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Telegram Is Crypto’s Adoption Machine

Jun 19, 2024

As a crypto analyst with experience in the industry, I strongly believe that Telegram and its integration of The Open Network (TON) have made significant strides in onboarding the masses to crypto, surpassing the progress made by the $100 billion in venture capital invested since 2014. This is due to several reasons:

In simpler terms, instead of waiting for a groundbreaking crypto application to bring in the vast population, I believe that platforms like Telegram and independent developers have already made significant strides in introducing crypto to a larger audience. Despite the massive infusion of venture capital into the industry since 2014, these efforts might have been more successful in onboarding the masses.

As a researcher studying the adoption of cryptocurrencies, I’ve identified several challenges that have hindered their widespread use: poor user experience (UX), limited real-world utility, and terrible distribution. However, I’m excited to report that Telegram’s support for and integration of The Open Network (TON) is addressing these issues and more from a first-person perspective. By improving UX through intuitive interfaces, expanding the practical applications of cryptocurrencies with real-world utility, and streamlining distribution processes, TON has the potential to significantly enhance the user experience and adoption rates for cryptocurrencies.

From a Crypto Enthusiast’s Perspective

In its formative stages and until quite recently, cryptocurrencies predominantly catered to niche technological advancements that mostly benefited crypto investors, lacking practical applications in everyday life. However, with the emergence of spot Exchange-Traded Funds (ETFs) and institutions like BlackRock launching funds dedicated to tokenizing assets, the stage is set for transformation.

As a crypto investor, I’m excited about Telegram’s innovative approach to bridging the gap between traditional web services and decentralized blockchain technology. With over 800 million monthly active users on its messaging app, Telegram is not just talking the talk but walking the walk. They are building a blockchain platform called TON that serves as the foundation for crypto adoption within their ecosystem. Moreover, they have introduced a native wallet bot named Wallet, making it easier for users to manage their digital assets directly from the messaging app. Instead of merely romanticizing the idea of merging Web2 and Web3, Telegram is actually bringing this concept to life.
Using Telegram’s integration, the three major hurdles that prevented cryptocurrency from gaining widespread adoption have been effectively addressed. In my opinion, stablecoins represent crypto’s most impressive achievement to date. The availability of native USDT on TON since April has made transferring value person-to-person effortless. This process is more user-friendly than neobanks such as Venmo or Revolut, and far surpasses the capabilities of traditional banks.

As a researcher studying the potential growth of cryptocurrencies, I believe the chance to bring hundreds of millions on board with this technology may lie within Telegram’s Mini Apps platform. This open environment allows businesses to create and deploy crypto-integrated apps, enabling crypto teams to distribute their offerings to those unfamiliar with crypto. The end user remains oblivious to the fact that they are interacting with a cryptocurrency product, whether it be an engaging mobile game or a Decentralized Finance (DeFi) protocol.

From a Crypto Native’s Perspective

Telegram has firmly established itself as a go-to platform within the cryptocurrency community. This social media channel is widely used by crypto enthusiasts for communication and information exchange. New cryptocurrency projects often create an account on Telegram as one of their initial steps.

As an analyst, I’ve observed a significant shift in the crypto trading landscape for on-chain traders recently. The emergence of a new breed of Telegram trading bots has revolutionized user experience (UX) and potentially even the future of on-chain trading. With these advanced tools, tasks such as buying and selling, setting limit orders, scanning new projects, securing spots in new launches, and copying trades from “smart money” have become effortless. All it takes is a simple command.

Discovering a Telegram bot that effortlessly resolved the irritating UX challenges in on-chain trading was a delightful surprise. Few crypto products have left me exclaiming “wow, this is amazing,” but this one did. It not only enhanced altcoin trading, making it more competitive, but also contributed significantly to the surge of new altcoins in the market.

Newcomers today have it much easier than before when it comes to altcoin trading and investing. The ability to interact directly with smart contracts has greatly simplified the process compared to my early experiences. This ease of use, along with the growing distribution and useful applications, will attract a significant influx of new capital into the crypto market in the coming years.

Exciting, But There Remains Work To Be Done

As a UX researcher, I can’t stress enough the significant advancements we’ve made in this field. Personally, I’ve introduced non-crypto acquaintances to TON‘s Wallet and was once apprehensive about guiding them through the crypto world using Telegram’s previous infrastructure. However, with the current setup, I can’t fathom a simpler way for onboarding new users into the crypto sphere.
Telegram and TON may have made significant strides with their user experience and distribution, but they haven’t won the race just yet. While mini apps are in development and there’s a strong motivation for game developers to create engaging games on Telegram, the current offerings lean more towards memes than practical uses. Regulations continue to pose a challenge, but this is a common issue across the industry rather than being specific to Telegram or TON.
Telegram and TON have a significant workload ahead, but I’m confident they will deliver. The market is reflecting this confidence as TON has entered the top-10 cryptocurrencies in terms of market capitalization. TON’s surge can be attributed to widespread speculation, yet there are solid fundamentals supporting its growth.

Many people, including Telegram’s co-founder and CEO Pavel Durov, who is a strong supporter of Bitcoin, dream of a future where cryptocurrencies are widely adopted by the general public. Telegram as a company is particularly well-equipped to make this vision a reality, with its mission being to make crypto accessible to everyone. In simpler terms, Telegram is more capable than any other organization in our expanding industry to achieve this goal.

As a neutral analyst, I’d like to share a perspective that may differ from CoinDesk:

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2024-06-20 17:27