Telegram Is Crypto’s Adoption Machine

Listen to any crypto podcast or convention panel and you’ll hear crypto natives talking about a great application that will make its way to the rest of the world. But what if it’s already here? I would argue that Telegram and a handful of independent developers have made more progress in getting the masses involved in crypto than the $100 billion in venture capital that has flooded the space since 2014.

Adoption of cryptos has been hindered by (i) poor user experience, (ii) limited real-world utility, and (iii) lousy distribution. Telegram addresses all these issues and more, thanks to Open Network (TON) support and integration.

From a Crypto Enthusiast’s Perspective

Throughout its early development and until recently, crypto has focused on developing niche technology that primarily serves crypto speculators and has no real-world utility. With the advent of spot ETFs and firms like BlackRock opening funds focused on asset tokenization, it’s time for evolution.

Telegram has combined the messaging app with 800 million monthly active users, a blockchain that provides the rails for crypto adoption in TON, and a native wallet bot known simply as Wallet. Many crypto pitch decks vaguely romanticize the idea of ​​“combining Web2 and Web3,” which Telegram actually does.

With this combination, Telegram addresses three key issues holding crypto back. In my opinion, stablecoins are crypto’s greatest product to date. Seamless value transfer to P2P with native USDT has become a reality on TON since April. Users can send crypto to their friends as easily as sending a message via WhatsApp. This is a more seamless user experience than neobanks like Venmo or Revolut and is light years ahead of traditional banks.

However, the opportunity to get 100s of millions involved in crypto will likely come through Telegram’s Mini Apps, an open platform for businesses to create and distribute crypto-friendly apps. This will allow crypto teams to distribute their products to non-crypto natives, and the end user won’t know they’re using a crypto product, whether it’s a fun mobile game or a DeFi protocol.

From a Crypto Native’s Perspective

Telegram cemented its place in crypto a long time ago. It is a popular platform used among crypto natives to stay in touch or share ideas, and is often the first social media channel where new crypto projects are established along with their X accounts.

It has become more than that for on-chain investors lately. The next generation of Telegram trading bots has changed the crypto user experience and perhaps on-chain trading forever. Buying/selling, setting limit orders, screening new projects, missing new launches, and “smart money” copy trading made easy with a single command.

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Having a Telegram bot that comprehensively relieved me of the most annoying UX issues of on-chain trading was a breath of fresh air. It was one of those rare times when a crypto product made me say “wow, this is amazing.” But this has made altcoin trading much more competitive and encouraged what I describe as the “proliferation of altcoins.”

Read more: TON Foundation Says TON-Based Economy is Starting to Take Root on Telegram

Does this mean altcoin trading/investing is dead? Far from it. The ease with which newcomers can now interact with smart contracts is night and day compared to what I had to do in the beginning. This, combined with distribution and increasingly useful applications, means a new wave of capital will flow into crypto in the coming years.

It’s Exciting, But There’s Still Work to Be Done

The improvement we are experiencing here in UX cannot be overstated. I say this because I included my non-crypto friends through TON Wallet. Before Telegram’s current infrastructure, I would let out a small sigh at the prospect of trying to teach a friend how to use crypto. I don’t see how this could be easier now thanks to Telegram.

That’s it, Telegram and it won a TON, right? Not really. The improvement in user experience and distribution is a huge step forward, but we have yet to see a comprehensive range of consumer-facing applications. Mini apps are being developed and there is a huge incentive for game developers to develop a fun Telegram game that will attract the attention of the huge user base. Unfortunately, what exists now is more meme-based than utility-based. Regulation also remains a concern, but this is an ongoing industry-wide issue that is not specific to Telegram or TON.

Telegram and TON have a lot of work to do, but I believe they will succeed. The market seems to be pricing this in right now, as $TON has already reached the top 10 crypto list in terms of market cap. $TON’s rise has been largely fueled by the feverish speculation we are familiar with, but there are real fundamentals to support much of its growth.

Many of us want to see a future where cryptocurrency is used by the masses. This view is also shared by Telegram co-founder and CEO Pavel Durov, a prominent Bitcoin advocate. TON’s mission is to “put cryptocurrency into every pocket.” Simply put, Telegram is better positioned to make this happen than any other organization in our growing industry.

Note: The opinions expressed in this column are those of the author and do not necessarily reflect the views of CoinDesk, Inc. or its owners and affiliates.