In mid-September 2023, the TON Foundation officially partnered with Telegram, opening up opportunities for TON’s adoption by 800 million messenger users. The blockchain’s ambitions are grand — by 2028, it aims to convert 30% of Telegram users (240 million people) into TON network users. Whether this will succeed or not is hard to say at the moment, but keeping an eye on the project is definitely worth it.
The TON ecosystem is currently in its early stages of development, but some components are already operational and growing. Let’s focus on the most promising ones according to Wu Blockchain.
Wallet
In the fall of 2023, Telegram introduced a cryptocurrency wallet within its application. The implementation of this service was carried out by the team of enthusiasts at The Open Network (TON), a cryptocurrency project built on the foundations of previous crypto developments within the messaging app.
The TON wallet is a tool that allows users to manage cryptocurrencies directly within the application. With it, users can store, send, and receive cryptocurrencies, check their balances, and receive notifications about transactions.
By default, the app displays the balance in Toncoin (the cryptocurrency of The Open Network project), followed by a window showing the total balance of other assets, such as bitcoins and stablecoins.
Main Functions of the Telegram Cryptocurrency Wallet
The cryptocurrency wallet from Telegram offers a wide range of functions, providing users with convenient and flexible management of their cryptocurrency assets.
Key Functions of the Telegram Cryptocurrency Wallet:
- Storage of Cryptocurrency: The Telegram cryptocurrency wallet allows users to store their cryptocurrency assets in digital form, providing them with access to funds directly from the messenger.
- Sending and Receiving Cryptocurrency: Users can easily conduct cryptocurrency transactions by sending it to other participants or receiving it from them. This provides a simple and fast way to transfer digital assets between Telegram users.
- Cryptocurrency Exchange: The built-in cryptocurrency exchange feature allows users to exchange one cryptocurrency for another without the need to use external exchanges.
- Notifications and Portfolio Tracking: Users have the ability to receive notifications about various events, such as deposit or withdrawal of funds, as well as track the value of their cryptocurrency portfolio in real-time.
- Integration with Bots: Within the messenger, users can interact with specially trained bots that can manage cryptocurrency operations. These bots can provide information about the current market status, execute trading strategies, and provide notifications about fund movements.
- Payment for Services: The Telegram wallet also implements a feature for paying for various services using cryptocurrency. Users can pay for goods, services, subscriptions, and other online services with their digital assets directly from the messenger.
Advantages of Using the Telegram Cryptocurrency Wallet
Using the Telegram cryptocurrency wallet offers several advantages, making the process of managing cryptocurrency assets more convenient and efficient.
- Ease of Use: The cryptocurrency wallet is directly integrated with Telegram, providing users with quick and convenient access to their funds within the popular messenger.
- Integration with Contacts: Users can easily send and receive cryptocurrency from their contacts in Telegram, facilitating ease and convenience of interaction between users.
- Fast and Simple Access to Financial Operations: The Telegram cryptocurrency wallet provides instant access to financial operations. Sending and receiveng cryptocurrency payments can be done with just a few clicks, saving users time.
- Integration with Other Services and Bots: The ability to integrate with other services and bots in Telegram extends the functionality of the cryptocurrency wallet. Users can receive notifications, participate in trading operations, and interact with other financial instruments.
- Transparency and Control over Own Funds: Users have full control over their cryptocurrency assets. They can track their balance, transaction history, and monitor changes in the value of their assets in real-time.
- Security: Cryptocurrency wallets in Telegram provide a high level of security. Users can use additional mechanisms, such as two-factor authentication, to protect their funds from unauthorized access.
- Flexibility and Mobility: Cryptocurrency wallets in Telegram are flexible and mobile. Users can manage their assets from any device connected to the messenger, making them an ideal choice for modern lifestyles.
How to Use the Telegram Cryptocurrency Wallet
To start using the cryptocurrency wallet, you need to follow a series of steps, such as:
- Registering on Telegram: If you don’t have a Telegram account yet, you need to register. This step will give you access to the messenger where your cryptocurrency wallet will be integrated.
