Bybit Report: Telegram-TON Collaboration Fuels Massive Web3 Adoption

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As a seasoned crypto investor with a keen eye for promising projects, I find myself intrigued by TON‘s ambitious goals and impressive progress. Having witnessed the meteoric rise of WeChat, I can see striking parallels between its journey and what TON is attempting to achieve.

Bybit recently published a report highlighting the impact that The Open Network (TON) and the Telegram messaging platform partnership has had in fulfilling TON’s goal of integrating a billion Telegram users into the Web3 realm.

The trading platform pointed out that it offers this capability due to its dynamic environment rich in a variety of games where users can earn rewards for playing.

As an analyst, I’m sharing some insights about TON, a blockchain that has seamlessly integrated with the popular messaging app, Telegram. TON aims to onboard approximately 30% of Telegram’s total users by the year 2028. Currently, Telegram boasts nearly 1 billion active users. If we consider the user base growing to 1.5 billion by 2028, it would imply that around 500 million of those users could potentially be using TON by then.

The blockchain is making significant strides in reaching this goal, with approximately 280,000 daily active users on its system. What’s even more intriguing is that it currently handles an average of 800,000 daily transactions.

In recent times, the user base and transactions on this network have significantly increased. Simultaneously, the value of its native token, Toncoin (TON), has skyrocketed by over 200% since the start of the year. This impressive growth has positioned TON among the top-performing cryptocurrencies in 2024, outpacing Bitcoin‘s 60% increase during the same period.

In addition to its increased value, TON currently occupies the fifth spot on the list of the most substantial Layer-1 networks, boasting a market capitalization of approximately $17.5 billion.

Strategies Fuelling TON’s Growth

According to Bybit’s research findings, the TON team implemented a self-managed digital wallet called TON Space on Telegram as one of their strategies. This move proved to be highly effective, with approximately 800,000 accounts created within just three months after its release in November 2023. As of April, that number has grown significantly to around 6 million users.

As a crypto investor, I’m particularly intrigued by TON‘s approach, which involves the development of Telegram Mini-Apps. These apps serve as a catalyst for wider acceptance and seamlessly blend into the messaging platform. The mini-apps within Telegram are primarily ruled by “Tap-to-Earn” games such as Notcoin and Hamster Kombat. These games aren’t just entertaining, but they also dish out rewards to players, making them a unique blend of fun and financial gain.

Telegram now serves as a central platform for the development of various mini-applications focused on staking and trading digital currencies in the realm of Decentralized Finance (DeFi). This is significantly contributing to the expansion of interest and usage within the DeFi sector.

Bybit pointed out that TON has demonstrated effective strategies and possesses the potential to emulate the success of WeChat and potentially evolve into the next multi-purpose platform, similar to a SuperApp. They expressed this in the following words:

“The methods outlined previously have proven highly effective, indicating that TON could potentially emulate the triumph of WeChat and ascend as the globe’s next SuperApp. Notably, it offers unique Web3 functionalities.”

They also noted that the incorporation of the Web3 experience within an existing app by TON makes it highly likely to experience widespread acceptance. In simpler terms, Bybit stated that by integrating Web3 into a well-liked app, TON is exceptionally positioned to pave the way for mass adoption, providing a genuine route for countless users to embrace the digital and decentralized world.

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2024-08-23 15:24