The recent arrest of Telegram CEO Pavel Durov in Paris sent ripples through the crypto markets, leading to a significant downturn in Toncoin’s (TON) price. Durov was charged with serious offences, including money laundering.
However, market sentiment quickly shifted when news of Durov's release from police custody. In today’s brief, we dive deeper into Telegram, TON and how it is driving users to Web3.
Telegram - a potential payments behemoth
● Telegram started as a messaging app and has since evolved into a super app with 950 million monthly active users, particularly popular in Russia and India.
● Telegram's evolution mirrors the success of apps like WeChat in China and LINE in Southeast Asia, which started as communication tools but have since expanded to include a wide range of services, from digital payments to social media.
● WeChat, for example, is now a dominant platform for payments in China, utilizing QR codes for various services.
● Telegram has the potential to follow a similar path, but with a focus on crypto rather than traditional financial systems. This is where TON comes in. The recent integration of USDT payments for government dues in the Philippines on the TON network highlights this potential.
TON’s recent momentum
● TON has recently emerged as a top performer among large-cap tokens, experiencing significant growth despite a generally slow period in the crypto markets.
● The ecosystem has expanded rapidly, with its total value locked (TVL) increasing 5X in just three months.
● This growth has been fueled by key developments such as the launch of native USDT on the network and announcements made by Founder Pavel Durov during the Token 2049 event.
● These announcements include new features like Telegram domain name NFT trading and creator monetization through channel ads.
Source: DefiLlama
Durov’s arrest last Wednesday has led to a sharp drop in TON’s value, by over 25%.
While the price action turned choppy, The Open Network (TON), integrated into Telegram, continues to function. The TON community rallied behind Durov, expressing support for his freedom of speech and decentralisation efforts.
Source: X
Two major outages added to the ordeal
The network experienced considerable instability during Durov’s time in custody. Two significant outages occurred within 36 hours, with the most recent disruption lasting over six hours.
Source: X
Emergence of $DOGS
https://x.com/giottus/status/1828775073605665059
● DOGS is a memecoin built on the TON blockchain, designed to integrate seamlessly with Telegram, inspired by "Spotty," a meme character created by Pavel Durov.
● With a growing user base of over 50 million, DOGS leverages meme culture for a fun, community-driven experience, following in the footsteps of Dogecoin and Shiba Inu.
● It is one of the most viral Telegram mini-apps, ranking alongside Hamster Kombat and TapSwap. DOGS Token is rapidly emerging as a significant player in the memecoin space, especially within the Telegram ecosystem.
● DOGS has been listed across major exchanges including Giottus.
Key takeaways
● Institutions believe in the growth of the projects in the TON ecosystem and have made significant investments into it. Mirana Ventures acquired 8M Toncoins in March 2024. Pantera Capital recently announced an investment in TON
● TON recently made a big move that could change the way people use crypto. They have integrated USDT, the biggest stablecoin, directly into the Telegram wallet. This means that hundreds of millions of Telegram users can now send and receive stablecoins easily, quickly, and securely within the app they already use. It’s like sending a text message, but with money!
● Telegram's MiniApps are gaining significant attention, especially with the rise of tap-to-earn games like Hamster Kombat, Notcoin, Blum, and the recent breakout hit DOGS, which has attracted millions of players worldwide.
Over time, these apps and games lead to mass adoption of Web3 and could play a pivotal role in onboarding the next billion of users into Web3.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
