Telegram mini apps sling TON TVL over $300m

As a seasoned crypto investor with a keen interest in decentralized finance (DeFi) and blockchain technology, I’ve witnessed the rapid growth of The Open Network (TON) with great intrigue. Telegram’s endorsement of this blockchain platform has been a game-changer, incentivizing an exodus from traditional DeFi networks and bolstering user participation in TON.

The support from Telegram for blockchain technology has led to an increase in the number of users moving to The Open Network (TON). This migration has resulted in heightened engagement and almost a doubling of the total value locked on-chain within just two months.

As a data analyst, I’ve examined DefiLlama’s latest report, and based on the findings, over $319 million has been deposited into The Open Network (TON), which is backed by Telegram. This decentralized network experienced a significant surge in activity towards the end of February. Notably, the total value locked (TVL) within this platform has almost doubled since early April.

As a researcher studying the TON ecosystem, I’ve noticed an exciting growth trend in recent months. Telegram’s enabling of additional crypto-related offerings has fueled this expansion.

There is a diverse range of on-chain projects emerging on the Telegram-linked network, as indicated by analytics. These projects encompass derivatives, exchanges, lending platforms, liquid staking providers, gaming ventures, and privacy solutions among other categories.

Telegram mini apps sling TON TVL over $300m

Telegram driving TON boom

The surge in popularity of TON can be attributed, in part, to the increasing use of “mini-apps” within web3 games that are built and run directly on messaging platforms.

As a crypto investor, I’m excited about the opportunity that Telegram provides for building web3 products using their open-source software development kit based on TON. With access to Telegram’s massive user base of over 900 million people, there’s a huge potential audience for my projects. Plus, since monetized advertising corridors are scarce on the platform, I can explore innovative ways to monetize my products without relying solely on traditional ad revenue streams.

Pavel Durov, the founder and CEO of the company, has openly endorsed TON‘s integration in public, thereby inspiring more developers to utilize its features and engage with the crypto community. Notable projects such as Hamster Kombat and NOT (Notcoin) have launched their blockchain games directly on TON, making use of its capabilities and expanding its reach within the cryptocurrency sphere.

Two projects have achieved significant milestones following this approach. Notcoin dispersed large amounts of funds to its user base via an airdrop, while Hamster Kombat attracted more than 19 million daily active users within just two and a half months.

As a crypto investor, I’ve found the integration of Telegram with Tether (USDT) and the addition of an in-app Wallet to be incredibly appealing. This feature-rich setup has drawn both developers and users towards the TON platform. Durov’s company has made sending cryptocurrencies as easy as a few clicks, establishing Telegram as a significant player in the crypto market and a thriving hub for blockchain innovation.

Over the past month, the total supply of USDt on the Tonkinama (TON) network reached an impressive $316 million, while a significant portion, $160 million, has been actively utilized within TON applications. This period marks a pivotal moment in the history of “freedom tech,” as mass adoption is now underway. Consider joining the movement by employing USDt-TON! ↓— TON 💎 (@ton_blockchain) May 27, 2024

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2024-05-27 18:22