Telegram’s Ties to Cryptocurrency Project TON Spark Surge in Value
In the world of cryptocurrency, a project with ties to the popular messaging app Telegram has been making headlines this year. The Open Network (TON) blockchain, associated with Telegram Messenger LLP, has seen a remarkable surge in value, even amidst a broader rally in the crypto sector.
According to a report by Bloomberg, assets locked on TON have skyrocketed by 1,400% this year, briefly surpassing $1 billion. This impressive performance has reignited hopes that Telegram could evolve into a “super-app” that encompasses social interactions, gaming, and financial tools.
Investment firm Pantera Capital Management LP views Telegram as the only major platform capable of incorporating Web3 for an open blockchain network without regulatory hurdles. Telegram, founded in 2013 by Russian brothers Pavel and Nikolai Durov, raised $1.7 billion through an initial coin offering (ICO) in 2018 to launch the Telegram Open Network.
Despite facing scrutiny from the U.S. Securities and Exchange Commission (SEC) and settling with the regulator in 2020, TON has emerged as a separate entity from Telegram. However, skeptics argue that TON remains heavily reliant on Telegram, with decisions likely aligning with the messaging app’s interests.
In February, Telegram announced it would exclusively use the TON blockchain for payments related to a new ad-revenue sharing program, coinciding with a surge in key metrics for the blockchain. The number of daily active users on TON has surpassed 350,000, according to TonStat data.
As the world embraces digital payment solutions, TON’s recent surge in assets can be attributed to the popularity of mini-apps like play-to-earn games and a partnership with stablecoin issuer Tether. Industry experts predict that payments and remittances will become increasingly important use cases for TON in the future.
With its ambitious goal of capturing a third of Telegram’s user base by 2028, TON appears well-positioned to capitalize on the growing trend of consumer-facing platforms underpinned by blockchain software. As the crypto sector continues to evolve, TON’s success story is one to watch.
