TON - Next $100B Blockchain? 🟢
The Open Network (TON) is the blockchain powering Telegram. World's 4th largest messenger app with 900M users. It's been a rocket ship of growth this season. We look at the metrics and all the hype.
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Remember all those failed attempts by tech giants to embrace crypto?
But there's a bright light – TON.
The Open Network, formerly Telegram Open Network.
Built for the popular messaging app Telegram.
Access to Telegram’s 900 million users.
Daily transfer volumes reaching near Bitcoin levels.
Booming user base.
Thriving app ecosystem.
Rapidly climbing the crypto ranks.
TON is quietly paving the way for crypto adoption.
Is this the next big blockchain to watch?
The Rise
Why you should take notice.
Market cap muscles Up: TON's market cap has climbed to a beefy $19 billion, surpassing Cardano and DOGE.
Daily active users? Consistently around 400k
The number was 10k at the start of 2024.
TVL explosion: 2,000% increase.
TON's total value locked skyrocketing from 13 million at the beginning of the year to close to 700 million now.
Massive transaction volume: TON is processing $5-10 billion daily
10% of Bitcoin's $50 billion average daily transfer volume.
Explosive User Adoption: The number of TON holders has skyrocketed almost 10x in just a year.
DApp Boom: Over 650 decentralized applications (dApps) now call TON home, with popular "Tap-to-Earn" games like Notcoin and Hamster Kombat leading the charge.
The Journey
TON was conceived by the Telegram co-founders Pavel and Nikolai Durov in 2018, five years after the launch of the Telegram messaging app.
As a way to offer secure and scalable apps within its messaging service.
Then, a disagreement with the US SEC forced Telegram to step away from the project in 2020.
But TON didn't die.
Dedicated developers took over, continuing to build TON as a truly open-source, community-driven network.
Telegram endorsed TON in September 2023.
Adopting the blockchain and associated token would be its official web3 infrastructure.
2018: TON (Telegram Open Network) conceived and whitepaper published
2018: TON raises $1.7 billion in one of the largest token sales in history
2019: First TON testnet launched, code becomes open-source
2020: Telegram abandons TON project due to SEC lawsuit
2020: TON community takes over development, forms TON Foundation
2020-present: TON rebranded as The Open Network, Toncoin as native token
2022: TON blockchain transitions to proof-of-stake, mining stopped
2023: TON integrates with Telegram, allowing users to send TON payments directly through the messaging app.
The Open Network (TON) lowdown
Even though developed by Telegram, a centralised entity. TON is decentralised, a community-government blockchain.
Scalability and speed: Can process millions of transactions per second through its multi-blockchain architecture, sharding, and hypercube routing.
Low fees: Offers very low transaction fees due to its high throughput and efficient consensus mechanism.
Ease of use: A user-friendly experience with features like human-readable addresses and payment options.
Decentralised governance: Decisions for network modifications require approval from the majority of validators through the proof-of-stake consensus mechanism.
Versatility: Multi-blockchain design enables specialised blockchains for diverse decentralised applications.
Privacy and security: Incorporates privacy features and its decentralized nature enhances overall network security.
Native integration with Telegram: Designed to integrate with the Telegram messaging app, providing a large user base.
What is Toncoin?
Toncoin (TON) is the lifeblood of The Open Network. The currency.
Running TON apps (transaction fees for using cool stuff on TON)
Securing the network (owners of Toncoin can stake it to help keep TON safe)
Participating in TON governance (have a say in how TON develops by using your Toncoin)
Making payments within Telegram (send Toncoin directly to your friends on Telegram)
Why is Toncoin rising now?
Potential IPO: Telegram eyes IPO. This could bring more users and investment to TON, potentially making Toncoin even more valuable.
Tether and TON: Tether, a major stablecoin issuer, recently partnered with TON. This means you can now use Tether's USDT on the TON blockchain, opening doors for faster and cheaper cross-border payments.
Tether USDT stablecoin’s net circulation surpassed 500 million on the The Open Network ( TON +0.11% ). The Block’s USDT supply dashboard there were 519.28 million USDT stablecoins on the TON network as of June 26.
Investor Confidence: Major investment firms are placing big bets. Pantera Capital is launching a new fund called "Pantera TON Investment Opportunity" to invest in TON. The fund requires a minimum investment of $250K per backer, with interest forms due by June 21.
The Block: Why VCs are so bullish on the TON token
Industry Leaders: Partnerships with Animoca Brands, Fireblocks, and HashKey Group further validate TON's technological advancements and broaden its appeal.
