TON: Bringing Web3 to 1 Billion Telegram Users; Bybit Empowers Those Users With User-Friendly Products

Key Highlights:

This curated Bybit report examines the current state of the TON ecosystem, in particular its partnership with Telegram, which brings web3 innovation to 1 billion active users.

TON is unique from other Layer 1 networks in that it was designed with a comprehensive ecosystem in mind aimed at driving mass-market adoption. From gaming and social applications to the integration and promotion with Telegram, the potential for TON's growth in the broader web3 context still needs to be explored. The network is poised for substantial expansion, as TON-based applications continue to develop and integrate with the Telegram user lifecycle and framework.

Bybit’s Web3 portal is your gateway to web3, which provides a suite of offerings on TON, including Bybit Web3 DEX Pro and Bybit Airdrop Arcade. Read on!

TON's Rise: A Multifaceted Web3 Ecosystem

TON, originally envisioned by the Telegram team, has emerged as a prominent Layer 1 network with a robust ecosystem. Despite its initial regulatory hurdles, TON has become a community-driven project, leveraging its comprehensive design to drive mass-market adoption. Key factors contributing to its growth include:

Telegram Integration: TON's partnership with Telegram has brought web3 innovation to over 950 million active users, potentially reaching 1 billion soon. This integration aims to onboard a significant portion of Telegram's user base, exceeding the current number of active users in the broader crypto space.

Telegram Mini Apps (TMAs): These third-party web applications, seamlessly integrated within Telegram, offer a frictionless onboarding experience for users that allows them to access web3 services without leaving the platform. TMAs are designed to be user-friendly, and offer a diverse range of functionalities, from payments and finance to shopping and gaming.

TON Games: TON games, particularly tap-to-earn games like Notcoin and Hamster Kombat, have driven user engagement and adoption. These games leverage Telegram's user base, simple gameplay and enticing monetary rewards to attract a wide audience of casual users.

Impressive Growth and Key Metrics

TON has witnessed significant growth in key metrics, reflecting its increasing popularity, as follows:

Toncoin (TON) Price: Toncoin's price has surged over 200% year-to-date, outperforming Bitcoin's growth.

Total Value Locked (TVL): TON's TVL has steadily increased, driven by the expansion of its ecosystem to reach an all-time high of over $770 million.

Daily Active Addresses and Transactions: TON's number of daily active users has skyrocketed from around 8,000 to 280,000, and daily transactions have followed a similar trajectory.

TON Components: Enabling Mass Adoption

TON's ecosystem is built upon several key components:

TON Blockchain: A proof-of-stake network with a scalable and flexible multi-blockchain architecture designed to handle millions of transactions per second.

TON DNS: A naming system similar to ENS that provides easily recognizable names for wallet addresses, smart contracts and websites.

TON Proxy: A secure and private communication layer for the network, acting as an intermediary between users and endpoints.

Bybit's Web3 Products: Bridging the Gap

Bybit, a leading cryptocurrency exchange, offers a suite of web3 products to enhance the TON ecosystem:

Bybit DEX Pro: A decentralized exchange (DEX) platform supporting over 1 million tokens across multiple blockchains, including TON.

Bybit Airdrop Arcade: A platform that aggregates and curates airdrop events and rewards, providing users with convenient access to potential lucrative opportunities.

Bybit Liquidity Mining: A product that allows users to provide liquidity to various pools and earn yield, including a TON/USDT pool with over $2 million in liquidity.

DeFi: A Thriving Ecosystem

TON boasts a thriving DeFi ecosystem, including DEXs and liquid staking platforms.

TON's Future: A Promising Outlook

The TON ecosystem is poised for continued growth, driven by its strong fundamentals, innovative features and strategic partnerships. The integration with Telegram, the flourishing TMA ecosystem and the growing DeFi landscape position TON as a leading contender in the web3 space. However, challenges remain, including botting issues and the sustainability of web3 games. Nonetheless, TON's commitment to mass adoption and its unique features make it a compelling platform for the future of web3.