- Specifically, it illustrates how TON’s close partnership with Telegram is propelling adoption.
- The integration of TON-based decentralized apps with Telegram has been very successful so far.
In its first TON ecosystem report, Bybit—the second-biggest cryptocurrency exchange globally based on trading volume—updated readers on The Open Network’s progress toward bringing almost one billion Telegram users into the Web3 realm.
The report emphasizes how TON’s mass-market strategy for ecosystem growth is making positive strides. Specifically, it illustrates how TON’s close partnership with Telegram is propelling adoption via a thriving network of casual games that lure users in with incentives based on cryptocurrency.
TON & Telegram: A Unique Value Proposition
Because of its strategic cooperation with Telegram, the well-known messaging service with almost one billion users worldwide, TON stands apart from other blockchains. Although there is a great deal of unrealized potential for additional adoption, the integration of TON-based decentralized apps with Telegram has been very successful so far.
According to the report, TON aims to enroll thirty percent of Telegram’s user base by the year 2028. Over that period, 500 million people will join Telegram, whose monthly active user base is expected to reach 1.5 billion. With just 277 million distinct wallets on Ethereum, reaching this milestone would be a major step forward for Web3 in terms of widespread adoption.
TON has made considerable strides toward that objective so far, completing an average of 800,000 daily transactions and attracting around 280,000 daily active users on its network.
According to the report, Bitcoin has gained 60% over the same time, while Toncoin (TON) has gained more than 200%, ranking it among the top performing cryptocurrencies this year. With a $17.5 billion market cap, TON is now the fifth-most valuable Layer-1 network overall.
Seamless Web3 Onboarding
The report delves into TON’s approach to integrating its native, self-custodial cryptocurrency wallet, TON Space, with Web3 onboarding for Telegram users. Following its launch in November 2023, the integration was an overwhelming success, with 800,000 accounts being established in just three months. By the end of April 2024, that number had risen to almost 6 million.
The second key component of TON’s approach is its emphasis on Telegram Mini-Apps, which seek to duplicate WeChat’s Mini Programs’ achievements in China. Because Telegram’s Mini-Apps are embedded inside the Telegram app, they provide a smooth onboarding experience. “Tap-to-Earn” games, including Notcoin and Hamster Kombat, dominate its collection of Telegram Mini-Apps. These games mix very addictive gameplay with cryptocurrency-based monetary rewards, giving players tremendous incentives to keep coming back for more. Additionally, Telegram encourages users to learn more about the decentralized finance space by offering a plethora of rapidly expanding DeFi Mini-Apps for crypto trading and staking.
ByBit’s report indicates that the aforementioned techniques have shown remarkable success, indicating that TON, with the innovative integration of Web3 features, has the potential to emulate WeChat’s success and emerge as the next big thing in the SuperApp space.
A Viable Path To Mainstream Adoption
The report adds that TON is uniquely positioned to pave a trail for mass adoption with a genuine route for millions of users to explore the world of digital assets and decentralization by incorporating Web3 experiences into an existing successful app.
