This would mark a notable advancement for Web3, considering Ethereum currently has 277 million unique wallets.
To date, TON has achieved progress towards this target. The network has about 280,000 daily active users and processes around 800,000 daily transactions. The report also notes a more than 200% increase in the price of Toncoin (TON) this year, outperforming Bitcoin’s 60% gain. TON is now the fifth-most valuable Layer-1 network, with a market capitalization of $17.5 billion.
Telegram Mini-Apps Drive Adoption
The report details TON’s strategy for onboarding Telegram users to Web3, highlighting the successful integration of the TON Space wallet. Launched in November 2023, this wallet saw 800,000 accounts created within three months and over 6 million by the end of April 2024.
A key element of TON’s strategy is its Telegram Mini-Apps. These apps, integrated within the Telegram platform, are designed to replicate the success of WeChat’s Mini Programs in China.
Telegram's Mini-Apps include “Tap-to-Earn” games like Notcoin and Hamster Kombat, which combine addictive gameplay with crypto rewards. The platform also features growing DeFi Mini-Apps for cryptocurrency trading and staking.
This article was written by Tareq Sikder at www.financemagnates.com.
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