The Open Network was originally called Telegram Open Network (TON) and was launched by the popular messaging app in the cryptocurrency community, with over 900 million users. However, blockchain has attracted criticism from the US Securities and Exchange Commission (SEC) causing the open source community to continue to grow, with Telegram continuing to support the network.
In February, Telegram announced advertising revenue Chia , a 50/50 profit Chia for channel owners. Most importantly, however, revenue is paid in TON's native Token Toncoin and supported through the network.
According to Telegram's CEO, Telegram channels generate 1 trillion XEM per month, but at the time of launching the ad Chia feature, only 10% of channels were making money from ads. While content creators can withdraw the Toncoin they earn, they can also use the Token to reinvest in their channels by promoting or upgrading them. The idea behind this plan is to bring major Telegram users into the TON ecosystem.
Tether also launched its USDT stablecoin on the network in April, giving TON users access to the largest dollar-pegged stablecoin. The launch has proven successful, with TON supply on USDT surpassing 500 million in the past week, approximately 2 months after first launching on the blockchain.
The network has recently seen an increase in activity and users due to the popularity of Telegram-based crypto minigames using TON. “ Notcoin “, “ Hamster Kombat ” and “ Catizen ” are all examples of these tap-to-earn* games that allow users to earn in-game currency that can eventually be converted into real Airdrop . There is a similar phenomenon with the game “Tapos” on Aptos, highlighting how strongly these clicker games can attract users who want to earn Token.
Source: Tonstat
But as TON grew in popularity and adoption, Toncoin also skyrocketed. Toncoin is currently the 8th largest cryptocurrency by market Capital , with a market Capital of $16.5 billion, more than doubling since the beginning of the year. Similarly, TON's total value locked has skyrocketed, surpassing $600 million earlier this month after reaching $300 million just three weeks earlier.
Many are optimistic about TON because it has a wide user base for mining and is easy to integrate into the Telegram app. Cryptocurrency investment firm Pantera Capital has raised its second TON fund after making its largest-ever investment in the network in May.
We can see explosive growth of TON in terms of usage figures. The 7-day moving Medium of transactions on TON has increased from 645,000 at the beginning of the year to 5 million, and the 7-day moving Medium of active addresses has increased from 26,000 to over 340,000.
The trends of these charts have ups and downs, but the overall trend seems to be up. While it is still early to tell whether this growth is sustainable, it is likely that TON has reached a point where its activity will continue to be above pre-2024 levels.
* A tap-to-earn game is a type of video game where players earn money or virtual resources by performing mouse clicks or tapping the screen. In these games, players often have to perform certain tasks or achieve specific goals to earn money or points.
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Minh Anh
According to The Block
