The Open Community (TON) ecosystem, the scalable blockchain and community mission, has seen great progress over the previous yr. Seeking to perceive why it has develop into so fashionable, we hear from business consultants along with analysing a brand new report by Bitget, the cryptocurrency change and Web3 firm.
Initially created in 2018 by the worldwide messaging platform Telegram, the TON community — then often known as Gram — was poised for fulfillment. Nonetheless, in 2020, Telegram deserted the mission after a authorized conflict with the Securities and Trade Fee (SEC). Because the community was based mostly on open-source software program, different initiatives started constructing on its basis. Two builders, Kirill Emelyanenko and Anatoliy Makosov, took the lead on a mission initially known as NewTON, which was rebranded because the TON Basis (The Open Community) in Might 2021.
In April 2022, the TON blockchain made a big announcement, permitting Telegram customers to make funds with cryptocurrency straight inside the messaging app.
TON the world over
Because the formation of the TON Basis, the blockchain has gained substantial traction worldwide, with most customers based mostly in Russia and Ukraine. Nonetheless, adoption can also be robust in India, Brazil and the US. This progress is basically attributable to ongoing growth based mostly on the unique whitepaper from Telegram, aiming to supply a variety of companies.
Analysis from Bitget reveals that the TON ecosystem has seen a 12-times enhance in every day transaction quantity, rising from 100,000 to 1.2 million over the previous yr. The entire worth locked within the ecosystem has reached $350million, an 18-fold enhance (round 1800 per cent) in lower than six months, largely pushed by the expansion in decentralised change (DEX) buying and selling quantity, which jumped from $2million to $40million because the starting of the yr. The native TON token’s worth has additionally surged, averaging $5.5 as adoption continues to rise.
With TON initially created by Telegram, the present ecosystem stays carefully built-in with the messaging platform. It has additionally solid partnerships with USDT via the TON Basis and collaborated with organisations like HashKey Group, Fireblocks, DWF Labs and others.
“TON’s ecosystem is quickly gaining traction, notably amongst tech-savvy lovers desirous to discover its revolutionary method to decentralised options. At Bitget, we’ve witnessed a big inflow of customers taking part in TON-related initiatives, pushed by its distinctive neighborhood engagement and seamless integration with exchanges,” mentioned Gracy Chen, CEO of Bitget.
“Latest standout initiatives similar to DOGS have attracted large curiosity, and with thrilling upcoming launches like CATI and HMSTR, we’re dedicated to supporting and fostering the expansion of those groundbreaking initiatives.”
Why is TON so fashionable?
Remaining built-in with Telegram has allowed the TON ecosystem to thrive, resulting in the widespread use of on-chain gaming apps and bots inside the platform.
One other issue driving its reputation is its distinctive options in comparison with different ecosystems. TON gives multi-chain structure, asynchronous sensible contract calls, proxy options, and extra. In line with the Bitget report, these distinctive options place TON for important progress.
Demand can also be excessive. In a weblog publish by Revolut, the worldwide neobank referred to Toncoin as “the much-requested Toncoin”.
The Bitget report means that whereas the TON blockchain will proceed to profit from Telegram’s consumer base, it’s anticipated to step by step shift in direction of ‘de-Telegramization’ to cut back regulatory dangers tied to the platform. The report additionally initiatives that the TON token’s worth will rise alongside broader market traits, and the continued growth of the ecosystem will entice extra conventional customers to the cryptocurrency market.
From Bitget’s perspective
Bitget Pockets is now utilized by 68 per cent of Telegram recreation customers, contributing 17 per cent of lively addresses on the TON community within the present month. By integrating with Web2 social platforms like Telegram, Bitget Pockets surpassed 12 million month-to-month lively customers.
“Integrating with the TON and Telegram ecosystem has been a recreation changer for Bitget Pockets. By tapping into Telegram’s huge consumer base, we’ve seamlessly bridged Web2 and Web3, making a easy and accessible expertise for thousands and thousands,” mentioned Alvin Kan, COO at Bitget Pockets. “This has fuelled our progress to over 30 million consumer base with 12 million month-to-month lively customers. It’s clear that the way forward for Web3 lies in making it intuitive and built-in with platforms persons are already conversant in.”
The report additionally highlights areas of progress and challenges for the TON ecosystem. Regardless of its potential, TON faces points similar to low buying and selling exercise and restricted lending choices. Sectors like DeFi, lending, and gaming are driving demand for its companies. To speed up progress, TON might want to overcome its DeFi limitations, increase past the CIS area, and navigate regulatory hurdles.
Hype or right here to remain?
To grasp the chance of continued progress and adoption of TON, we heard from consultants throughout the business.
Commenting on how TON has utilised its ties with Telegram, Rumi Morales, associate and board member at Web3 accelerator Outlier Ventures, famous: “The TON ecosystem’s spike in transaction quantity over the previous yr isn’t precisely stunning, given its tight integration with Telegram’s enormous and rising consumer base. Telegram has lengthy been the go-to messaging app for the crypto crowd, so TON naturally faucets into that core viewers, plus newcomers drawn to the app for different causes. The addition of USDT has helped with liquidity, bringing in merchants and informal customers.
“By way of real-world utility, TON is exhibiting some energy in DeFi and gaming. Platforms like STON.fi and video games like Hamster Kombat appear to be pulling in real customers, not simply the standard speculators. The power to work together straight via Telegram with out extra steps has made it simpler for individuals who’ve been hesitant about crypto to dive in.”
Nonetheless, she additionally famous the challenges it could face. “TON’s reliance on Telegram is a danger. Whereas it’s helped them scale, it additionally ties the ecosystem to Telegram’s regulatory points and any drama that comes with Durov. The staff is aware of this and appears to be planning for tips on how to scale back that publicity.
“On the technical aspect, TON’s structure is constructed to scale, and it’s attracting customers throughout markets. However they’ll want to interrupt out of the Telegram bubble and enhance their DeFi choices, particularly lending, to remain aggressive.”
Francis Bignell
