Recently, Telegram Bots have surged in popularity, drawing attention to the platform’s expanding capabilities. With the launch of the TON Space wallet and over 800 million monthly active users, Telegram is swiftly emerging as a potential gateway to the web3 world. This momentum is further amplified by the TOKEN2049 summit, where Telegram officially expressed its intent to transition into a web3 portal. As the platform continues to evolve, it’s clear that Telegram is not just a messaging app but a burgeoning ecosystem in the decentralized space.
- Telegram boasts a vast user base, with 800 million active users every month.
- It’s notably popular in regions like Russia, Iran, India, and various parts of Asia and Europe.
Telegram’s Blockchain Endeavor:
- In 2017, Telegram introduced an ambitious project named TON.
- By 2018, they had garnered $1.7 billion from 175 backers to bring TON to life.
- Their plan was to launch a digital currency named Gram in March 2019. However, the U.S. SEC raised concerns, leading to complications.
- Consequently, in May 2020, Telegram’s leader, Pavel Durov, announced the discontinuation of TON.
TON’s Resurgence through Community Efforts:
- Despite Telegram’s decision, the TON idea continued to thrive. TON Labs made the TON project available to everyone, which led to the creation of Free TON and its digital currency, “Ton Crystals”.
- In 2021, the Newton group stepped in to further TON’s development. They later rebranded as the TON Foundation, and TON was renamed The Open Network.
- A significant update in April 2022 was the TON Foundation’s integration of a wallet into Telegram, facilitating a smoother experience for Telegram users with TON.
TON’s current status
- TON’s Metrics: When we compare TON’s market value to its Total Value Locked (TVL), it appears to be quite high. This indicates that many people believe in its value, despite its on-chain activities still catching up.
- TON’s Apps: Currently, there are 551 apps in the TON ecosystem. However, most of these are not financial DeFi products. Only 7 of them are listed on DefiLlama, with the top DeFi exchange, Megaton_Fi, having a TVL of 4.8M.
- TON’s Tokenomics: TON initially had a total token supply of 5 billion tokens. 1.45% of this supply was allocated to the team. TON rewards its Proof-of-Stake miners with TON tokens, which inflate at a rate of about 0.6% per year. Interestingly, TON also allowed miners to mine using Proof-of-Work, which accounted for 98.55% of the total supply. The last TON token using this mining method was mined last year.
Bridging the Gap to Web3
Users often struggle with managing multiple Web3 apps or platforms. Whether it’s for communication, payments, or dapp, the fragmentation is a real issue. Telegram could redefine our interaction with the web3 world.
- Everything Together: Telegram now has the TON Space wallet. This means users can chat with friends, explore new web3 spaces, and handle their digital money, all in one place. It’s like having a mini-internet inside Telegram.
- Making Crypto Simple: There are special programs called Telegram Bots made by people who love Telegram. These bots help users do many web3 things without needing to jump between different apps. It’s like having many tools in one toolbox.
- More Than Just Chat: Remember how WeChat in China lets people chat, shop, and even pay bills? Telegram is trying to do something similar but in a decentralized way. This means users have more control and security over their money and data.
- The Main Door to Web3: Telegram has big dreams. They want to be the main app people use for web3. With tools like the TON Space wallet, users can easily join the decentralized world. They can use new web3 apps, trade crypto, and even make secure payments, all inside Telegram.
With 800 million users, Telegram is not just a messaging app but is shaping up to be a significant gateway to the web3 universe. The integration of TON Space wallet and the rise of Telegram Bots underscore this evolution. Together, Telegram and TON are paving the way for a seamless, decentralized digital experience.