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Telegram becomes an all-encryption-based app, what will happen to TON? — TradingView News
After months of Elon Musk joking about turning .
In a recent interview with Tucker Carlson, the Telegram founder praised Musk for his innovative mindset and efforts to build the SocialFi platform, with the goal of empowering content creators with fair returns in terms of advertising revenue.
SocialFi represents a fusion of social media and decentralized finance (DeFi), giving users control over their content without relying on central authority. Creators retain ownership of their content and data, unlike Web2 platforms. Users can monetize their engagement and following without limitations, opening up new financial opportunities.
With Telegram’s recent adoption of TON, Tether, and other features, the platform has attracted more attention than ever from the crypto community.
Does TON belong to Telegram?
The open network TTON was initially developed by Telegram, but a subsequent legal battle with the US Securities and Exchange Commission saw the messaging application abandon its development efforts in May 2020.
The blockchain was originally designed to integrate with Telegram, but its initial attempt was thwarted by the US Securities and Exchange Commission. Telegram managed to reunite with TON after the network was relaunched by independent developers, making it the only major messaging platform to incorporate Web3.
In a post titled “What was TON and why is it over,” Telegram’s CEO said he made the decision in response to a US court banning Telegram from distributing its Gram tokens anywhere in the world. Durov wrote:
“The American court declared that Grams could not be distributed not only in the United States, but globally. Why? Because, it is said, an American citizen may find a way to access the TON platform after its launch,” Durov complained.
Durov decided to separate from TON, which became an independent community of validators and launched the TON blockchain independently from Telegram on May 7.
However, Telegram approved TON in September last year, saying the blockchain and associated token would be its “official Web3 infrastructure.”
“To limit Telegram’s TON share to ≈10% of supply, we will sell the upcoming surplus of our TON holdings to long-term investors – with a 1-4 year lockup and vesting plan, but at a discount in the market This will lock in the floating TON, stabilizing the ecosystem and reducing volatility,” he said
New Web3 infrastructure
In September 2023, Telegram introduced its long-awaited crypto wallet built on the TON blockchain.
The TON Foundation announced that projects operating on the TON blockchain will receive priority access to Telegram’s advertising platform, Telegram Ads. While the wallet feature is currently available in settings for existing users, the global rollout is expected to begin in November, excluding the US and some other countries.
In February 2024, Telegram revealed a plan to share advertising revenue with channel owners and pay rewards using Toncoin TTON token. Telegram recently implemented this plan and allowed users to purchase in-platform advertisements with TON.
On March 31, Telegram introduced a reward system that would allow channel owners with consistent subscribers to earn 50% of revenue from ads shown on their channels in Toncoin TTONthe project’s native cryptocurrency.
Durov said that 50% of the revenue Telegram receives from viewing ads and broadcast channels will be shared with channel owners and content creators who use TON’s network.
To further extend the Web3 infrastructure, Telegram plans to tokenize its stickers and emojis into NFTs on the TON blockchain. This announcement was made at the Token2049 event in Dubai, where Durov highlighted the potential of socially relevant NFTs embedded in human culture and communication.
Tether joins Telegram
In a big move with potential game-changing repercussions, Tether recently launched its USDT and Tether Gold (XAUT) token on TON, marking a significant expansion to 15 blockchains. The integration with Telegram, which boasts over 900 million users, is expected to enable seamless peer-to-peer (P2P) payments within Telegram’s user base.
By introducing USDT and XAUT to TON, Tether aims to improve value transfer between users in the TON ecosystem and other blockchain networks, with increased speed and reduced costs.
💎 𝐓𝐎𝐍 𝐱 @Tether_to 💎$USDt – $TON Reaches $100 million USDt issued and circulating in less than 2 weeks 🤯💎
This is Tether’s fastest growing USDt launch in Web3 history.#TONxTelegramxTether pic.twitter.com/HcavE5h7TY— TON 💎 (@ton_blockchain) May 3, 2024
The addition of USD₮ and blockchain technology.
The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.
Notably, USDT to TON will be complemented by fully integrated on-ramps that support most fiat currencies globally. Additionally, integrated global on-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.
The TON Foundation has allocated 11 million TON tokens as incentives to encourage adoption. Five million TON will be used to boost rewards in USDT/TON liquidity pools at TON decentralized exchanges (DEX) such as StonFi and Dedust.
Another 5 million TON will be distributed to users who deposit USDT into Telegram’s Earn Wallet campaign. Furthermore, withdrawals to TON from supported exchanges such as OKEx, Bybit and KuCoin will be free for all users until the end of June 2024.
Community leader TON urged other cryptocurrencies to join:
Even more money for TON builders!
DeFi Team of $ETH, $SOL, $AVAX: It’s time for diversification and mass adoption within Telegram.
Just the same DeFi you’re building, but for 900 million people ready to start using it. https://t.co/nDouHV96Od— Alenka | @TON Foundation 💎 (@alenka_w3) April 18, 2024
New investment
Following the news of Tether’s involvement in Telegram, Pantera Capital, a multi-billion dollar hedge fund and venture capital firm, announced its investment in the platform.
Pantera sees TON as a platform to broaden cryptocurrency adoption, predicting TON’s continued growth among Telegram users, highlighting its scalability and cost-effectiveness.
“We believe that TON has the ability to introduce encryption to the masses because it is widely used within the Telegram network. Telegram has over 900 million monthly active users on its future-oriented, fast and secure messaging platform used for personal purposes and group communications, large-scale community building, content sharing and more,” the company said.
Toncoin price
In February, Toncoin undertook a series of initiatives, demonstrating continued positive momentum. The most recent initiative involved the distribution of 30 million tons for user participation in ecosystem projects.
At the end of March 2024, Toncoin TTON rose 31.83% to $3.68, hitting a two-year high, boosted by anticipation of Telegram’s impending IPO. Trading volumes per TON increased by 301.96% to $269 million. Source: CoinMarketCap
The integration of the TON wallet into Telegram led to an almost 7% increase in the price of Toncoin after the announcement. Following the disclosure of the partnership with Tether, the price of Toncoin reached $8.02.