This text discusses recent developments in the TON blockchain network and its integration with Telegram. Telegram plans to tokenize stickers and emojis as NFTs on the TON blockchain, and Tether has launched USDT and XAUT on TON, enabling seamless peer-to-peer payments within Telegram’s user base. The addition of Tether tokens is expected to enhance liquidity, activity, and offer users a financial experience comparable to traditional systems. Pantera Capital, a multibillion-dollar hedge fund and venture capital firm, has also recently invested in the platform. The Toncoin price surged following these announcements, reaching a two-year high of $8.02.
As a seasoned analyst, I’ve closely followed Elon Musk’s hints about transforming X into an “everything app” and his plans for incorporating peer-to-peer crypto payments in 2024. Now, Telegram has taken the lead as the first significant platform to embrace the Web3 ecosystem.
In a recent conversation with Tucker Carlson, the creator of Telegram commended Elon Musk for his forward-thinking attitude and initiatives in developing SocialFi, which is designed to give content creators a more equitable share of advertising revenues.
SocialFi signifies the merging of social media and decentralized finance, granting users autonomy over their content without the need for central control. Creators maintain ownership of their content and data in contrast to Web2 platforms. Monetization of user engagement and following becomes possible without restrictions, thereby expanding financial prospects.
Due to Telegram’s latest integration of TON, Tether, and other innovative features, there has been unprecedented interest from the cryptocurrency world towards this platform.
Does TON belong to Telegram?
As a crypto investor, I’d put it this way: In the past, I’ve been interested in The Open Network (TON), which was originally spearheaded by Telegram. However, due to a contentious legal dispute with the U.S. Securities and Exchange Commission, Telegram had to discontinue their development efforts for TON in May 2020.
Originally intended to collaborate with Telegram, the development of the blockchain was initially thwarted by the US Securities and Exchange Commission. However, Telegram was later able to reunite with TON following its relaunch by independent developers, making it the major messaging platform uniquely integrated with Web3 technology.
As a researcher looking into the events surrounding Telegram’s TON project, I can tell you that according to a post titled “What Was TON And Why It Is Over,” Telegram’s CEO, Durov, announced their decision to abandon the TON project due to a U.S. court order prohibiting the distribution of Gram tokens worldwide.
The US court prevented Grams from being disseminated, not just within the United States, but on a global scale. The reason being that an American citizen could potentially discover a means to access the TON platform post-launch. Durov expressed his frustration over this decision.
Durov chose to depart from TON, leading it to develop as a self-governing network of validators. On May 7, they initiated the launch of the TON blockchain separately from Telegram.
Telegram expressed its endorsement for TON back in September last year, stating that it would serve as their official Web3 infrastructure, which refers to the decentralized version of the internet based on blockchain technology.
He proposed selling excess TON holdings to long-term investors with a 1-4 year investment commitment and vesting plan, at a discount from the current market price. By doing so, a significant portion of TON would be taken off the open market, helping to secure Telegram’s share below 10%, stabilize the ecosystem, and decrease volatility.
New Web3 infrastructure
In September 2023, Telegram introduced its long-awaited crypto wallet built on the TON blockchain.
The TON Foundation made an announcement: Projects running on the TON blockchain will get preferential access to Telegram’s advertising platform, Telegram Ads. Although the wallet function is already accessible for existing users under settings, a full launch is planned starting in November, with some exceptions such as the US and certain other countries.
Beginning in February 2024, Telegram announced its intention to distribute advertising revenues among channel proprietors and remunerate them using the Toncoin (TON) token. More recently, this plan has been put into action, enabling users to buy in-app ads with TON.
Beginning on March 31, Telegram implemented a new monetization method for channel owners with a significant following. They now have the ability to earn half of the ad revenues displayed in their channels, paid in Toncoin (TON), which is the native cryptocurrency of the project.
Durov announced that half of Telegram’s ad and broadcast channel revenues, generated through TON‘s network, will be distributed among channel owners and content creators.
At the Token2049 conference in Dubai, Telegram revealed its intention to broaden the Web3 framework by converting its stickers and emojis into Non-Fungible Tokens (NFTs) on the TON blockchain. This transformation was emphasized by Durov as a significant step, showcasing the potential of culturally resonant NFTs in shaping future human interactions and digital communication.
Tether joins Telegram
As an analyst, I’m excited to share that Tether, a leading stablecoin issuer, has expanded its reach by launching USDT and XAUT tokens on the TON blockchain. This move marks a significant milestone as Tether now operates on 15 different blockchains. Moreover, the anticipated integration with Telegram, a messaging app boasting an impressive user base of over 900 million, is expected to revolutionize peer-to-peer (P2P) transactions within their community.
Tether’s integration of USDT and XAUT on the TON blockchain is intended to improve value transfers between users within the TON community and across other blockchains. This move aims to achieve faster transaction speeds and lower costs.
Adding USDโฎ and XAUโฎ to the TON platform is anticipated to increase liquidity and engagement, providing users with a financially sophisticated experience akin to traditional systems. This alignment with Tether’s goal of creating an open financial infrastructure using blockchain technology.
The Open Network asserts the ability to fundamentally transform global P2P transactions, enabling Telegram users to swiftly transfer funds without requiring a blockchain address or installing additional software.
Significantly, USDT on the TON blockchain will be enhanced with ramps that seamlessly connect it to various fiat currencies worldwide. Furthermore, users will have the ability to cash out their supported fiat holdings directly to their bank accounts or cards through globally integrated off-ramps.
The TON Foundation has distributed 11 million TON tokens as incentives for promoting usage. Approximately 5 million TON tokens will be put towards increasing rewards in USDT/TON pools on decentralized exchanges (DEXs) such as StonFi and Dedust.
Approximately 5 million TON tokens will be allocated to individuals who transfer USDT into Telegram’s wallet Earn program. Additionally, there will be no fees for withdrawing TON from exchanges like OKEx, Bybit, and KuCoin until the end of June 2024.
The TON community lead urged other cryptocurrencies to join:
New investment
As a crypto investor, I’ve kept a close eye on the developments between Tether and Telegram. Excitedly, I learned that Pantera Capital, a renowned multibillion-dollar hedge fund and venture capital firm, has decided to invest in this platform.
Pantera views TON as an expansive crypto platform for Pantera, anticipating significant expansion among Telegram users due to its impressive scalability and affordability.
The company expressed confidence that TON can bring crypto to a wider audience due to its extensive usage within Telegram’s network. Telegram boasts over 900 million monthly active users on its advanced, swift, and secure messaging platform, which is employed for various purposes such as personal and group conversations, massive community creation, and content dissemination.
Toncoin price
In February, Toncoin kicked off a string of projects, showcasing ongoing progress and enthusiasm. Their latest move included dispersing 30 million TON to engage users in the development of ecosystem initiatives.
In the last week of March 2024, Toncoin (TON) experienced a significant surge, rising by approximately 32% to reach a price of $3.68 – its highest point in the past two years. This upward trend was fueled by growing excitement surrounding Telegram’s upcoming Initial Public Offering (IPO). Concurrently, trading volumes for TON saw an impressive increase of over 300%, reaching a substantial $269 million.
The collaboration between TON wallet and Telegram resulted in a roughly 7% price increase for Toncoin once the news was made public. After the Tether partnership was revealed, the Toncoin value peaked at around $8.02.
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2024-05-05 05:24