Author: Dynamo DeFi Source: dynamodefi Translation: Shan Ouba, Jinse Finance
If we were to choose the most important applications in the crypto industry, Telegram would definitely be in the top five:
1. Business is conducted on Telegram
2. Almost every new token will set up a Telegram group for its community
3. On-chain players explore in-depth in Telegram group chats to find inside information
Telegram, which is vital to the crypto economy despite not being a crypto app itself, has recently begun embracing this synergistic relationship.
In April, Telegram announced that Telegram channels will be able to receive a share of advertising revenue through TON, with all payments made on TON:
TON was originally a blockchain built by Telegram, but was later spun off into an independent decentralized organization (more on that below), but it remains tightly integrated with the Telegram platform. After taking a deep look at the TON ecosystem, I think the network has a lot of potential. Many of the protocols I’m going to cover can be used directly within the Telegram app — through actual mini-apps — and the mobile interface is a huge improvement.
The TON ecosystem — decentralized exchanges (DEX), perpetual contract trading, lending, games — can be easily accessed and managed directly from your phone. TON has the technology, social coverage, and interface to bring decentralized finance (DeFi) directly to Telegram's 900 million monthly active users.
This article will introduce several airdrop opportunities for many of the fast-growing top projects on TON:
This comprehensive deep dive also covers the history of TON, from initial setbacks and regulatory challenges to its current resurgence driven by a dedicated team of developers.
Telegram’s massive distribution network
More than 10% of the world's population uses Telegram at least once a month. Business is conducted on Telegram. News spreads quickly on Telegram, and it is a trusted medium of communication between parties.
Telegram is currently the fourth most used messaging app, between Facebook Messenger and Snapchat.
This built-in distribution network gives TON an advantage that other blockchains do not have.
TON’s bumpy start
Telegram reportedly raised $1.7 billion for its own blockchain (then called "Gram") in 2018. The fundraising included funds such as Sequoia Capital, Lightspeed Venture Partners, and Russian oligarchs. The U.S. Securities and Exchange Commission (SEC) charged that the fundraising was an unregistered digital token offering in violation of federal securities laws. Telegram was punished for violating securities laws by returning $1.22 billion to investors and paying a civil penalty of $18.5 million. Telegram was also required to notify SEC staff before participating in any digital asset offerings for the next three years.
By early 2021, Telegram had almost paid off its investors and had new goals in mind. In February, Telegram raised $1 billion through a bond sale. Russian newspaper Kommersant reported that Telegram was planning an initial public offering (IPO) in 2023.
Eventually, the idea was abandoned and the Telegram team stopped developing TON. A small team of open source developers and community members resumed active development of TON based on the original design details and continued with Testnet 2.
After TestNet 2 remained stable for a long time, it was renamed Mainnet and the new TON team was renamed TON Foundation.
One point worth adding is that in 2022, 2023 and early this year, TON raised more than US$500 million through more than 15 rounds of fundraising.
All of these recent fundraising rounds show that funds are starting to take notice of TON’s success and potential as a platform — this new firepower will help jump-start TON’s development. Pantera, one of the top funds in the space, made a new investment in TON almost a month ago. Pantera is known for its long-term vision, and this is an encouraging fundraising, especially given TON’s non-predatory token economics, which we’ll cover in more detail below.
Toncoin’s Token Economics
From June 6, 2020 to June 28, 2022, users mined approximately 200,000 TON tokens per day through the Proof-of-Work smart contract. As of the end of June 2022, 98.55% of Toncoin tokens have been in circulation. 1.45% of the supply was allocated to developers and testnet 2 users.
The TON blockchain is somewhat special in that it is a Proof-of-Stake chain, but the tokens are fairly mined through a Proof-of-Work contract (similar to Ethereum). This makes TON a fast and cheap PoS chain while providing a decentralized launch through PoW. Some call this combination Initial Proof-of-Work (IPoW). IPoW is unique because all tokens are distributed without an ICO or any token sale, similar to the organic growth of Bitcoin.
Currently, approximately 0.6% of TON’s total supply is created each year to reward validators who secure the TON chain.
Currently, TON ranks 10th in market capitalization on Coingecko, surpassing Cardano.
TON’s circulating market capitalization is approximately $17B and its FDV is $36B.
TON Trends, Metrics, Activity, and Data
We are in the attention economy , and when it comes to measuring attention, TON dominates:
Tonkeeper Wallet is the number one financial app on Google Play. It is higher than PayPal, Venmo, Binance
TonStat.com provides a great dataset for monitoring the TON token economy, user metrics, TVL, and more. Here are some highlights:
Accounts, daily transactions, and activated wallets have all grown 10x or more in the last year:
Monthly active wallets (MAW) refer to wallets that have sent at least one transaction in the past 30 days. MAW skyrocketed in May (note that there is definitely airdrop mining on the chain, so not every wallet is a unique user).
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.