The Open Network (TON) and Telegram are working together on an ambitious plan to bring 500 million users into the Web 3 space by 2028. A recent report from Bybit, one of the largest cryptocurrency exchanges, highlights this goal and explains how the two companies plan to achieve it.
TON is a blockchain platform originally created by the Telegram team. With Telegram boasting over 1 billion users worldwide, TON plans to use this large user base to introduce millions of people to Web 3, which represents the next generation of the internet focused on decentralization and blockchain technology.
The main strategy for achieving this goal involves integrating decentralized applications (dApps) into the Telegram app itself. This approach is expected to make it easier for Telegram users to access and use these new Web 3 features without needing to learn about complex blockchain concepts.
One of TON’s key strategies is focusing on the “Play to Earn” crypto category, which involves games that reward players with cryptocurrency for their participation. Two popular projects, Hamster Kombat and Tapswap, are examples of this model. These games and others have attracted millions of global players by offering crypto rewards as an incentive. As players engage with these games, they are indirectly introduced to the world of cryptocurrency.
In addition to Play to Earn games, Telegram also offers DeFi (Decentralized Finance) Mini-Apps for trading and staking cryptocurrencies. These apps provide Telegram users with easy access to DeFi services, further helping to integrate Web 3 features into everyday activities.
The strategy of embedding Web 3 capabilities directly into the popular Telegram app appears to be a successful move. Since November 2023, more than six million accounts have been created on the TON network. As of now, TON has over 280,000 daily active users and facilitates 800,000 daily transactions.
The Bybit report suggests that the partnership between TON and Telegram could replicate the success of WeChat’s Mini Programs in China. WeChat’s approach of integrating multiple services into one platform has proven to be highly effective, and TON aims to achieve similar results in the Web 3 space.
Toncoin, the native cryptocurrency of the TON blockchain, has seen significant growth this year. It has surged over 200%, making it the fifth-most valuable Layer-1 network with a market cap of $17.5 billion. This growth highlights the strong market interest in TON and its potential as a major player in the blockchain space.
TON was initially developed by Telegram’s team, led by Pavel Durov, and launched in 2019. However, in May 2020, Telegram was forced to stop working on the TON ecosystem after the U.S. Securities and Exchange Commission (SEC) blocked it from issuing Grams, the original token intended for the network. Following this setback, the project was handed over to independent developers from the open-source community Newton. This community later rebranded itself as The Open Network (TON) Foundation and continued the development of the platform.
With a clear strategy of integrating Web 3 functionalities directly into a popular social media app like Telegram, TON aims to onboard millions of users to the decentralized internet. By 2028, TON and Telegram hope to have 500 million users actively participating in the Web 3 space, potentially revolutionizing how people interact with blockchain technology and decentralized applications.
