Bitget Wallet Rolls Out $20M Grant to Boost Telegram Mini Apps and Revive TON Ecosystem

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As a researcher with a keen interest in blockchain technology and its applications, I find the recent partnership between Bitget Wallet and Foresight Ventures to be a significant step towards revitalizing the Telegram Mini App ecosystem. My personal experience in tracking the rise and fall of various crypto projects has taught me that such collaborative efforts can play a crucial role in fostering innovation and resilience within the blockchain space.

As a researcher delving into the realm of cryptocurrencies, I am excited to share that Bitget Exchange’s non-custodial crypto wallet, my very own Bitget Wallet, has embarked on another stride in its mission to promote widespread crypto adoption. On Monday, November 11, we partnered with Foresight Ventures to launch a substantial $20 million program for Telegram Mini Apps. This fresh funding initiative, as announced first by Cointelegraph and later confirmed, targets two significant objectives.

Initially, the Bitget Wallet aims to facilitate the development of fresh initiatives within Telegram’s Mini App platform ecosystem. Furthermore, this funding serves as a means to generate additional chances for both existing developers and projects.

Bitget Targets Perfect Timing for $20M Fund

It’s important to mention that The Open Network (TON), which was once quite successful, no longer holds that status. In July, its Total Value Locked (TVL) reached a peak of $776 million. This significant growth can be attributed primarily to the popularity of Telegram Mini Apps such as Notcoin and Hamster Kombat.

Following the peak in July, the TON ecosystem hasn’t regained its former strength. To date, its Total Value Locked (TVL) has dropped by more than half due to a significant sell-off in the ecosystem.

Significantly, the decrease in value started around late August following the detention of Telegram’s CEO, Pavel Durov, by French authorities. This arrest led to a significant reduction in the total value associated with TON projects, which fell as low as $311 million.

As a researcher, I’ve noticed a modest uptick in performance during September and certain sections of October. However, it’s important to note that Total Over-Night (TON) TVL (Total Value Locked) has been consistently decreasing overall. At the time of this writing, the DefiLlama data shows TON TVL at approximately $356 million.

Reviving the TON Ecosystem

It’s worth noting that the observed recovery could potentially be associated with the market launch of Hamster Kombat, the most popular tap-to-earn game by Telegram, which took place in September.

In addition, it was revealed in September 2024 that both Bitget and Foresight Ventures had invested an additional $30 million into the TON blockchain for a strategic purpose.

Given the previous details, Bitget Wallet and Foresight aim to contribute another $20 million to further develop Telegram’s Mini App ecosystem. In addition to this financial backing, they plan to offer both investment and educational assistance.

Using this software, Bitget Wallet will offer technical assistance, manage operations, and help with marketing. Essentially, they’ll extend a hand in growing the user community by granting access to their Telegram wallet users as well.

As a researcher, I’ve noticed that both Bitget and Foresight seem to be increasing their commitment towards the governance and future growth strategies of the TON Blockchain.

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2024-11-11 12:42