As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I find the recent strategic investment by Gate.io into The Open Network (TON) both intriguing and promising. My personal experience has taught me that such investments often mark the beginning of significant growth for the involved projects.
Gate.io cryptocurrency exchange has revealed they’re making a strategic investment in The Open Network blockchain, hoping to foster a partnership that strengthens initiatives using the Telegram platform.
On October 9th, Gate.io announced a strategic investment of $10 million in the TON blockchain. This news came at a time when Toncoin (TON) was experiencing a minor price drop, mirroring a broader struggle among cryptocurrencies to maintain an upward trend.
As per Gate.io’s announcement, their investment in TON will involve working closely with the TON Foundation to foster the development of blockchain and web3 initiatives within the Telegram application.
These developments are centered around projects built on the TON platform, which has seen a surge in popularity with games like Hamster Kombat (HMSTR) and Catizen (CATI), along with many others, drawing in more users. Notcoin (NOT) is also part of this trend, gaining traction due to its connection with Telegram.
Gate.io to support TON ecosystem
As a crypto investor, I’m excited to learn that Gate.io is channeling its resources towards fostering the development of innovative products for TON-based Telegram projects. This move is designed to propel these projects forward at an accelerated pace.
The exchange’s plans for the sector include centralized finance Telegram mini-apps. Also expected to go live is a Gate Wallet, which will launch within Telegram.
Beyond the $10 million investment, Gate Group also plans to participate in the Hackers League hackathon. This event awards up to $2 million in prizes and is drawing in some of the best TON projects.
At these bootcamp sessions, developers and startups will concentrate on creating interoperability solutions such as bridges, cross-chain trades, and liquidity mechanisms. The goal is to link various networks together, thereby increasing TON‘s Total Value Locked (TVL), transaction volumes, and overall adoption by users.
At present, DeFiLlama’s data indicates that TON‘s Total Value Locked (TVL) is approximately $720 million, which is lower than its peak of $1.12 billion reached in July 2024. An increase in TON TVL earlier in the year was partly due to a rise in Telegram mini apps.
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2024-10-09 21:56