TON-Based Economy Starting to Take Root in Telegram, TON Foundation Says

The economy using Toncoin (TON) is beginning to grow within Telegram, leading to the token’s recent success against the overall crypto market, as explained by Justin Hyun, Investment Director at TON Foundation.

This month, TON has experienced a 15% growth and reached new peaks above $7, surpassing previous records. In contrast, Bitcoin (BTC), the largest cryptocurrency by market value, suffered an 11% decrease, while the CoinDesk 20 Index, which measures a broader market, dropped 16%. Data from CoinDesk and CoinGlass reveal that open interest in TON’s perpetual futures has grown by more than 17%, amounting to $160 million. At one point, the open interest surpassed $200 million. The rise in open interest along with the price increase is a sign of new investment flowing into the market and serves as confirmation of the uptrend.

The Open Network (TON), a decentralized layer-1 blockchain with over 800 million Telegram users, launched its native cryptocurrency, Toncoin, in February. Telegram introduced a revenue-sharing system for channel owners where they receive payments exclusively in TON for the ads displayed on their channels, which generate over one trillion views per month. Channel owners of public channels with at least 1,000 subscribers are eligible for half of this ad revenue.

Telegram introduced its new ad platform that exclusively accepts Toncoin as payment for ads, aligning with Web3 principles. Hyun revealed this in an email interview, adding that Telegram will return 50% of their advertising earnings to channel owners. This allows channel owners to distribute Toncoin through giveaways to viewers, expanding the reach of TON‘s ecosystem and eventually decentralizing token ownership among Telegram’s top creators.

Last week, TON Foundation teamed up with HashKey Group, which oversees the Hong Kong-based crypto exchange sharing its name, to offer a convenient solution for users in the Asia Pacific area to swap fiat money for digital assets and back again seamlessly within their wallets.

The TON Foundation will dispense a total of 30 million TON tokens, equivalent to approximately $188 million, to community participants via tasks, free giveaways, and liquidity rewards in the decentralized markets of the TON blockchain.

“Hyun believes that targeting developers who can create consumer apps capable of engaging large user bases is crucial for crypto’s future. TON might be the catalyst for mass adoption of Web3 technologies, much like how the Apple Mac revolutionized personal computing. It won’t result in a computer in every home, but rather crypto in every pocket.”

The program intends to attract millions of Telegram users to TON, making it the go-to platform for consumer product markets and fueling a cycle of growth for projects built on TON. The league’s pilot season led to a 47% rise in daily active wallets and a staggering 244% surge in the value of cryptocurrency assets secured within the TON ecosystem.