Telegram Solidifies Partnership with TON for Future Enhancements 🌐
This year marks a significant collaboration in the crypto and messaging landscape as Telegram’s founder and CEO, Pavel Durov, openly announced that TON will serve as the exclusive blockchain partner for Telegram. This development aims to bolster several features within the app, including payment systems, tokenization, and the integration of mini-apps.
Understanding the Nature of Telegram and TON ⚡
In essence, The Open Network (TON) is an independent and decentralized blockchain overseen by the TON Foundation. Its inception can be traced back to 2020 along with the launch of the Toncoin project. Interestingly, the original name for TON was Telegram Open Network, highlighting its strong historical ties to Telegram.
The origin of this partnership dates back to 2018 when Telegram initiated the Gram ICO, which, unfortunately, was halted by the SEC in 2019. At that time, Donald Trump was still president, and Gary Gensler had yet to take the reins of the SEC. After the suspension of the Gram token project, Toncoin emerged, distancing itself from Telegram’s oversight.
Although Toncoin and the TON Foundation may function as independent entities today, Durov’s announcement further solidifies the connection between Telegram and TON.
Expanding TON’s Role in Telegram 🚀
Telegram has evolved into a multifaceted platform, including features that allow cryptocurrency usage. One standout feature is the crypto wallet, which has now integrated support for transactions based on TON. The platform also supports mini-apps, enabling users to engage in crypto transactions seamlessly.
The journey of integrating TON into Telegram actually commenced last year; prior to that, Toncoin was still in its developmental phase. Although initial integration attempts were made in 2023, they were only partially successful until more recent developments this year.
With the latest announcements, integration is now fully realized, marking TON as the sole blockchain utilized by Telegram.
A Strong Partnership and its Implications 🔗
Durov’s comments on the new integration highlight the anticipated benefits:
“This standardization will be fantastic for Telegram users, providing them with a consistent and predictable experience and better protection against scams. Mini app developers can refer to the Blockchain Guidelines to see what’s new. I foresee a wave of innovation from this strong integration between Telegram and TON.”
The emphasis on creating a “strong integration” indicates the intention to enhance user experience while limiting the involvement of other blockchains within the platform. Currently, the integrated crypto wallet supports Bitcoin but does not extend to Ethereum or Solana. Nonetheless, future support for wrapped tokens from other cryptocurrencies could be plausible.
The DeFi Landscape and Toncoin’s Value 📈
Currently, TON’s blockchain does not rank among the top ten by Total Value Locked (TVL) within the decentralized finance sector. After experiencing a peak last year during the initial rollout of TON DeFi with various meme coins, TVL reached over $700 million. However, it has since decreased to approximately $230 million and continues to decline since October of last year.
For context, Ethereum dominates with a staggering TVL of over $66 billion, followed by Solana with nearly $12 billion, Avalanche at 1.4 billion, and Polygon above 800 million.
These trends appear to have influenced the market valuation of Toncoin. After making its way into the top ten last year, Toncoin has slipped to the fifteenth position in market capitalization. Its price fluctuated significantly after peaking above $4.4 in 2021, falling below a dollar during the subsequent bear market. As of early last year, it struggled to regain lost ground.
However, with the surge in the first half of 2024, Toncoin saw new all-time highs, surpassing $8.4, before retreating below $5. Following Trump’s win on November 6, Toncoin briefly rose to $6.9, but once again dropped slightly above $5.
With the potential launch of new marketing efforts by Telegram similar to previous campaigns, there’s speculation that Toncoin could witness another surge in its price.
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