A Rich Ecosystem
TON DNS assigns easy-to-remember names to accounts and apps, making navigation a breeze.
TON Storage offers a secure, blockchain-based alternative to services like Dropbox.
TON Proxy acts like a VPN, masking your IP address and keeping your activity hidden.
Toncoin, TON's currency, fuels the network. Use it for transfers, micropayments within apps, and even paying for services like TON DNS and Proxy.
TON Space integrates with Telegram, offering a user-friendly wallet accessible right within the app. Manage your crypto as easily as sending a message.
TON 500 million
The number of users Ton Foundation aims to bring on-chain by 2028.
Who will play the major role? The Open League.
The Open League: This long-term incentive program rewards both builders and users. Since its launch, The Open League has seen explosive growth.
40 TON applications
57 tokens
22 NFT collections
The Foundation has already distributed millions in rewards and plans to scale the program even further.
“This initiative has already borne a lot of fruit, but we want to scale it to more teams and users” - TON Ecosystem Lead Alena Shmalko
Another goal?
Focus on user experience (UX) and user-friendly dApps
“We are constantly improving our documentation and offering support to help developers transition smoothly into our ecosystem … Given that they need to learn new languages, we provide very comprehensive documentation in multiple languages.”
What makes TON Special?
TON can handle massive amounts of data.
How? Unique "sharding" technology.
Imagine data divided into manageable chunks, each processed simultaneously for super-fast transactions.
Speedy and Secure: Transactions zip across the network without waiting in line, ensuring quick and secure transfers.
Built for more than transactions
TON offers a suite of tools and services beyond just payments.
Think secure data storage, anonymous browsing, and even a user-friendly wallet integrated with Telegram.
What is the famous Notcoin?
A crypto project that has successfully leveraged the TON blockchain's scalability and efficiency to create a viral "tap-to-earn" game that has attracted millions of users.
Notcoin's next chapter
Sasha, the pseudonymous founder of Notcoin (NOT), argues that Telegram games need sustainable models to succeed.
Notcoin, known for its initial clicker mechanic where users earned in-game currency, was the first to move away from this free-to-play, airdrop-focused approach.
"I do not expect [clicker games] will last forever … Only the games that have sustainable models will survive." - Sasha
His vision involves the project becoming self-sufficient within four years through the development of sustainable subsystems.
The word on the ground
Cryptocurrency market sees 15% decline in 30 days.
Global market cap stands at $2.37 trillion.
Toncoin (TON) surges 20% amid broader downturn.
Toncoin Whales are accumulating
An on-chain assessment of Toncoin’s whale activity.
TON whales that hold between 1000 and 1,000,000 coins has increased by 15% in the last 30 days.
TON whales consists of 1,200 addresses, marking its highest level ever.
Fresh faces are stealing the show
Says Coinbase report.
The TL;DR
TON, Aptos, and Sui (new blockchains) are growing faster than established players.
Ethereum rollups (supposed to be faster) are kinda stuck in second gear.
Solana? Still hanging in there, but not exactly setting the world on fire.
TON: We have talked a ton about it. Associated with Telegram.
Aptos and Sui: Launched in late 2022 and May 2023 respectively, these blockchains are based on the Move programming language, created by Facebook (now Meta).
The TON ecosystem is facing a surge in phishing attacks
Why? SlowMist blames Telegram's "too free" approach for the rise in phishing. Scammers exploit easily accessible message groups to spread phishing links and steal users' TON wallets.
The risk is particularly high for users with anonymous Telegram accounts (not linked to phone numbers).
Losing such an account could mean losing access to your Telegram profile unless you have additional security measures like passwords or two-factor authentication enabled.
What do we think?
TON removes a major barrier for crypto adoption – the user experience.
TON Mini Apps are web applications that run inside the Telegram messenger, built using web technologies like HTML, CSS, and JavaScript.
They provide a seamless integration with Telegram, allowing users to access them with just a single click from within a chat or group conversation.
Gone are the days of confusing interfaces and limited functionality.
TON integrates crypto into a familiar app, making it accessible to everyone, not just crypto experts.
Could it become the $100 billion people’s blockchain?
Week That Was 📆
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Friday: Here Comes SOL ☀️
Thursday: Searching For Cryptoqueen 👸
Wednesday: Bitcoin Believer Is Finally Free 🕊️
Tuesday: Crypto Correction Underway? 🙇♀️
Monday: Manic Monday 🫨
Week in Funding 💰
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