- Customize Your Wallet: In the “Settings” section of the Telegram cryptocurrency wallet, you can choose the currency in which your balance will be displayed, set the language for the bot, and configure other parameters. You can also agree to display the “Ton Space” section on the main wallet page, which provides access to The Open Network blockchain and allows you to learn more about the crypto project.
- Funding Your Wallet: Buying cryptocurrency in Telegram can be done either using a regular bank card or through a P2P platform. Additionally, users can use the “external wallet” section, which allows them to fund their account by transferring cryptocurrency from other wallets.
- Enable Additional Security Mechanisms: To ensure maximum security, it is recommended to activate two-factor authentication (2FA). It creates an additional barrier that protects your wallet from unauthorized access.
- Review and Confirm: After completing all the steps, it is important to carefully review the entered data and confirm the creation of the cryptocurrency wallet.
Telegram Cryptocurrency Wallet Levels
In addition to the basic wallet configuration, it is important to familiarize yourself with information about the maximum transaction values. By default, the user starts with the basic level, which allows transactions up to 15,000 euros per day. The same limit applies to purchases through P2P.
The next level is “Plus.” At this level, incoming transactions of up to 100,000 euros per day are available, with the same limit for P2P purchases. To obtain this level, verification is required, providing a document confirming the user’s identity.
The last level is “Maxi.” At this level, users have access to unlimited incoming transactions and P2P purchases. Restrictions apply only to card purchases, amounting to 35,000 euros per month.
Using the Telegram Wallet Features
The Telegram cryptocurrency wallet is not limited to simply sending and receiving payments. It also provides the opportunity to trade, invest, and participate in various cryptocurrency projects.
Furthermore, in the near future, the Telegram wallet may become a unique tool for decentralized finance (DeFi) services. Users will be able to make deposits, take out loans, participate in liquidity, and conduct other operations without intermediaries or traditional banks.
This opens up new horizons for financial freedom and provides broader access to innovative tools in financial markets.
It is expected that in the future, the Telegram wallet may become not only a means of exchanging digital assets but also the best tool for participating in various financial opportunities provided by the world of cryptocurrencies.
DEFI
In September 2023, the project launched the SDK and DeDust Protocol 2.0, supporting swap, liquidity provision, and bridging features. TVL stands at $2.94 million with trading volumes of around $13.5 thousand per day.
A DEX funded by the TON Foundation, received $70 thousand at the hackaTON. They launched the SBT system as rewards for swaps, liquidity provision, and vulnerability detection. In the 4th quarter, they plan to introduce the first DEX aggregator in TON, gasless transactions, and RFQ (Request for Quote) orders.
The DEX passed Certik’s audit and launched its MEGA token with a total supply of 100 million. Of these, 54% can be earned through liquidity mining over four years; 16% are allocated for developers, 7% for investors, and 5% for consultants. Thanks to additional rewards, Megaton’s TVL stands at $4.973 million, making it the largest DEX in the network.
Perp Dex`s
The project utilizes a virtual AMM and a liquidity capture model similar to GMX GLP but is currently in the testing phase. Storm incentivizes users by providing a pool of 30,000 STORM tokens (3% of the total supply) for testnet campaigns. Storm also plans to integrate directly with Telegram.
Lending
A lending protocol launched through Tonstarter and invested in by TONcoin and Existential Capital. EvAA integrates with Telegram and allows users to transact through a bot. The project supports lending in three assets: TON, jUSDT, and jUSDC.
Liquidity Staking
The protocol was launched in partnership with the core developers of TON. Users can stake TON and earn a 4% APY. Tonstakers is integrated with the Wallet in Telegram and Tonkeeper. Currently, the protocol holds 1.929 million TON with a total value of $3.75 million.
Another LST protocol that charges a 6.25% fee. In early October, Hipo distributed 55 NFT Hipo Community Champions to testnet users.
NFT Marketplaces
The most popular NFT platform in the network, charging a 5% commission for each sale. Getgems integrates with Telegram and allows users to browse, trade, and send NFTs through the GetgemsNftBot. Currently, the collection with the largest volumes is Telegram Usernames, with a floor of 6 TON and a total volume reaching 59 million TON.
