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Bybit revealed that TON is making progress on its goal of onboarding billions of Telegram users to Web3.
Bybit has released a report showing how the collaboration of The Open Network (TON) and the Telegram messaging app has helped TON’s mission of onboarding a billion Telegram users to Web3 space.
The exchange platform noted that this has been made possible through its vibrant ecosystem filled with various play-to-earn games that incentivize users.
TON is a layer-1 blockchain that has integrated well into Telegram. It has set a goal for itself to onboard 30% of the messaging app’s users by 2028. Bybit revealed that Telegram users are currently close to 1 billion. Should Telegram users increase to 1.5 billion by 2028, then the TON users would be around 500 million by then.
The blockchain is already taking a good step towards achieving this, as it has gained daily active users of about 280,000 on its network. More interestingly, it is now processing an average of 800,000 daily transactions.
While the network has seen a surge in its daily users and transactions, the price of its token Toncoin (TON) has also spiked by more than 200% year-to-date, placing it among the best-performing cryptocurrencies so far in 2024, exceeding Bitcoin’s 60% gain within the same time frame.
Alongside the surge in price, TON has now ranked fifth in the list of the most valuable Layer-1 networks, with a market cap of $17.5 billion.
Strategies Fuelling TON’s Growth
Bybit’s research team revealed that one of the strategies deployed by TON was the integration of a self-custodial crypto wallet, TON Space on Telegram. This approach instantly turned out to be a successful one, as 800,000 accounts were created within three months of its launch in November 2023, and it has further increased to 6 million as of April.
Moreover, TON’s strategy also includes the creation of Telegram Mini-Apps. These apps aid in driving adoption and are integrated into the messaging app. Telegram’s Mini-apps are dominated by “Tap-to-Earn” games, including the likes of Notcoin and Hamster Kombat, which are not only played for fun but also provide rewards to players.
Telegram has become a hub for growing decentralized finance mini-apps for staking and trading cryptocurrency, which is helping to drive adoption toward the DeFi space.
Bybit noted that TON has been successful in its strategies and has what it takes to replicate the success of WeChat and even grow to become the next SuperApp. They stated:
“The above strategies have been extremely successful, showing the potential for TON to replicate the success of WeChat and become the world’s next SuperApp, with the novel addition of Web3 capabilities.”
They further added that the blockchain’s integration of Web3 experience into an already established app sets it up for a large adoption rate. “By integrating Web3 into an already popular app, TON is uniquely poised to blaze a trail for mass adoption with a genuine pathway for millions of users to embrace the world of digital and decentralization,” Bybit wrote.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
