Messari Reveals Factors Behind Toncoin’s 45% Surge in August
If you’re interested in the crypto market, you’ll be intrigued to learn that Toncoin (TON) experienced an unexpected 45% price surge last month. Messari, a reputable crypto analytics firm, has identified several factors that contributed to this impressive rally.
What is Toncoin?
Toncoin serves as the native token for a layer-1 blockchain initially developed by Telegram, a renowned encrypted messaging platform. This digital asset holds the 12th rank by market capitalization.
The Impressive Price Jump
During August, Toncoin’s value skyrocketed from around $1.20 to $1.75, marking a remarkable increase of over 45%. As of now, the token is trading at $1.83. The surge surprised many in the crypto community.
The Impact of Telegram Bot Apps
Messari highlights the influence of Telegram bot apps, such as Unibot (UNIBOT), on TON’s price surge. These apps utilize Telegram as an interface to Ethereum protocols, simplifying blockchain interactions for users and creating a new messaging app-based user experience.
Growing Ecosystem
TON’s ecosystem is expanding, which further supports its price surge. According to DeFi Llama, the project currently boasts a total value locked (TVL) of $9.62 million. TVL indicates the amount of capital deposited within a protocol’s smart contracts and serves as a measure of a crypto ecosystem’s health.
Telegram’s Departure and TON’s Unique Features
In 2020, Telegram cut ties with TON due to a legal battle with the SEC. However, the Open Network, an open-source community of developers, took over the management of the technology. Interestingly, TON can be sent by Telegram’s 700 million users within the platform without the need for lengthy wallet addresses.
Hot Take: Toncoin’s Rally Reflects the Growing Potential of Messaging App-Based Blockchain Interactions
The surge in Toncoin’s price highlights the increasing popularity and potential of messaging app-based blockchain interactions. As these interactions simplify user experiences and drive user adoption, we can expect further growth in this space.
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