This marketplace specializes in trading art items and auctions. TON Diamonds has released an official NFT with a floor of 34.5 TON and a total volume of >1 million TON. According to official data, there are currently 2401 TON Diamonds holders. Additionally, on October 5, the GLINT token was launched, with a total supply of 22 million. The first mining season will last for 6 weeks, during which 22% of the total supply will be distributed.
This NFT platform was specifically developed for trading Telegram usernames and virtual numbers in the TON network. Currently, both usernames and virtual Telegram numbers remain the most actively traded NFTs in TON.
Games
The first meme-based card game created by Metalist Game in partnership with NetEase Games and Yolofox Game. Metalist Game has entered into a strategic partnership with the TON Foundation to jointly develop Web3 games in the Telegram ecosystem. Currently, Cards Ahoy! has over 1.17 million registered players. The game is set to launch into public beta in December and will later be released in Japan, South Korea, and Southeast Asia.
A football card Free2Play game with NFTs, where matches are conducted through the FanTonGameBot Telegram bot. As part of Fanton’s roadmap, they plan to launch the utility token FNTF, which will be used to access higher rewards in paid tournaments, purchase loot, and rent NFTs.
TON Play has launched the PlayDeck toolkit, allowing game developers to create Web3 games for TON based on Telegram. PlayDeck already hosts dozens of games, with the most popular ones being Escape from Zeya, Towers: Card Battles, Qubix Infinity, among others. Users can participate in games through the playdeckbot in Telegram.
Launchpad
This platform has launched projects such as Fanton: Fantasy Football, TON Diamonds, DeDust, and Storm Trade. Everything operates directly within Telegram, so there’s no need to leave the messenger.
Conclusion:
The TON ecosystem is rapidly expanding, with various projects and protocols offering a wide range of services, from decentralized finance to gaming and NFT marketplaces. The integration of these services directly into Telegram’s messaging platform makes them easily accessible to millions of users, potentially driving significant adoption and growth in the TON network.
As the ecosystem continues to evolve and mature, it will be interesting to see how it competes with other blockchain networks and platforms. The strategic partnerships with Telegram and the ambitious goals set by the TON Foundation indicate a strong commitment to achieving widespread adoption and success.
Overall, the TON ecosystem presents a compelling opportunity for developers, investors, and users alike, offering innovative solutions and services in the rapidly expanding blockchain industry. With ongoing development and adoption efforts, TON has the potential to become a major player in the decentralized finance and blockchain gaming sectors.
FAQs (Frequently Asked Questions)
- What is the TON ecosystem?
- The TON (Telegram Open Network) ecosystem is a blockchain platform developed in partnership with Telegram, aiming to provide a wide range of decentralized services directly within the Telegram messaging app.
- What are the key components of the TON ecosystem?
- The TON ecosystem consists of various components, including a cryptocurrency wallet, decentralized finance (DeFi) protocols, NFT marketplaces, gaming platforms, and launchpads for new projects.
- How do I access the TON ecosystem?
- Users can access the TON ecosystem directly within the Telegram app, where they can interact with various services, protocols, and projects seamlessly integrated into the messaging platform.
- What are some notable projects within the TON ecosystem?
- Some notable projects within the TON ecosystem include decentralized exchanges (DEXs) like DeDust and Megaton Finance, lending protocols like EvAA Protocol, NFT marketplaces like Getgems and TON Diamonds, and gaming platforms like Cards Ahoy! and Fanton: Fantasy Football.
- How secure is the TON cryptocurrency wallet?
- The TON cryptocurrency wallet offers a high level of security, with features such as two-factor authentication (2FA) to protect users’ funds from unauthorized access.
- Can I trade cryptocurrencies within the TON ecosystem?
- Yes, users can trade cryptocurrencies within the TON ecosystem using decentralized exchanges (DEXs) like DeDust and Megaton Finance, which offer features such as swapping, liquidity provision, and bridging.
- Are there any opportunities for developers within the TON ecosystem?
- Yes, developers can leverage tools like PlayDeck to create Web3 games for TON based on Telegram, as well as participate in launchpads like Tonstarter to launch new projects and protocols.
- How do I get started with the TON ecosystem?
- To get started with the TON ecosystem, users can download the Telegram app if they haven’t already, explore the available services and protocols directly within the app, and engage with projects that align with their interests and goals.
